has been named one of “ America’s Richest Zip Codes” by Businessweek.com.
The report, based on information provided by location-based data firm Gadberry Group, ranks New Canaan the 19th “richest Zip Code” in the U.S.
To create the ranking, Gadberry looked at all Zip Codes in the U.S. with more than 100 households and ranked them by the average income and net worth, according to the report.
Many of the towns included on the list are in New York, Washington, D.C., and Silicon Valley, according to the report. The carefully culled ranking focuses on towns where the wealthy have their primary residences and does not include affluent “second-home” markets, such as the Hamptons. It also leaves out wealthy neighborhoods in major cities, such as New York and San Francisco, “because they have a greater diversity of income earners,” the report states.
New Canaaan, with 7,002 households, has an average household income of $277,250 and an average household net worth of $1,387,830, according to the report.
“GE’s chief executive, Jeff Immelt, actress Katherine Heigl, and talk show host David Letterman are among New Canaan’s famous residents, according to newenglandtimes.com,” the report states. “The median home value in this wealthy Fairfield County town, which is about 45 miles from New York City, was $1,092,000 in September, according to Zillow.com. The predominant group is executives and professionals in their 40s and 50s with no children.”