25 Wealthiest Counties in the US

Published on December 1, 2022 at 1:03 pm by Insider Monkey Team in Hedge Funds, Lists, News

In this article, we will take a look at the 25 wealthiest counties in the US. If you want to see more of the wealthiest counties in the US, go directly to 5 Wealthiest Counties in the US.

The United States has the largest economy in the world with a GDP of over $23 trillion. Given its population of around 332 million, the United States also has one of the highest average incomes in the world with a GDP per capita of $69,287.54.

Given the growth in the US economy, US GDP per capita has increased over time. Whereas US GDP per capita was slightly under $24,000 in 1990, the metric was slightly over $48,000 in 2010. Given high inflation this year and continued expected productivity gains in the future, US GDP per capita will likely continue to increase in the future.

While the United States has high income per capita on average, some counties in the US have higher income per capita than other counties. Some counties in the US also have higher median household incomes than other counties.

One reason for some counties having higher median household incomes is that some counties are more urban where the costs of living are higher. Another reason is that some counties may have the government, a big company, or multiple big companies based there. Depending on the jobs that the government or the companies offer, the median incomes in the county could be higher.

If a big company hires a lot of people in a county and that big company pays very well, many other people in the county could benefit as the big company employees will likely spend more money in the county and increase incomes for others in the area. The big company could also potentially increase real estate prices in the county, which can potentially increase incomes as well. With higher home prices, consumers in the county might feel more confident and spend more. If they spend more, economic activity and incomes could potentially increase in the area.

The Wealthiest Counties in the US

Many of the wealthiest counties in the US are in either Virginia, New York, or New Jersey. Some counties in Virginia benefit from being close to Washington D.C. which is the capital of the United States. Many government agencies are based in the capital and pay well compared to the average. Given it is the seat of the government, many leading companies also have headquarters near Washington D.C. which also creates a lot of high paying jobs. Some counties in New York and New Jersey benefit from being close to New York City, which has many well paying jobs given it is the financial capital of the West. For those of you interested, also check out 15 Wealthiest Countries in the World.

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Methodology

For our list, we used the median household income from the US census in 2020 to rank the counties in the US.

25 Wealthiest Counties in the US

25. Putnam County

Median Household Income: $107,246

Putnam County is a county in New York with a population of 97,668 and a median household income of $107,246 according to the US census. One reason for the high median household income is that Putnam County is pretty close to New York City where the incomes can be substantially higher.

24. Prince William County

Median Household Income: $107,707

Prince William County is a county in Northern Virginia that’s part of the Washington D.C. metro area. Given its proximity to the nation’s capital, the U.S. Federal government is one of the biggest employers in the country with the Defense Department accounting for over 1,000 jobs. According to the U.S. census in 2020, Prince William County has a median household income of 107,707.

23. Fairfax

Median Household Income: $109,708

Fairfax is an independent city in Virginia that doesn’t belong to any county. As a result of its independent status and its median household income of almost $110,000, Fairfax makes it to our list of 25 Wealthiest Counties in the US. One potential reason for the high income is that Fairfax is part of the Washington D.C. metro area where there are a lot of high paying jobs.

22. Williamson County

Median Household Income: $111,196

Williamson County is a county in Tennessee with a population of 247,726 according to the 2020 census. With a median household income of $111,196, Williamson County is the richest in the state and the 22nd richest county in the United States.

21. Delaware County

Median Household Income: $111,411

Delaware County is a county in Ohio with a population of 214,124 and a median household income of $111,411. Given its income, Delaware County is the wealthiest county in Ohio.

20. Montgomery County

Median Household Income: $111,812

With a population of 1,062,061 residents according to the 2020 census, Montgomery County is the largest county in Maryland. Given that it is close to Washington D.C., Montgomery County has a lot of government jobs and a median household income of $111,812.

19. Stafford County

Median Household Income: $112,247

Stafford County is another wealthy county in Virginia that’s a suburb outside of the nation’s capital. Given Washington D.C.’s importance, a lot of large companies like to have operations there, and some of those large companies tend to pay well. As a result, wealthy counties in the area rank highly on our list of 25 Wealthiest Counties in the US. The median household income for Stafford County is $112,247.

18. Nantucket County

Median Household Income: $112,306

Nantucket County is a combined county and town government in Massachusetts with a population of 14,255 according to the 2020 census. Given its status as a tourist destination, the population of Nantucket County increases in the summer months. Nantucket County has a median household income of $112,306 ranking it #18 on our list of 25 Wealthiest Counties in the US.

17. Calvert County

Median Household Income: $112,696

Calvert County is a wealthy county in Maryland that’s close to the nation’s capital. As a result, Calvert County has a lot of high paying government jobs and a median household income of 112,696. Unlike Washington D.C., however, Calvert County tends to vote Republican in elections.

16. Forsyth County

Median Household Income: $112,834

With a median household income of $112,834, Forsyth County is the wealthiest county in Georgia. With a population of 251,283 according to the 2020 census, Forsyth County was also the fastest growing county in Georgia between 2010 and 2019 and one of the fastest growing in the nation for the same time period.

15. Somerset County

Median Household Income: $116,510

Somerset County ranks #15 on our list of 25 Wealthiest Counties in the US with a median household income of $116,510. Based in New Jersey, Somerset County is also part of the New York metro area. Given New York City is the nation’s financial capital, the city has a lot of high paying jobs and some of those people may decide to live a little further away from the city.

14. Morris County

Median Household Income: $117,298

According to the 2020 census, Morris County in New Jersey has a median household income of $117,298, ranking it #14 in the nation. One reason is Morris County is home to many Fortune 500 businesses which either have headquarters, offices, or major facilities in the county. In terms of companies, Novartis AG (NYSE:NVS) is one of the biggest employers with over 5,000 employees in the county.

13. Hunterdon County

Median Household Income: $117,858

Hunterdon County is a county in New Jersey with a population of 128,947 according to the 2020 Census. According to the same Census year, Hunterdon County is also one of the wealthiest counties in the nation with a median household income of $117,858.

12. San Francisco County

Median Household Income: $119,136

As perhaps one of the most famous areas on our list, San Francisco County is both a city and county that has a population of 815,201 residents in 2021. Given it is arguably one of the leading tech areas of the world, San Francisco County is home to many tech companies such as salesforce.com, inc. (NYSE:CRM) which has headquarters there. As a result, the California county has a median household income of $119,136.

11. Los Alamos County

Median Household Income: $119,266

Originally formerly administered exclusively by the U.S. federal government during the Manhattan project, Los Alamos County now has equal status to New Mexico’s other counties. As home to Los Alamos National Laboratory, the county has substantial high paying jobs. As of 2020, Los Alamos County is the richest county in New Mexico with a median household income of $119,266.

10. Nassau County

Median Household Income: $120,036

Nassau County ranks as the 10th wealthiest county in the US given its median household income of $120,036. The New York county is also one of the biggest by population on our list of 25 Wealthiest Counties in the US. According to the 2020 census, Nassau County has a population of 1,395,774.

9. Douglas County

Median Household Income: $121,393

Douglas County is a county that’s part of the Denver metro area with a population of 357,978 in 2020. With a median household income of $121,393, Douglas County is the wealthiest county in Colorado and the 9th wealthiest in the United States.

8. Marin County

Median Household Income: $121,671

Marin County is a county in California that’s part of the San Francisco Oakland metro area. The county is across the Golden Gate Bridge from San Francisco and ranks #8 on our list of 25 Wealthiest Counties in the US with a median household income of $121,671. Kaiser Permanente, whose headquarters is in Oakland, is a major employer in Marin County.

7. Arlington County

Median Household Income: $122,604

Arlington County is a Northern Virginia county that’s directly across the District of Columbia with a median household income of $122,604. As part of the Washington D.C. metro area, the county is home to a lot of high paying government jobs. Given Arlington County’s proximity to the nation’s capital, defense contractor The Boeing Company (NYSE:BA)’s headquarters is also based there.

6. Howard County

Median Household Income: $124,042

Howard County ranks #5 on our list of 25 Wealthiest Counties in the US with a median household income of $124,042. Like several other counties on our list, Howard County is part of the Washington D.C. metro area which has a lot of high paying government jobs.

Click to continue reading and see 5 Wealthiest Counties in the US.