Richest Cities in Wisconsin (2024)

by Kristen Carney Kristen Carney

Updated: June 20, 2024

Richest City in Wisconsin

The richest city in Wisconsin is Chenequa in Waukesha County with an average household income of $397,324 as of 2022. While exceptionally affluent, Chenequa only has a population of 540 as of 2023. The richest city in Wisconsin with at least 5,000 people is Fox Point in Milwaukee County with an average household income of $231,783 as of 2022 and 6,608 people as of 2023 according to the most current Census data available (citation).

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20 Richest Cities in Wisconsin

Rank City County Population Average Income Median Income
1 Chenequa Waukesha 540 $397,324 $177,500
2 Oconomowoc Lake Waukesha 584 $356,010 $250,001
3 Lac La Belle Jefferson; Waukesha 282 $327,631 $198,750
4 River Hills Milwaukee 1,563 $320,733 $200,625
5 Maple Bluff Dane 1,308 $262,570 $172,174
6 Fox Point Milwaukee 6,608 $231,783 $130,865
7 Shorewood Hills Dane 2,182 $220,613 $116,250
8 Egg Harbor Door 371 $218,076 $77,500
9 Chain O' Lakes Waupaca 882 $211,082 $115,341
10 Mequon Ozaukee 25,489 $206,574 $141,996
11 Merton Waukesha 3,566 $197,206 $159,577
12 Kohler Sheboygan 2,235 $189,892 $128,036
13 Wind Point Racine 1,636 $186,383 $143,000
14 Whitefish Bay Milwaukee 14,553 $183,546 $142,356
15 Browns Lake Racine 1,831 $181,680 $120,719
16 Jump River Taylor 55 $179,996 -$1
17 Elm Grove Waukesha 6,316 $173,006 $126,996
18 Okauchee Lake Waukesha 4,690 $171,156 $128,785
19 Brookfield Waukesha 41,884 $171,155 $121,837
20 Bayside Milwaukee; Ozaukee 4,369 $167,737 $129,348

Median Income versus Average Income: Which Should You Use?

We usually suggest using median income data – either instead of or in addition to – average income data as a true indicator of wealth. If you haven’t thought about median versus average since your last standardized test, you aren’t alone. Here’s what they are:

  • average is the sum of a set of numbers divided by the count of numbers in the set
  • median is the middle number in the set of numbers
illustation of median vs average

Now let’s say you had the following simplified set of income data.

Household 1: $30,000
Household 2: $50,000
Household 3: $1,000,000

The average income for this set is $360,000. The outlier data point ($1,000,000) skews the average WAY up. Conversely, the average income would be skewed WAY down if someone had an income of $500. The median income for the same data set is $50,000. Outlier data doesn’t skew the median.

Most Business Owners Should Use Median Income

So most business owners should use the median income as a true indicator of wealth, because it provides a more accurate representation of a typical income, especially in areas with significant income disparity.

When Should You Use Average Income

If your target market is high-income households, the average income may be more relevant. This is because the average income can highlight the presence of a higher concentration of wealthy individuals, which is beneficial for luxury goods and services marketing. We’re using average income on this page because using the Census’s highest reported median value of $250,001 could result in multiple ties for the richest geography.

Why do so many cities have a median value of $250,001?

The Census' American Community Survey uses $250,000+ as a jam value for median income estimates to protect privacy, ensure data consistency, and simplify reporting. A "jam value" in survey data refers to a placeholder or default value used when actual data points are unavailable, incomplete, or exceed certain thresholds. We represent this jam value as $250,001 to make it easy for you to sort.

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SOURCES

United States Census Bureau. Annual Estimates of the Resident Population: April 1, 2020 to July 1, 2023. U.S. Census Bureau, Population Division. Web. May 2024. http://www.census.gov/.

United States Census Bureau. B01001 SEX BY AGE, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.

United States Census Bureau. B19013 Median Household Income, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.

United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 07 December 2023. http://www.census.gov/.

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