California has a GDP of 4.1 trillion dollars, making it the fourth-largest economy in the world. To give you an idea of how impressive it is, Japan has an economy smaller than California's. So, if California as a state ranks that high, where do the wealthiest cities in California rank in terms of wealth?
This is what we will find out today when we look at the top 10 wealthiest cities in California. We will look at how much real estate costs in these cities, and what you have to do to afford living in such wealthy places.
1. Atherton (San Mateo County)
If you ever wanted to know what the wealthiest city in California is, the answer is Atherton City in San Mateo County. The reason for its wealth is its location, as it is nestled right in the heart of Silicon Valley, and a median home in Atherton will cost you well over $7 million. The city is home to the ultra-wealthy like tech billionaires, venture capitalists, and CEOs, who live in large private estates, and that is not it because the average household income in the city is well over $450 K.
2. Hillsborough (San Mateo County)
Second on the list of wealthiest cities in California is the city of Hillsborough. It is also located in San Mateo County, so you can imagine the kind of people living here. Hillsborough is known for its mansions, where the uber wealthy can live in relative peace and quiet, away from the hustle and bustle of the rest of the city. An average house in Hillsborough costs more than $5 million, and the average household in Hillsborough has a median income of $400,000.
3. Beverly Hills (Los Angeles County)
If you are a fan of Hollywood, then you surely know about Beverly Hills, where celebrities live. Located in Los Angeles County in Southern California, Beverly Hills is home to the iconic Rodeo Drive, and when you are not shopping there, you can take a tour to see how all your favorite celebrities, directors, and producers live in sprawling mansions and if you want to live there you better have millions in your account and a median household income of above $120,000.
4. Los Altos (Santa Clara County)
Coming slightly down on the price range, we have Los Altos in Santa Clara County, which is located in the heart of Silicon Valley and is again home to tech entrepreneurs and big shots in the corporate sector. Los Altos has both a high standard of living and really good amenities, making it a perfect place to raise a family, but you will need to have a median household income of $250,000 and at least $4 million in the bank to afford it.
5. Palo Alto (Santa Clara County)
Those linked with the academic sector are well aware of Palo Alto, which is home to Stanford University, and being located in Santa Clara County, it can be considered a twin to Palo Alto. With Stanford University being here, you can imagine how many tech startups and venture capital firms were started here and what kind of wealth they brought in. If you don’t want to imagine, let us give you an idea, as a house here will cost you well about $3 million, and the median household income here is $200,000.
6. Malibu (Los Angeles County)
Malibu is not only one of the wealthiest cities in California, but it is also one of the most well-known, after all, the Malibu Barbie is from here. Located in Los Angeles County, its best feature is its 21 miles of breathtaking coastline, facing the Pacific, and on this coastline, you can see luxurious sea-facing villas and mansions, home to many a millionaire. A house here would cost you north of $4 million, and the average household income in Malibu is well above $150,000.
7. Manhattan Beach (Los Angeles County)
When one thinks of Manhattan, the New York suburb comes to mind, but there is also Manhattan Beach in Los Angeles County, and just like the New York suburb, living here isn’t cheap. When it comes to real estate, it has some of the most expensive properties in all of Southern California, and a decent home can cost you well over $3 million. and to live comfortably in Manhattan Beach, you need to have a median household income of $180,000 or more.
8. Newport Beach (Orange County)
It may not be the wealthiest city in California, but it is where both the wealthy and the not-so-rich come to play, as you can see both small boats to large yachts in its marinas. Located in Orange County, Newport Beach has a different cultural vibe and is most known for its many gated communities. Similar to Florida, you can find many retirees living a comfortable life in these gated communities, where the household income is well above $140,000.
9. Rancho Santa Fe (San Diego County)
Second last in the top ten list in California is Rancho Santa Fe in San Diego County. Away from the hustle and bustle of the high rises, it is the perfect place to raise a family, as it provides a perfect mix of luxury and convenience. Despite being semi-rural, Santa Fe is perhaps known for its horse ranches and golf estates, and when those two mix, a property here can cost you well above $3 million, and most of your neighbors have a median household income of $250,000.
10. Santa Monica (Los Angeles County)
Lastly, we have the urban sprawl known as Santa Monica in Los Angeles County. While it may not look like one of the wealthiest cities in California, its location makes it extremely desirable for both businesses and people who run them. A median household income of $120,000 may not seem much when compared to the rest of the cities in the list, but it is well above the national median income, and this is reflected in the lifestyles of people who reside in Santa Monica.
