A New Study Shows Where the Wealthiest Americans Grow and Enjoy their Money
Balancing luxury versus practicality is unquestionably one of the more fascinating conflicts faced by the uber rich. Although wealth offers the opportunity to buy material joys and pay for elite experiences, spending money frivolously inherently threatens to run through that very wealth itself. On the other hand, simply re-investing money allows the wealthy and their future-generations to maintain a more elite life for years to come. So, it’s interesting to look at the people who find a way to balance luxury with limitation.
One opportunity to do this exact type of analysis can come from looking at the top trust-funded cities in the United States, as calculated in a recent study by insurance company Coventry. By rating cities for wealth-building factors like CEOs per capita, financial firms available and household income and value, as well as luxury spending factors like country club member dues and boarding school residents per capita, the study was able to compile a list of cities where wealth-savvy residents live through this balance of spending and saving.
The top-ranked city on the list was Los Altos Hills, California, a residential city near Silicon Valley that’s counted as the wealthiest town in the United States, according to Biz Journals. Given that the city is home to digital giants like Google CEO Sundar Pichai, there’s certainly a promise of many years of high income taxes in the town’s future. Still, for the present, the town’s residents know how to spend big, given their purchases of nine-figure prices on homes and their outings to visit the cities’ buzzed-about fine dining restaurants, according to a profile from Mansion Global.
Some other California towns that ranked among the nation’s most trust-funded cities included Los Altos’ Northern California neighbor San Francisco and the famously luxurious Malibu. However, the wealthiest Americans certainly aren’t all living on the West Coast.
The third-most-trust-funded city in America according to the list was Winnetka, Illinois, a suburb of Chicago, where some of the Windy City’s wealthiest settle down. Given that the majority of these wealthy suburbanites work in high-profile city jobs, it’s not surprising that nearly 90% of adult residents have at least a bachelor’s degree, according to USA Today. Certainly, when it comes to re-investing this wealth into future generations, the residents of Winnetka understood that the luxury of private school can pay off in the long run, as, according to the Coventry study, Winnetka has the seventh highest number of private school attendees in the country.
Following these cities, not surprisingly, many of the top-ranking cities on the list were, like Winnetka, suburbs of major cities, including McLean, Virginia and Chevy Chase, Maryland, both suburbs of D.C. as well as Greenwich, Connecticut, a New York suburb. These suburbs make a fair bit of sense when you consider again the highly-sought balance of being able to grow wealth in the cities while enjoying the open spaces for sprawling estates that the suburbs have to offer. One fascinating data point to track in the upcoming future is whether the increasingly digital nature of America’s workplace means that these top-earning Americans move even further from the cities, taking their work to video calls and their luxurious lives out into the country.
You can view Coventry’s survey here to get a deeper look at the luxurious lives America’s wealthiest people work to enjoy…and to sustain.
Wealthy living
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