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12 American Old Money Cities for People with Generational Wealth



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The distinction between old money and new money is a theme that has resonated throughout history, particularly in American society. This rivalry, famously depicted in classic novels like F. Scott Fitzgerald’s “The Great Gatsby,” showcases the cultural and social differences between the established wealth of the East Egg and the nouveau riche of the West Egg. Old money is often characterized by long-standing family wealth, passed down through generations, and is typically associated with a certain level of prestige, tradition, and social status. In contrast, new money refers to individuals or families who have recently acquired their wealth, often through entrepreneurship or other forms of self-made success.
The United States, with its rich history and diverse regions, is home to several cities where old money has left an indelible mark. These cities are not just centers of wealth but also bastions of tradition, culture, and social influence. Here’s a list of 12 American cities where generational wealth is a hallmark of the local lifestyle:
Newport, Rhode Island
Median Home Price: $809,744
Famous for its Gilded Age mansions and long-standing association with America’s wealthiest families, Newport is a symbol of old money in New England.
Palm Beach, Florida
Median Home Price: $2,107,992
This affluent town is known for its opulent estates, upscale shopping, and high society events, attracting those with generational wealth.
Greenwich, Connecticut
Median Home Price: $1,967,081
Greenwich is a haven for hedge fund managers and financiers, with its luxurious homes and country clubs reflecting its old money heritage.
Nantucket, Massachusetts
Median Home Price: $2,582,728
A summer retreat for the wealthy, Nantucket’s historical charm and exclusivity make it a favorite for families with generational wealth.
Beverly Hills, California
Median Home Price: $3,661,716
A global symbol of luxury and wealth, Beverly Hills is home to generations of entertainment industry moguls and their families.
Manhattan, New York
Median Home Price: $1,100,373
Particularly areas like the Upper East Side and Greenwich Village, Manhattan has long been associated with old money and high society.
San Francisco, California
Median Home Price: $1,236,502
With its historical ties to the Gold Rush and tech boom, San Francisco’s Pacific Heights and Nob Hill are bastions of old money.
Charleston, South Carolina
Median Home Price: $528,471
Charleston’s well-preserved architecture and historical significance make it a center of Southern old money.
Aspen, Colorado
Median Home Price: $3,289,118
Known for its luxury ski resorts and high-end real estate, Aspen is a winter playground for generational wealth.
The Hamptons, New York
Median Home Price: $1.2M
The Hamptons are synonymous with old money, serving as a summer haven for New York’s elite with its beachfront mansions and exclusive social scene.
Grosse Pointe, Michigan
Median Home Price: $411,446
A suburb of Detroit, Grosse Pointe has a long history of old money, with its stately homes and private clubs reflecting its affluent past.
Lake Forest, Illinois
Median Home Price: $1,018,448
Situated on the shores of Lake Michigan, Lake Forest is known for its historic estates and families with deep-rooted wealth.
Cities Known for New Money
- Silicon Valley, California
- Miami, Florida
- Las Vegas, Nevada
- Austin, Texas
- Seattle, Washington
- Nashville, Tennessee
- Denver, Colorado
- Atlanta, Georgia
- Charlotte, North Carolina
- Phoenix, Arizona
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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