Bloomberg has published its list of the most wealthy cities in America. San Jose topped the list, with Bridgeport, Connecticut and San Francisco coming second and third, respectively.
According to Bloomberg, it is the technology industry is the source of San Jose and San Francisco's wealth. For the list to be compiled, the business service company says that analysts looked at gross metropolitan product (a measure of economy activity within a region).
Bloomberg also further describes their methodology as, "Bloomberg ranked the 100 biggest metropolitan statistical areas (MSA) in the U.S. according to their gross metropolitan product per resident from 2008 to 2014, calculated with data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. Data for 2014 were advance statistics and subject to future revision. Previous years' data were revised from previous releases. The map above only displays the primary city in each MSA. "
San Jose, accordingly, has a GMP average of $105,000 per resident, which is more than twice the national average. San Francisco, on the other hand, only has a GMP of $80,643, while Bridgeport's GMP was reported as $94,349.
Bridgeport, Connecticut, which is known to have a large number of finance professionals, has led the list for many years.
The list of the richest cities in America are the following:
- San Jose, CA - $105,482
- Bridgeport, CT - $93,349
- San Francisco, CA - $80,643
- Seattle, WA - $75,874
- Boston, MA - $74,746
- Durham, NC - $73,523
- Washington, DC - $72,191
- New York, NY - $70,830
- Houston, TX - $70,097
- Des Moines, IA, - $67,526
- Dallas, TX - $66,168
- Portland, OR - $64,991
- Hartford, CT - $64,946
- Madison, WI - $63,910
- Minneapolis, MN - $62,054
- Denver, CO - $61,903
- Los Angeles, CA - $60,148
- Salt Lake City, UT - $59,558
- Philadelphia, PA - $59,240
- San Diego, CA - $58,540
According to Bloomberg, Harvard University professor Edward Glaser, whose research focuses on what causes cities to grow, said that there's an ''ongoing trend towards skilled places being far more compensated than non-skilled place. The poster-child of this in the data is the San Jose metropolitan area, which is off the charts in terms of income growth.''
San Jose, San Francisco and Seattle house a number of the headquarters of the world's largest technology companies. Moreover, they are also one of the most productive places in the US.
What are your thoughts about Bloomberg's list of richest cities in the USA? Do you agree with it?
