Newport Beach top wealth center among U.S. cities
NEW YORK (Reuters Life!) - Newport Beach, California has been rated the top wealth center among U.S. communities in a new listing by the business news website Portfolio.com.
Newton, Massachusetts, which is near Boston, came in second in the survey, followed by Pleasanton in California, Arlington in Virginia and Santa Monica in California.
San Francisco, which trailed behind in eighth position, was the largest city in the survey that looked at high household incomes of more than $200,000 and expensive homes exceeding $1 million.
"The findings ... are based on a six-part formula to assess relative influence. The analysis of U.S. Census Bureau's 2008 American Community Survey focuses on 420 cities, incorporated towns and unincorporated urban areas with populations above 75,000," the website said in a statement.
California had six cities listed in the top 10. Mountain View and Thousand Oaks, captured the sixth and seventh places. Sunnyvale trailed closely behind at 10, while Sandy Springs in Georgia ranked ninth.
Newport Beach had a wealth score of 22.7 and 28.6 percent of households with incomes of $200,000.
Reading, Pennsylvania came in last in the list. Camden in New Jersey, Flint in Michigan and Brownsville, Texas were also at the bottom of the pack, along with Detroit and Gary, Indiana.
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