While some people have built their cities on rock and roll, others are expanding on pure gold, or so it would seem according to a recent Bloomberg article that lists the 20 richest cities in the U.S.
Lists like this are fun to read, sure. But if you're asking yourself, "How do I benefit from reading this?" remember: There are golden opportunities everywhere, especially where potential high-net-worth clients live and work.
The list, which is based on Bloomberg's analysis from the U.S. Bureau of Economic Analysis data for the 100 largest metro areas, reveals that the wealth in the U.S. is being produced in cities that house the largest tech companies in the nation. By examining the gross metropolitan product (GMP) per capita for 2014, Bloomberg uncovered that a surge in tech centers since the 2008 recession means that San Jose is now producing about $11,000 more per person than Bridgeport, Conn. (the suburb for New York bankers that, until 2011, was the richest city in the U.S.).
Another interesting highlight is that these cities also have the densest concentrations of educated workers, a trend that falls in closely with how the economy of the region fares. As part of their investigation, Bloomberg interviewed Harvard University professor Edward Glaeser, who conducts research on what causes cities to grow. Glaeser noted that there is an "ongoing trend towards skilled places being far more compensated than non-skilled places."
For the specifics on how Bloomberg whittled down their results, you can read their full article. Now, without further ado, here's the list:
20. San Diego, California
2014 GMP per resident: $58,540
19. Philadelphia, Pennsylvania
2014 GMP per resident: $59,240
18. Salt Lake City, Utah
2014 GMP per resident: $59,558
17. Los Angeles, California
2014 GMP per resident: $60,148
16. Denver, Colorado
2014 GMP per resident: $61,903
15. Minneapolis, Minnesota
2014 GMP per resident: $62,054
14. Madison, Wisconsin
2014 GMP per resident: $63,910
13. Hartford, Connecticut
2014 GMP per resident: $64,946
12. Portland, Oregon
2014 GMP per resident: $64,991
11. Dallas, Texas
2014 GMP per resident: $66,168
10. Des Moines, Iowa
2014 GMP per resident: $67,256
9. Houston, Texas
2014 GMP per resident: $70,097
8. New York, New York
2014 GMP per resident: $70,830
7. Washington, D.C.
2014 GMP per resident: $72,191
6. Durham, North Carolina
2014 GMP per resident: $73,523
5. Boston, Massachusetts
2014 GMP per resident: $74,746
4. Seattle, Washington
2014 GMP per resident: $75,874
3. San Francisco, California
2014 GMP per resident: $80,643
2. Bridgeport, Connecticut
2014 GMP per resident: $94,349
1. San Jose, California
2014 GMP per resident: $105,482
See also:
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.