Household income is a measurement of the combined incomes of all residents sharing in a house or place of residence. Salaries and wages, retirement income, near cash government transfers such as food stamps and investment gains are considered as a form of revenue. The average household income can be used as a sign for the budgetary well-being of the citizens of a particular country. Other good indicators of standard of living include the mean or median net household income behind taxes and mandatory contributions.
This is for the reason that they contain only disposable revenue and recognizes citizens sharing accommodation benefit from pooling at least some of their living cost. However, the average household incomes do not need to formulate the direct measurement of the earnings of the individual like the per capita income. Because the numbers of people sharing homes and figures of income earners per household can differ considerably between regions and over time.
Here are the Top 10 Cities with Highest Household Income according to the data released by the City Data. Observe how the USA has had many cities included in the list.
10. Seattle, USA ($67,320)
A west coast seaport city, Seattle is the seat of the King County. Since 2013, the city became a fast developing major city in the United States. In the history of the city, logging has been the first major industry before it became the commercial and shipbuilding hub and a gateway to Alaska in the 19th century.
After the World War II, the depreciated economy of the city started to return to life due to the partial contribution of the Boeing company making Seattle the center for aircraft manufacturing. In the 1980s, it became a technology center wherein different major companies like Microsoft and Amazon evolved. Some software, biotechnology and internet companies also contributed to the rapid increase of the economy.
9. Washington DC, USA ($68,530)
The capital of the United States, Washington is named in honor of George Washington and was founded in 1791 serving as the new capital of the nation. The federal district has a population of about 672,228. Washington DC is the seat of the three branches of the federal government of the country including the Congress, President and Supreme Court.
Washington features their numerous renowned museums and national monuments. It has a fast-growing and diversified economy with an escalating percentage of professional and business service job. It has an unemployment rate of 9.8 percent, and the district has a $103.3 billion gross state product.
8. Bridgeport, USA ($68,570)
Located in the Fairfield County, Bridgeport has a population of about 144,229. It is bordered by Trumbull, Fairfield, and Stratford. In the history, the city was the center of trade, shipbuilding, and whaling. Manufacturing was also the backbone of the local economy till the 1970s.
However, industrial restructuring and suburbanization were blamed for the loss of many employments, jobs and wealthy inhabitants which made the city struggle with the problems of poverty and crime. In the 21st century, conversion of office and factory buildings to residential use and other redevelopment is attracting new residents.
7. Boston, USA ($70,390)
A former historic county seat of Suffolk County, Boston has an estimated population of 665,884 making it the 24th largest city in the United States. It is one of the oldest cities in the country since its foundation in 1630 by the Puritan settlers from England. It is known as the scene of numerous key events of the American Revolution including the Boston Massacre, the Boston Tea Party, the Battle of Bunker Hill, and the Siege of Boston.
Today, Boston is among the cities in the country that are mostly visited by tourists and visitors. Its land reclamation and municipal annexation have contributed a lot to the progress of the city. Boston features its first old public school and first subway system. It is packed with many universities, restaurants, cafes, bars and shops.
6. Paris, France ($70,760)
Known as one of the most beautiful cities, Paris is a lively city crowded with heaps of villages. Located on the Seine River, Paris is a cosmopolitan and a major town in the continent. While the tourism elevates each year, new establishments and buildings are appearing.
Walk along the old buildings on the cobblestones streets; visit the Cathedral Church of Notre Dame, Sacré-Cœur, and the Eiffel Tower. Taste the city’s delicious cuisines, go to the newly built restaurants, pubs, and cafes, and stroll around the playgrounds, parks, and food markets. Enjoy the city like a true Parisian.
5. Geneva, Switzerland ($74,580)
The second most populated town in Switzerland, Geneva is located in the Rhône exit of Lake Geneva. As of 2014, the municipality recorded an estimate of 197, 376 populations. With the presence of various foreign organizations, it became the global city, financial hub, and international diplomatic center. It is the home of the United Nations and the Red Cross, and also known for the multiple times of hosting several international organizations in the world. Additionally, the signing of the Geneva Conventions which involves the treatment of wartime among the non-combatants and prisoners of war took place in the city. According to the Global Financial Centers Index, the city is the ninth most essential financial center in the world.
Often regarded as the world’s most compact metropolis, Geneva is also known as the “Peace Capital” of the world. Now, the economy features strength in the service sector. However, it has a substantial role in the finance industry that concentrates in private banking and international trade financing. Most of the major and multinational companies are housed in the city, and most of the company’s headquarters are located in the place like JT International (JTI), Caterpillar, Weatherford International, Procter and Gamble, Oracle Corporation and anymore.
4. Hartford, USA ($76,510)
The capital of Connecticut, Hartford has a population of 124,775 making it the fourth largest city in the country next to Bridgeport, New Haven and-and Stamford. It is called the “Insurance Capital of the World.” It is filled with insurance company headquarters, and insurance is the city’s major industry.
One of the oldest cities in the United States, Hartford houses the nation’s oldest public art museum, the oldest publicly funded park, the oldest continuously published newspaper, the second-oldest secondary school, a private liberal arts college, and the Mark Twain House. Mark Twain once wrote, “Of all the beautiful towns it has been my fortune to see this is the chief” in 1986.
3. San Jose, USA ($77,440)
The third largest city by population in California, San Jose was first inhabited by the Ohlone people before the arrival of the Spanish. It was once called San José de Guadalupe on November 29, 1777, as the first civilian town of Alta California under the colonization of Spain.
The city has then expanded its land area as it progressed and developed which resulted in a rapid population growth. As the city consistently develops, the high-technology and electronics industries further elevated transforming from an agricultural land to an urbanized metropolitan area.
2. Oslo, Norway ($82,040)
The capital and most populous city in Norway, Oslo was founded in 1040 as a ‘kaupstad’ or only trading place in 1048 by King Harald III. It is the economic and governmental hub of the country. It is also the Norwegian center of trade, banking, industry, and shipping. In Europe, Oslo serves a vital role in the maritime industries and maritime trade.
A global city, Oslo is ranked as a “Beta World City” by the Globalization and World Cities Study Group and Network in 2008. As of 2015, the city has recorded a population of about 647,676. The population is notably growing throughout the years as well as its economy making it the fastest-growing city in Europe.
1. Zurich, Switzerland ($82,410)
The largest town in Switzerland, Zurich is the center of railways, roads, and air traffic with both the Zurich Airport and train station as the busiest and most important industries in Switzerland. In the 15 BC, the Romans called it Turicum until it permanently settled in the year 2000. German is also the official language, but the main dialect is the Alemannic Swiss German. Although the city’s population is comparatively small, it is among the leading and the world’s largest financial hubs. It homes numerous major financial and banking institutions. It is where most of the research and development centers are located.
Zurich features strength in the low tax rate offered by the companies that attract visitors, investors, and foreign corporations. Plenty of museums and art galleries are seen in the city such as the Swiss National Museum, Kunsthaus, and one of an essential theater in the entire German-speaking world, the Schauspielhaus Zurich.