These Are the Cities Where Millionaires Live in America

If you had a million dollars — or millions of dollars — where would you choose to live? It’s a question that not many people get to ask themselves in real life, since, as Kiplinger reports, just 5.8% of the country qualifies as millionaires. (That means that they have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans, or business partnerships.)

Some U.S. cities have the largest number of millionaires simply because they’re huge cities with lucrative industries. (New York or Los Angeles, for example.) But other, more surprising cities across the United States have higher concentrations of millionaires. Read on to discover the cities and metropolitan areas with the highest concentration of millionaires in the U.S.

10. Honolulu, Hawaii

Honolulu, Hawaii
Honolulu | Sorincolac/iStock/Getty Images
  • Concentration of millionaires: 8.0%
  • Millionaire households: 26,502
  • Median home value: $658,900

The Honolulu metro area lands in 10th place among the U.S. cities with the highest concentration of millionaires. Kiplinger blames the Hawaiian capital’s remote location for the sky-high cost of living. As Kiplinger explains, “Pretty much everything in Honolulu is more expensive than it would be on the mainland because it all has to make the long journey by boat or by plane.” Living expenses in Honolulu run 88% above the national average — workable for millionaires, but not so much for the average person.

Next: This East Coast city has a high concentration of millionaires. 

9. Trenton, New Jersey

Trenton, New Jersey
Trenton, New Jersey | MIHAI ANDRITOIU/iStock/Getty Images
  • Concentration of millionaires: 8.1%
  • Millionaire households: 10,962
  • Median home value: $284,600

Next on the list of U.S. metropolitan areas with the highest concentration of millionaires? Trenton, the capital of New Jersey. The city serves as the home base for many state, county, local, and even federal agencies, plus the law firms and professional agencies that support them. The area’s millionaire population also gets a boost from the university town of Princeton, which boasts a median household income of $118,467 and the median home value is $811,700.

Next: This California area has attracted lots of millionaires. 

8. Oxnard-Thousand Oaks-Ventura, California

Oxnard California
| gnagel/iStock/Getty Images
  • Concentration of millionaires: 8.1%
  • Millionaire households: 22,592
  • Median home value: $561,400

Kiplinger reports that the Oxnard metro area, also known as Ventura County, includes wealthy locales like Thousand Oaks, Moorpark, and Oak Park. The area’s proximity to Los Angeles “helps explain the large concentration of wealth,” the publication notes. “So does the number of celebrities who call it home — a list that over the years has included Clark Gable, William Shatner, and Cher.” You can’t blame them for choosing the area, which boasts miles of uncrowded beaches and a climate reminiscent of the Mediterranean.

Next: This California area also has a high concentration of millionaires. 

7. Napa, California

A grape cluster in Napa Valley
A grape cluster in Napa Valley | bmdesign/iStock/Getty Images
  • Concentration of millionaires: 8.2%
  • Millionaire households: 4,182
  • Median home value: $599,300

Kiplinger attributes Napa’s high concentration of millionaires to two things: fine wine and tourism. Everybody has heard of Napa’s vineyards, which make this pricy area a popular destination for wine enthusiasts of all kinds. Kiplinger reports that about 475 wineries and 700 grape growers call the Napa Valley area home. And they produce wines that can cost several hundred or even several thousands of dollars per bottle. All told, the local wine economy is a $13 billion per year business.

Next: Many millionaires call this East Coast town their home. 

6. Barnstable, Massachusetts

two fences frame the pathway to the beach at Provincetown Massachusetts
Cape Cod | UpdogDesigns/iStock/ Getty Images
  • Concentration of millionaires: 8.3%
  • Millionaire households: 7,979
  • Median home value: $383,200

Barnstable, Massachusetts, officially known as the Town of Barnstable, takes the cake as the largest community on Cape Cod by population and geography. Kiplinger reports that Barnstable encompasses several villages — including Centerville, Osterville, and Marstons Mills — but most famously Hyannis Port, home to the Kennedy family compound. Barnstable has become one of the most desirable summer vacation destinations on the east coast, and also serves as the gateway to Martha’s Vineyard.

Next: This California area has a high concentration of millionaires. 

5. San Francisco-Oakland-Hayward, California

San Francisco
San Francisco | Heyengel/iStock/Getty Images
  • Concentration of millionaires: 8.3%
  • Millionaire households: 147,772
  • Median home value: $796,100

Kiplinger points to “years of relentless growth driven by high-paid tech workers” as the reason behind the skyrocketing costs of living in the San Francisco metro area. Even people who earn a lot can struggle to make ends meet in this part of the country. In fact, the cost of living is 93% higher than the national average. But as Kiplinger notes, a surprising proportion of San Francisco residents put away serious savings. “Out of the nearly 1.8 million total households in the San Francisco-Oakland-Hayward metro area, almost 25,000 have more than $5 million in investable assets.”

Next: This Maryland area attracts millionaires, too. 

4. California-Lexington Park, Maryland

St. Mary's County, Maryland
Snow covered farm buildings, St. Mary’s County, Maryland | Tim Brown/ iStock/ Getty Images Plus
  • Concentration of millionaires: 8.5%
  • Millionaire households: 3,429
  • Median home value: $307,900

Kiplinger reports that St. Mary’s County — and Lexington Park, in particular — can thank military spending for its high concentration of wealth. The Naval Air Station Patuxent River calls the county home, and the Pentagon is less than two hours away by car. That means that lots of defense and aerospace research goes on in the area, and military contractors attract a highly-skilled workforce with science, technology, and engineering jobs.

Next: The nation’s capital has a high proportion of millionaires, too. 

3. Washington, D.C.

The White House in Washington, D.C.
The White House | jtomason/iStock/Getty Images
  • Concentration of millionaires: 8.9%
  • Millionaire households: 206,361
  • Median home value: $411,400

Kiplinger characterizes the District of Columbia (and close suburbs such as Arlington, Virginia) as “magnets for the highly educated seeking high-powered jobs.” The big paychecks that those workers earn enable them to pay rents and mortgages that are more than double the national average. Fortunately, other living expenses are more manageable, with healthcare costs at the national average and a bus and rail system for easy commutes.

Next: This West Coast area boasts a high proportion of millionaires. 

2. San Jose-Sunnyvale-Santa Clara, California

view of the historic Plaza de Cesar Chavez in San Jose, CA.
| GerardoBrucker/iStock/Getty Images
  • Concentration of millionaires: 9.0%
  • Millionaire households: 61,264
  • Median home value: $911,900

Silicon Valley is home to some of the biggest tech companies in the world. And the cities comprising this metro area — including San Jose, Sunnyvale, and Santa Clara — are also where you can find sky-high living expenses. With companies like Google, Apple, and Facebook based in your backyard, you’d have to have a six-figure income to live comfortably. But as Kiplinger notes, “As hard as it is to fathom, a million dollars might not be enough to get by in Silicon Valley.”

Next: This East Coast area has the largest proportion of millionaires. 

1. Bridgeport-Stamford-Norwalk, Connecticut

Seaside Park in Bridgeport, Connecticut
Seaside Park in Bridgeport, Connecticut | kosukeyuki/iStock/Getty Images
  • Concentration of millionaires: 9.0%
  • Millionaire households: 31,506
  • Median home value: $423,200

As for the U.S. metro area with the highest concentration of millionaires in the nation? That would be the part of Connecticut that includes Bridgeport, Stamford, and Norwalk. Kiplinger reports that the Stamford metro area has long served as the home base for “wealthy commuters who make their livings in the Big Apple.” However, residents of this pricy Connecticut area can also make a good living closer to home, since hedge funds and prominent public companies have their headquarters nearby. Plus, Connecticut is the state with the third-highest concentration of millionaire households, after Maryland and New Jersey.

Next: Some small towns have high proportions of millionaires, too. 

What about small towns with outsize millionaire populations?

Many millionaires choose to live in the major cities and big metropolitan areas we discussed above. But Kiplinger reports that plenty of wealthy people choose to settle down in small towns, instead. As the publication reports, “pockets of millionaires can be found in some pretty far-flung places.” Some of these locales serve as recreational areas or as havens for wealthy retirees, while others have an industry that drives local wealth. Read on to check out the smallest cities and towns boasting the highest concentration of millionaires.

5. Torrington, Connecticut

Torrington, Connecticut
Torrington, Connecticut | Alexander Farnsworth/ iStock/ Getty Images Plus
  • Concentration of millionaires: 8.3%
  • Millionaire households: 6,148
  • Median home value: $243,000

Kiplinger puts Torrington, Connecticut, in fifth place among the small towns with the biggest proportion of millionaires in the United States. Torrington is the largest town in Litchfield County, which has long served as a retreat for Manhattan’s wealthy. Millionaires from both New York and Connecticut head to the area for its outdoor activities, dining, art galleries, and shopping — as well as its picturesque landscapes.

Next: This western town has a high proportion of millionaires. 

4. Williston, North Dakota

Ariel view of North Dakota
Aerial view of North Dakota | Andrew Burton/Getty Images
  • Concentration of millionaires: 8.4%
  • Millionaire households: 1,301
  • Median home value: $201,400

Kiplinger reports that Williston, North Dakota, can thank an explosion in shale oil drilling for its high concentration of wealth. This city in the oil-rich Bakken Formation is home to many fracking millionaires. And while jobs began to dry up during recent bust years, according to Kiplinger, the millionaires who have remained in the town “can look forward to better times ahead” as oil prices rise and North Dakota’s production levels climb to multi-year highs.

Next: This remote capital has many millionaires, too. 

3. Juneau, Alaska

Mountain landscape in Juneau, Alaska
Mountain landscape in Juneau, Alaska | chaolik/ iStock/ Getty Images Plus
  • Concentration of millionaires: 9.1%
  • Millionaire households: 1,192
  • Median home value: $323,500

Alaska’s capital lands in third place among the small towns with the highest population of millionaires. But Kiplinger reports that residents have to deal with exorbitant living costs, thanks largely to the town’s remote location in the southeast corner of the state. Groceries in Juneau cost 50% more than the national average. That may not be a big deal if you’re a millionaire, but it’s becoming more difficult for Alaska residents to become millionaires because much of the state’s wealth originates in the slumping energy business.

Next: This western town has attracted a lot of wealth. 

2. Summit Park, Utah

View near Summit Park, Utah
View near Summit Park, Utah | Summit Park via Facebook
  • Concentration of millionaires: 10.0%
  • Millionaire households: 1,462
  • Median home value: $497,300

The Summit Park area is just a short drive from Salt Lake City, Utah. But it has everything that millionaires could ask for in an escape, according to Kiplinger. People love Summit Park for its skiing, film festivals, and luxury shopping. So, unsurprisingly, a whopping 1 in 10 households are millionaires in Summit Park. Kiplinger notes that nearby Park City also boasts several world-class ski resorts, which bring even more wealthy people to the area.

Next: This western town has the highest proportion of millionaires. 

1. Los Alamos, New Mexico

Welcome to New Mexico Sign
New Mexico | pabradyphoto/Getty Images
  • Concentration of millionaires: 11.6%
  • Millionaire households: 898
  • Median home value: $274,200

Kiplinger concedes that Los Alamos, New Mexico, sounds like an unlikely location for a population with a huge proportion of millionaires. But this tiny town 35 miles southwest of Santa Fe can thank a government nuclear weapons laboratory for its highly educated — and highly paid — population of chemists, engineers, and physicists.

Read more: 3 Reasons Why $1 Million Is Just Not a Lot of Money

Check out The Cheat Sheet on Facebook!