Richest Cities in Illinois (2024)

by Kristen Carney Kristen Carney

Updated: June 20, 2024

Richest City in Illinois

The richest city in Illinois is Winnetka with an average household income of $458,988 as of 2022 and 12,292 people as of 2023 according to the most current Census data available (citation).

Download the newest population data for Illinois cities

Save 40+ hours of searching for data in the deep, dark internet rabbit hole, and get the most current Census income data for all Illinois cities. Sort your Excel file from the most affluent cities to the least affluent cities in Illinois with 2 mouse clicks. Download the sample below.

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20 Richest Cities in Illinois

Rank City County Population Average Income Median Income
1 Winnetka Cook 12,292 $458,988 $250,001
2 Kenilworth Cook 2,401 $437,822 $250,001
3 Glencoe Cook 8,570 $383,105 $228,750
4 Hinsdale Cook; DuPage 17,297 $380,479 $250,001
5 Bannockburn Lake 1,005 $340,814 $161,875
6 Hollowayville Bureau 38 $329,918 $121,250
7 Golf Cook 497 $329,453 $228,750
8 Riverwoods Lake 3,737 $315,881 $233,036
9 Long Grove Lake 8,263 $307,720 $236,172
10 Barrington Hills Cook; Kane; Lake; McHenry 4,018 $294,237 $185,278
11 Solon Mills McHenry 404 $291,613 $146,122
12 Kildeer Lake 4,377 $286,820 $250,001
13 Lake Forest Lake 19,354 $284,784 $202,153
14 Lake Bluff Lake 5,534 $281,410 $190,179
15 South Barrington Cook 4,974 $281,172 $226,042
16 Burr Ridge Cook; DuPage 11,023 $279,997 $174,342
17 Galt Whiteside 114 $278,190 $65,813
18 Western Springs Cook 13,290 $276,402 $198,836
19 Wilmette Cook 27,026 $273,718 $183,750
20 North Barrington Lake 3,105 $271,988 $212,321

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.

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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