Where Wealth Concentrates: The Richest Cities in California Are Getting Even Richer

California continues to be the epicenter of American wealth accumulation, with new data revealing that the state dominates when it comes to upper-class income growth. A comprehensive analysis identified 50 U.S. cities where affluent residents are seeing their fortunes expand most rapidly — and California accounts for 20 of them, reinforcing its position as the richest state in the nation.

The Bay Area Advantage

The San Francisco Bay Area emerges as the primary wealth hub, with cities like Palo Alto, Mountain View, Cupertino, and Menlo Park leading the charge. These communities, anchored by the technology sector’s explosive growth, show consistent income acceleration among their upper-class populations. Los Gatos and San Jose-adjacent areas also demonstrate strong wealth concentration, with median household incomes well above $162,000 and growing portions of residents earning $200,000 or more annually.

Dublin, Pleasanton, and San Ramon in the East Bay represent another significant cluster of wealth creation, benefiting from both tech industry expansion and proximity to major employment centers. The region’s economic dynamism translates directly into upper-class income gains that outpace national averages.

Beyond the Bay: Coastal and Southern Wealth

Manhattan Beach and Belmont capture California’s coastal wealth, where real estate appreciation and established affluent communities maintain strong income trajectories. The Silicon Valley periphery cities including Burlingame, San Carlos, Newark, and Santa Clara show particularly noteworthy gains in high-income household populations.

In the north, Lafayette and North Tustin round out the upper-tier wealth communities, while Danville and Foster City continue attracting and retaining high-earners. Fremont and Milpitas represent the southern reaches of this wealth concentration phenomenon.

How the Analysis Measured Wealth Growth

The research examined cities with at least 8,000 households and a median household income floor of $162,000. For each community, researchers tracked: the 2020 versus 2023 median household income shifts, the percentage of households earning $200,000+, and the three-year population growth in that high-income bracket. These metrics were then scored and combined to identify which communities experienced the most substantial upper-class wealth expansion.

The data, sourced from the 2023 American Community Survey and finalized as of March 2025, paints a clear picture: California’s richest cities continue accumulating wealth at accelerating rates, driven largely by technology sector dominance and sustained real estate appreciation in these established affluent communities.