If you stick with us to the end, you’ll find out which are the America’s 25 richest cities.
What makes a city rich? Is it the people, the culture, or infrastructure? Well, mostly all of that and more, but today we are talking about numbers and the economy. As you may already know, the United States is the world’s largest economy. The reasons for this lie in high average incomes, technical innovations, modest unemployment and number of other factors. The country’s nominal GDP (gross domestic product) in 2017 was $19.4 trillion and is projected to grow up to $23.7 trillion in 2022. Nominal GDP represents the market value of services and goods from one nation in a year without taking into account the cost of living differences among the countries.
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Another way to compare the wealth of nations is to take in consideration the PPP (purchasing power parity). GDP based on PPP is considered more useful for comparison since it takes more factors into consideration, including inflation rates and cost of local goods and services. China is the country that has the largest GDP based on PPP in the world. The current figure stands at $23.1 trillion, while the estimated figure in 2022 is $34.3 trillion. Before we turn to riches once again, you can check out our list of 25 Poorest Cities in America in 2017.
In order to create the list of America’s 25 richest cities, we combined the rankings of metropolitan areas on a national level in terms of GDP and Per Capita Personal Income. Although there were no data available past 2015, this list should give you a good idea where the money lies in the United States. Let’s now start with the list.
25. Milwaukee-Waukesha-West Allis, WI
Per Capita Personal Income: $50,681
U.S. Rank: 52
GDP: $102,209 millions
U.S. Rank: 37
Milwaukee is Wisconsin’s largest city and its economic center. Manufacturing and service businesses are the most vital drivers of the economy. The city itself has more than 600,000 residents, while the metropolitan area has a population of around 1.5 million.
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24. St. Louis, MO-IL
Per Capita Personal Income: $ 48,977
U.S. Rank: 44
GDP: $155,077 millions
U.S. Rank: 21
With a population of 2.8 million, the St. Louis metropolitan area is the biggest in the state of Missouri. The city is located on the banks of the Mississippi River and lies on the border with state Illinois. Just like Milwaukee, St. Louis also feeds of manufacturing businesses alongside agriculture and healthcare services.
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23. Oxnard-Thousand Oaks-Ventura, CA
Per Capita Personal Income: $54,155
U.S. Rank: 29
GDP: $48,220 millions
U.S. Rank: 59
This metropolitan area isn’t just one of the wealthiest in the United States, but it also has beautiful beaches. A major contribution to Oxnard’s economic makes an international trade, manufacturing, and tourism.
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22. Nashville-Davidson–Murfreesboro–Franklin, TN
Per Capita Personal Income: $50,635
U.S. Rank: 53
GDP: $113,680 millions
U.S. Rank: 34
Nashville is the city where country music resides and is often nicknamed “Music City, U.S.A.”. Even its economy depends on the music industry, which brings estimated $6.4 billion per year. It is also the largest city in Tennessee with the metropolitan area having a population of 1.8 million.
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21. Austin-Round Rock, TX
Per Capita Personal Income: $51,014
U.S. Rank: 48
GDP: $119,949 millions
U.S. Rank: 32
The capital of Texas, Austin has a population close to 1 million, while its metropolitan area is home to more than 2 million residents. The area saw a steady growth in both per capita personal income and GDP in the last 5 years.
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20. Tulsa, OK
Per Capita Personal Income: $57,727
U.S. Rank: 18
GDP: $54,604 millions
U.S. Rank: 55
Unlike Austin, Tulsa saw a decrease in per capita personal income and GDP compared to 2014. In 2014, the GDP of Tulsa was $57 billion and per capita, personal income was close to $59,000.
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19. Pittsburgh, PA
Per Capita Personal Income: $50,756
U.S. Rank: 49
GDP: $138,873 millions
U.S. Rank: 24
After the collapse of the steel industry in the ’70s and ’80 and following the economic crisis, Pittsburgh wasn’t exactly the best city to live in. Now, the city is recovered and although steel industry still plays a big part in the city’s economy, high technology and finance and healthcare industries also became valuable contributors.
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18. Miami-Fort Lauderdale-West Palm Beach, FL
Per Capita Personal Income: $49,819
U.S. Rank: 61
GDP: $317,986 millions
U.S. Rank: 11
Miami doesn’t need any special introduction. It’s the city of beautiful beaches and tremendous nightlife. While Miami metropolitan area’s GDP is among the largest in the United States, per capita personal income is the lowest on our list of America’s 25 richest cities.
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17. Hartford-West Hartford-East Hartford, CT
Per Capita Personal Income: $58,801
U.S. Rank: 16
GDP: $86,113 millions
U.S. Rank: 40
Speaking of per capita personal income, Connecticut’s capital has one of the highest on the list. Historically, Hartford has been known as the capital of the insurance industry, which still remains the largest contributor to the city’s economy.
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16. Dallas-Fort Worth-Arlington, TX
Per Capita Personal Income: $51,099
U.S. Rank: 47
GDP: $485,683 millions
U.S. Rank: 6
In the recent 5 years, Dallas and its metropolitan area saw a major increase in GDP. For comparison, in 2010 the figure was $377 billion, which means that in just 5 years the GDP rose by more than a $100 billion. According to some estimations, the economy of this metropolitan area is ranked 10th in the whole world.
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15. San Diego-Carlsbad, CA
Per Capita Personal Income: $53,298
U.S. Rank: 35
GDP: $220,573 millions
U.S. Rank: 16
San Diego is the 8th largest city in the United States and known as the “birthplace of California”. The largest contributor to the city’s economy is defense/military industry and tourism. Also, it is important to note that some experts have labeled San Diego as one of the best in the United States to start a small business.
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14. Baltimore-Columbia-Towson, MD
Per Capita Personal Income: $55,275
U.S. Rank: 23
GDP: $181,419 millions
U.S. Rank: 19
When you look at the figures, you would think the life is good in Baltimore. Well, it turns out that isn’t quite true. The Baltimore metropolitan area has an unemployment rate of 4.4, while it is estimated that more than around 25% of Baltimore residents live in poverty.
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13. Denver-Aurora-Lakewood, CO
Per Capita Personal Income: $55,975
U.S. Rank: 22
GDP: $193,172 millions
U.S. Rank: 18
Denver, on the other hand, has been called the best place to live in the United States according to U.S. News & World Report. Denver is an important trade center and the largest city in the radius of 500 which makes it an ideal distribution point.
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12. Bridgeport-Stamford-Norwalk, CT
Per Capita Personal Income: $106,382
U.S. Rank: 1
GDP: $101,385 millions
U.S. Rank: 38
As you can see, the Bridgeport metropolitan area has the highest per capita personal income in the country. It is also the only area that alongside Midland, TX in the United States that surpasses $100,000 figure. After the decline of the industrial sector, the city turned to service based industries like healthcare and finances which became the backbone of the city’s economy.
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11. Minneapolis-St. Paul-Bloomington, MN-WI
Per Capita Personal Income: $55,148
U.S. Rank: 24
GDP: $248,779 millions
U.S. Rank: 13
Minneapolis and St. Paul are better known as The Twin Cities and represent the second largest economy in the Midwest (after Chicago). The economy of the area relies on commerce, health care and finances among other service based industries.
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10. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Per Capita Personal Income: $ 57,173
U.S. Rank: 21
GDP: $411,161 millions
U.S. Rank: 8
The top ten of our America’s 25 richest cities begins with the only World Heritage City in the United States. Philadelphia’s metropolitan area is the 7th largest in the United States with a population of 6 million while the city itself has 1.5 million residents. Oil refining, information technologies, and financial services are among the largest contributors to the Philadelphia’s economy.
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9. Los Angeles-Long Beach-Anaheim, CA
Per Capita Personal Income: $54,526
U.S. Rank: 25
GDP: $930,817 millions
U.S. Rank: 2
Although Los Angeles is the second richest city in the United States in terms of GDP, it still fell down the list due to poor per capita personal income. It looks like the actors are not paid that well anymore. L.A. is the second largest city by population in the United States, having 13 million residents, while the metropolitan area, including Long Beach and Anaheim has 16 million residents. As you may assume, the entertainment is among the biggest contributors to the city’s economy.
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8. Chicago-Naperville-Elgin, IL-IN-WI
Per Capita Personal Income: $53,886
U.S. Rank: 31
GDP: $640,656 millions
U.S. Rank: 3
Just like Dallas, Chicago and its metropolitan area managed to increase their GDP for more than $100 billion since 2010. Although per capita personal income still isn’t high, it has seen major increases in the last couple of years. The city’s economy is seen as one of the most balanced in the nation thanks to its diversity.
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7. Houston-The Woodlands-Sugar Land, TX
Per Capita Personal Income: $54,346
U.S. Rank: 27
GDP: $503,311 millions
U.S. Rank: 4
Huston has been getting some major praises for its economy in the past couple of years. For example, U.S. Bureau of Statistics has labeled it as the number one city for creating jobs in the United States. It’s number 7 on our list of the America’s 25 richest cities. Those jobs are being regularly created in the energy industry, which represents the backbone of Huston’s economy.
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6. Seattle-Tacoma-Bellevue, WA
Per Capita Personal Income: $61,021
U.S. Rank: 14
GDP: $313,654 millions
U.S. Rank: 12
The birthplace of grunge music is now one of the fastest-growing cities in the country. People obviously like it here, which contributed to 3.7 million residents in the metro area. When it comes to industries that move the Seattle’s economy, we are talking about internet companies like Amazon, food and beverage companies like Starbucks with numerous other older and newer industries.
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5. San Jose-Sunnyvale-Santa Clara, CA
Per Capita Personal Income: $81,592
U.S. Rank: 3
GDP: $235,222 millions
U.S. Rank: 15
Of course, we are coming back once again to California with our list of America’s 25 richest cities. San Jose is rich thanks to the high technology companies and being at the center of Silicon Valley (the actual one, not the TV show). Although this sounds great, it did make the city a harsher place to live. San Jose has one of the highest costs of living in the country and one of the priciest housing markets in the world.
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4. Boston-Cambridge-Newton, MA-NH
Per Capita Personal Income: $68,292
U.S. Rank: 7
GDP: $396,549 millions
U.S. Rank: 9
Speaking of high costs of living, here we have Boston. Despite the high cost of living, Boston still attracts more than 350,000 college students a year, which has a major impact on the city’s economy that is ranked among top 30 in the world (compared to other cities). Other contributors are high technology industry alongside tourism and financial services.
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3. Washington-Arlington-Alexandria, DC-VA-MD-WV
Per Capita Personal Income: $64,882
U.S. Rank: 9
GDP: $491,042 millions
U.S. Rank: 5
At third spot on our list of America’s 25 richest cities we have Washington with 680,000 residents. It’s metropolitan area is a home to more than 6 million people. As expected, almost one-third of jobs are provided (or connected to) federal government. Tourism, financial services, and education are other industries of importance for the city’s economy.
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2. New York-Newark-Jersey City, NY-NJ-PA
Per Capita Personal Income: $64,588
U.S. Rank: 11
GDP: $1,602,705 millions
U.S. Rank: 1
New York isn’t just the most populous city in the United States, but it also has the largest GDP in the country. Being considered financial, cultural and media capital of the world, it isn’t strange that New York has all the riches you can imagine. Banking, finance, fashion and real estate among other things, make New York an international business hub. This is also the reason why numerous companies have their headquarters in the city.
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1. San Francisco-Oakland-Hayward, CA
Per Capita Personal Income: $79,206
U.S. Rank: 4
GDP: $431,704 millions
U.S. Rank: 7
Our list of America’s 25 richest cities ends up with San Francisco. Although it doesn’t have the highest GDP or per capita personal income on the list, the combination of the two makes San Francisco the richest city in the United States. The reason for this is a diverse economy of the city based on the services including finance, tourism and high technology. According to multiple estimations, San Francisco has been labeled as one of the world’s most competitive financial centers.
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