New Jersey's wealthiest counties include Morris, Bergen, Hunterdon and more

According to a recent study by financial website SmartAsset, New Jersey is among the wealthiest in the country due to its dynamic economy driven by high incomes, investment growth and a competitive real estate market.

The study ranks U.S. counties by wealth by analyzing three key metrics: property value, median income and capital gains in the form of ordinary dividends, qualified dividends and net capital gains. Using data from the IRS, Zillow and the U.S. Census Bureau’s 2022 American Community Survey, the study created an index to determine where wealth is concentrated.

What are the richest counties in New Jersey?

Of the more than 3,000 counties ranked in the statewide study, none in New Jersey ranked outside the top half. All but four — Camden, Atlantic, Salem and Cumberland — are in the top 300. The state’s top three are all in the top 40 in the country. These are Morris, Somerset and Hunterdon counties, all suburban counties in the “horse country” of New Jersey.

Morris County tops the list, ranking 34th nationally. The company has a solid average income of $130,808 and significant investment income averaging $86,519 per year. Homes here reflect that wealth with a median value of $644,791.

Close behind, at number 36, Somerset County tells a similar story. Although Morris is just ahead with a median income of $131,948, it has lower capital gains ($80,534) and slightly more affordable homes ($621,343). Hunterdon, the third-ranked county, is ranked 37th and has the highest income in the state at $133,534. However, slightly lower property values ($590,334) and investment income ($77,909) lower SmartAsset’s valuation.

Bergen County’s profile shows a contrast. Its average home value is highest at $693,262 – the highest in the top four – and capital gains rise to $88,757, but its lower average income puts it fourth in New Jersey and 45th nationally. Monmouth County follows close behind at No. 49. Property values total $695,806, but its profile is weighed down slightly by weaker capital gains of $71,056.

Outside the state’s top five are Middlesex and Union counties. Further north, Sussex County ranks eighth in the state and 133rd in the country for its relatively modest investment income of $33,059, despite a high median income of $111,094. On the south coast, Cape May County stands out in ninth place. His homes are the most valuable outside of the high-end, averaging $704,610, but his overall wealth index is capped by a modest average income of $83,870. At the tail end of SmartAsset’s New Jersey top 10 is Burlington County, with median incomes over $100,000 and home values under $400,000.

Outside the top 10, Passaic County, ranked 15th, has a median income of $84,465, capital gains of $37,842 and a median home value of $534,704. Essex County, ranked 13th, offers a contrasting picture, with a lower median income of $73,785 but a significant increase in capital gains of $100,886 and a home value of $610,227.

Of course there is room for growth. In October, Gov. Phil Murphy launched a new economic council to spur growth by promoting collaboration between the business community and state government. It aims to bring together state officials and industry representatives to address economic challenges and streamline development projects. It includes a Development Coordination Committee tasked with expediting multi-stage government approvals for complex development projects. State officials said the new framework builds on the administration’s efforts to make it easier to do business in New Jersey, which has seen a 19% increase in the number of small businesses since 2018.

New Jersey’s wealthiest counties include Morris, Bergen, Hunterdon and more

ByAmelia Journalton

By Amelia Journalton

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