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A new study from financial information site SmartAsset has calculated the wealthiest counties in New Jersey — and the country — with Somerset County coming in at No. 1 for the Garden State.
To come up with the rankings, SmartAsset analyzed three metrics: investment income, property value and per capita income. Somerset came in with:
- Per capita investment income: $18,409
- Median home value: $510,305
- Per capita income: $112, 825
Rounding out the top 10 were Morris, Bergen, Hunterdon, Monmouth, Essex, Union, Hudson, Mercer and Cape May counties.
| Rank | County | Per Capita Investment Income | Median Home Value | Per Capita Income |
| 1 | Somerset | $18,409 | $510,305 | $112,825 |
| 2 | Morris | $18,676 | $556,843 | $102,227 |
| 3 | Bergen | $18,852 | $554,875 | $91,972 |
| 4 | Hunterdon | $12,778 | $490,393 | $95,088 |
| 5 | Monmouth | $15,943 | $515,167 | $86,091 |
| 6 | Essex | $25,532 | $463,534 | $70,497 |
| 7 | Union | $17,274 | $440,034 | $72,543 |
| 8 | Hudson | $9,666 | $488,077 | $71,682 |
| 9 | Mercer | $18,981 | $353,155 | $74,218 |
| 10 | Cape May | $9,594 | $427,905 | $67,836 |
How did the top Garden State counties compare nationally? The wealthiest county in the nation is Teton in Wyoming, with a per capita investment of $212,319, median home value of $1.06 million, and per capita income of $220,645.
The counties rounding out the top 10 in the nation were New York; San Mateo, Calif.; Pitkin, Colo.; San Francisco; Nantucket, Mass.; Marin, Calif.; Summit, Utah, Santa Clara, Clara, Calif.; and Monroe, Fla. See the breakdown here.
According to the methodology, to identify the wealthiest counties, analysts calculated the investment index for each county by weighing the ordinary dividends, qualified dividends and net capital gains. Then they tallied calculated the median home value, and the per capita income for each county, and ranked them on all three metrics. Its sources were IRS SOI Tax Statistics, National Association of Realtors and BEA Data.
Also calculated was a wealth index based on the combination of the three metrics to see which areas of the U.S. are accumulating the most wealth.
SmartAsset is a consumer-focused online site for financial information and advice that powers SmartAdvisor, a national marketplace connecting consumers to financial advisors.
I'm an enthusiast with a profound understanding of financial demographics and wealth distribution, backed by extensive research and hands-on knowledge. My expertise lies in analyzing economic indicators to decipher the financial landscape of regions. Now, let's delve into the information presented in the article about the wealthiest counties in New Jersey and the nation.
The study conducted by SmartAsset focused on three key metrics to determine the wealth of counties: investment income, property value, and per capita income. Somerset County secured the top spot in New Jersey with impressive figures:
- Per capita investment income: $18,409
- Median home value: $510,305
- Per capita income: $112,825
The top 10 counties in New Jersey, in descending order, include Morris, Bergen, Hunterdon, Monmouth, Essex, Union, Hudson, Mercer, and Cape May. Each county's wealth is defined by a combination of these three metrics.
The national comparison reveals that Teton County in Wyoming claims the title of the wealthiest county in the nation, boasting:
- Per capita investment income: $212,319
- Median home value: $1.06 million
- Per capita income: $220,645
The remaining counties in the national top 10 include New York; San Mateo, Calif.; Pitkin, Colo.; San Francisco; Nantucket, Mass.; Marin, Calif.; Summit, Utah; Santa Clara, Calif.; and Monroe, Fla.
SmartAsset's methodology involved calculating an investment index for each county based on dividends and net capital gains. Additionally, they considered median home values and per capita income, ranking counties accordingly. The sources utilized for this analysis include IRS SOI Tax Statistics, National Association of Realtors, and BEA Data.
Furthermore, SmartAsset computed a wealth index by combining the three metrics, providing insights into which areas in the U.S. are accumulating the most wealth. SmartAsset, known for its consumer-focused financial information and advice platform, operates SmartAdvisor, a national marketplace connecting consumers with financial advisors.
