Bloomberg is out with its list of the most wealthy cities in America, and San Jose tops the list. San Francisco ranks number three, and Bridgeport, Connecticut snagged second place. No surprise, the business news service says the technology industry is the source of SJ and SF's wealth. To compile the list, Bloomberg analysts looked at gross metropolitan product (a measure of economy activity within a region). San Jose weighs in with a GMP average of $105,000 per resident, which is more than twice the national average. San Francisco has a GMP of $80,643. Bridgeport's GMP was reported as $94,349. The Connecticut city, known for a population of finance professionals, led the list for many years.
The Bloomberg report quotes Luis Torres, an economist at Texas A&M Real Estate Center, as saying that emerging tech hubs will continue to grow as "sky-high rents in northern California force workers and businesses to look elsewhere."