Now, this might sound like a simple question with a simple answer, but the best answer is going to be different for different people. However, assuming you did not inherit a ton of money or find a rich spouse, you will find that you have to work for a living, and you probably want to have the best income possible, if you are like most people. As it turns out, there are certain cities that are going to be better for you as you try to build up a business and reap a fortune.
In order to determine which cities are going to be the best places to get rich, Credit Donkey evaluated the largest metropolitan areas in the United States based on the percentage of households with greater than $150K incomes, percentage of urban growth measured by gross domestic product numbers, and, finally, the number of patents that were issued per year (which can indicate the presence of growing business and entrepreneurship opportunities).
The results of the study show that the top 10 cities to get rich in the US are:
- San Jose, California: This city boasts, by far, the highest income percentage of any large metropolitan area in the US, along with a large number of new patents and a high percentage of growth for the GDP. The rate of growth in San Jose is more than 3 times faster than the average metropolitan area, making it a highly desirable location if you want to get rich!
- Boston, Massachusetts: Boston has long been associated with wealth and industrial growth, but it is also a hotbed of activity for entrepreneurs and small businesses, with tremendous growth reported.
- Washington, District of Columbia: Impressive growth numbers and a large number of high income households make DC the place to be for those who are looking to make money.
- Austin, Texas: With rapid growth in the number of patents, Austin seems to be one of the places that entrepreneurs are having great success.
- Minneapolis, Minnesota: This metropolitan area has long been recognized as a central driving force for most of the Midwest, and it is certainly not struggling like other areas hit by recession.
- New York, New York: New York City has always made the list of the “best places to be” to try and find success. Local economy is not only strong, but growing, and there are plenty of high income households to market to.
- Seattle, Washington: Big companies help to keep this economy strong and welcoming for the entrepreneurs looking for a shot at the big time.
- San Francisco, California: Top earners reside in San Fran, making the percentage of high income households almost the highest in the country.
- Houston, Texas: Innovation is all around in Houston, making it a great place for you to make a buck (or many).
- Raleigh, North Carolina: Technically tied for 9th place with Houston, Raleigh has shown great economic growth over the past few years and brings plenty of high earning households to the Southeast.
Remember that your own unique needs are what should drive you and where you are located, so consider the options carefully. If you would like to learn more about this study and the results, click here.