Community Corner
This Is The Richest Town In Washington
Not only concentrated in the hands of a relative few, but wealth is also geographically concentrated in the United States.
July 13, 2023
With a $23.3 trillion economy – accounting for nearly a quarter of global economic output in 2021 – the United States is the wealthiest country in the world by a wide margin. But despite its economic strength, the U.S. is also home to some of the world’s highest levels of income inequality. According to the World Bank, the wealth gap between the rich and poor in the U.S. is more pronounced than in China, Russia, or any highly developed European country with available data.
Find out what's happening in Seattlewith free, real-time updates from Patch.
The latest available figures from the U.S. Census Bureau show that more than 41 million Americans live below the poverty line, which for a single household, for example, means (in most of the country) living on an annual income of $14,580 or less. Meanwhile, at the other end of the spectrum, nearly 12.5 million American households earn more than $200,000 a year, and over 23% of all income in the U.S. is controlled by the top 5% of households by earnings.
Not only concentrated in the hands of a relative few, but wealth is also geographically concentrated in the United States. Across the country, there are communities defined, at least in part, by their affluence – wealthy enclaves where incomes far exceed that of the average American household.
Find out what's happening in Seattlewith free, real-time updates from Patch.
Of all places in Washington with populations between 1,000 and 25,000, Yarrow Point ranks as the wealthiest. The average household income in the town stands at $410,703, about $299,300 more than the statewide average.
All data in this story are five-year estimates from the U.S. Census Bureau’s 2021 American Community Survey. For the purposes of this story, all places covered by the census with populations between 1,000 and 25,000 were considered towns.
Can't see the article's infographic? Click here to view the original story.
This story was originally published by 24/7 Wall St., a news organization that produces real-time business commentary and data-driven reporting for state and local markets across the country.
