Palos Verdes Estate Among Richest Places In America

PALOS VERDES ESTATES, CA -- With its amazing coastline and its proximity to Tinseltown, it was not surprising that Palos Verdes Estate was reported as one of the richest places in America.

According to Bloomberg, which analyzed census data for its list of America’s 100 Richest Places, Palos Verdes Estate was ranked 38th.

The ranking was based on the average inflation-adjusted household income. Palos Verdes Estate's average household income in 2015 was $245,922. The median income at that same time for Los Angeles County was $54,510, according to census figures.

Cities and towns with links to major tech and financial centers tend to fare better than those without, according to Bloomberg. One-third of the cities list were located within 50 miles radius of New York City.

“The industries that are located in the so-called fly-over states don’t pay nearly the same as those on the coasts,” said Richard Yamarone, an economist at Bloomberg Intelligence. “Earnings for farmers, ranchers and manufacturers simply pale in comparison to the larger salary and bonus-laden occupations.”

Palos Verdes Estate was not the lone Southland entry. Five other Southland cities made the list, including Manhattan Beach, Malibu, La Canada Flintridge, San Marino, and Beverly Hills.

Bloomberg ranked a total of 6,200 communities. All ranked communities had a minimum population of 2,000.

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