The Wealthiest U.S. Cities Are Now 7 Times Richer Than the Poorest — Here’s Where You Stand
Written by
Stacy Sare Cohen
Edited by
Amen Oyiboke
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Take a look at any billionaire’s list, and you’ll see the same names dominating the top spots — Elon Musk, Larry Ellison, Mark Zuckerberg and Jeff Bezos. They shine a light on the wealth gap between the rich and the poor that is wider than it’s ever been.
According to new findings from the 2024 GEOWEALTH-US study, which tracks the distribution of wealth across the country, the richest U.S. cities are now seven times richer than the poorest — a divide that’s nearly doubled since 1960.
Analyzing this data is significant because it shows where prosperity thrives and where opportunities fall short across American communities.
The Study at a Glance
Researchers analyzed household wealth in American communities of roughly 100,000 people between 1960 and 2022 and discovered wide disparities in income inequality. The study’s findings show that a person’s ZIP code can determine whether they have access to good schools, career opportunities and economic stability.
The Wealth Gap Has Widened 60% Since 1960
The gap in wealth between regions has widened about 60% more rapidly than income disparities, according to the study. Tech hubs such as San Francisco, Seattle and Boston have seen their fortunes soar, while once-prosperous industrial cities, including Cleveland, have fallen behind.
Rising home prices and tax policies that benefit the rich have made it more difficult for average Americans to build wealth, and many have fallen into debt.
Infrastructure Disparities
Richer cities generate higher tax revenue, allowing them to invest in quality public infrastructure such as well-maintained roads, bridges, public transit, bike lanes and sidewalks. Affluent communities also benefit from reliable access to clean water, dependable power grids and efficient waste management.
Wealthier areas also benefit from upgraded public facilities such as hospitals, high-performing schools, well-maintained parks, and recreation centers, while lower- and middle-income communities struggle with outdated facilities and fewer community resources.
Digital infrastructure is robust in wealthy communities and weak in poorer neighborhoods. For example, high-speed internet and advanced technology networks are available to the affluent, while cities with limited technology and rural and depressed-income communities often lack access to remote job opportunities.
Education Gaps
Wealthy cities have higher property taxes and philanthropic donations, enabling them to fund thousands of dollars more per student than poorer districts.
For example, the Palo Alto Unified School District in California’s Silicon Valley spent $7,000 more per student than the national benchmark required to achieve national benchmarks, according to the School Finance Indicators Database, as cited by Fast Company.
In contrast, Cincinnati Public Schools spent $9,000 per student less than required, and East Baton Rouge students received $4,000 per student less to meet similar standards.
Household Asset Inequalities
Total household assets were around $18,000 in the poorest U.S. cities, such as the Bronx, New York, compared to a median net worth of $1.7 million — about 90 times higher — in the most affluent areas, which included Palo Alto, California, and Nassau County, New York.Â
The study also uncovered severe inequalities within California. In cities such as Santa Monica and San Jose, the wealthiest 10% of residents had a median household wealth about seven times higher than households in cities across Minnesota and Utah.
Overall, coastal regions are home to some of the nation’s wealthiest families, while many Southern and Midwest communities with greater racial diversity face greater financial disparities.
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