10 Richest Cities in Minnesota

By PropertyClub Team
Apr 16th 2024
Minnesota is known for its natural beauty and high quality of life. The following list of the ten wealthiest cities in Minnesota will help you decide which upscale community in the state is right for you and your family. 

hash-mark10 Richest Cities in Minnesota

  1. Orono
  2. Medina
  3. North Oaks
  4. Shorewood
  5. Minnetrista
  6. Lake Elmo
  7. Credit River
  8. Mahtomedi
  9. Victoria
  10. Minnetonka

hash-mark1. Orono

The richest city in Minnesota is Orono. Located approximately 15 miles west of downtown Minneapolis, Orono is a prestigious city situated on the shores of Lake Minnetonka. Known for its large, exclusive properties and expansive lakefront estates, Orono offers locals a serene environment, beautiful scenery, and a quiet lifestyle. 

Residents of Orono can enjoy a close-knit community, access to outdoor recreational activities, and a peaceful atmosphere away from the bustling city. With a per capita income of $127k, Orono is the overall best place in Minnesota to find an upscale quality of life.

hash-mark2. Medina

Medina is the second richest city in Minnesota. Just west of Orono, Medina is situated on the western edge of the Twin Cities metropolitan area and is characterized by its lucrative estates, prestigious golf courses, and rural charm. 

Those who live in Medina will find a peaceful, private atmosphere surrounded by natural beauty. Despite its tranquil setting, the city is still within a reasonable distance to Minneapolis, making it desirable for commuters. With high home values and per capita incomes, Medina is the overall second-richest place to live in Minnesota.

hash-mark3. North Oaks

North Oaks, a gated community located about 15 miles from downtown Minneapolis, is another one of the richest cities in Minnesota. Nestled amidst picturesque woodlands and lakes, this community is known for its natural beauty and tranquil atmosphere. North Oaks is also characterized by its spacious properties and large, private lots, which provide residents with a sense of privacy and serenity. 

Residents here can enjoy activities like hiking, biking, and boating in the nearby lakes and parks, which include Tamarack Nature Preserve and Bald Eagle-Otter Lakes Regional Park. The local community values conservation and environmental stewardship and has made significant efforts toward maintaining the area’s natural surroundings. With its pristine environment, exclusive ambiance, and commitment to nature, it’s no wonder that home values and per capita income rates in North Oaks are among the highest in the state. 

hash-mark4. Shorewood

Shorewood is another one of the richest cities in Minnesota. Shrouded in Woodlands on the banks of Lake Minnetonka, Shorewood is a quiet Minneapolis suburb with a population of 7,307 residents. It’s a very family-friendly environment with low crime, good schools, and easy access to outdoor recreation. Shorewood is also an affluent community, and the median household income is $155,200. The average home price is $710,272.

 5. Minnetrista

Minnetrista is also one of the wealthiest cities in Minnesota. It’s another quiet suburb located about 37 miles west of Minneapolis and home to 8,262 residents. Minnetrista is known for its many lakes and agricultural production, as it’s a hub for soybeans, corn, and horses. It has a calm, rural ambiance with natural beauty and amenities nearby. It’s also a very wealthy community with a median household income of $153,546 and an average home price of $619,400.

hash-mark6. Lake Elmo

Lake Elmo is one of the richest cities in Minnesota for nature lovers. Situated just east of the Twin Cities, this charming community is known for its scenic beauty and small-town atmosphere. Lake Elmo is surrounded by picturesque lakes, expansive green spaces, and rolling hills, providing residents with ample opportunities for outdoor recreation.

The city is also beloved for its spacious properties, which are often nestled among towering trees and natural landscapes. But, despite its peaceful ambiance, Lake Elmo still maintains convenient access to urban amenities, shopping centers, and dining options. Homes for sale in Lake Elmo average $614,000, keeping it an essential part of the richest cities in Minnesota.

hash-mark7. Credit River

Located in Scott County, Credit River is a small but affluent city situated approximately 25 miles southwest of Minneapolis. This city is home to about 5,551 people and is particularly known for its rural charm and secluded lifestyle. The city is surrounded by open spaces, rolling farmlands, and picturesque countryside – all of which add to the area’s sense of tranquility. 

In addition to Credit River’s peaceful setting, residents here can also enjoy an active, closely-knit local community with an abundance of local events and gatherings. With a per capita income rate of $70k, Credit River is not to be overlooked when considering the richest cities in Minnesota. 

hash-mark8. Mahtomedi

Situated just 15 miles northeast of St. Paul, Mahtomedi is both rich and exclusive. This idyllic community is known for its scenic beauty, serene atmosphere, and strong community spirit, making it popular among Minnesota families. Mahtomedi is also considered desirable for its picturesque lakes, such as White Bear Lake and the charming Dellwood Lake, which provide residents with waterfront activities. 

The city itself is home to a stunning blend of tree-lined streets and local parks, as well as several highly-rated schools. The local community has a strong sense of pride and camaraderie, hosting regular events, festivals, and community gatherings that bring neighbors together. With so much to offer, it’s no surprise to find Mahtomedi on the list of Minnesota’s richest cities. 

hash-mark9. Victoria

Victoria is another one of the richest cities in Minnesota. Located southwest of downtown Minneapolis, Victoria is a thriving community known for its gorgeous residential architecture, scenic beauty, and many urban amenities. One of the main attractions in Victoria is Lake Minnetonka, a sprawling lake that provides opportunities for boating, fishing, and water sports. Residents can explore the lake’s many bays and beaches, enjoy a day of swimming, or relax by the water.

Victoria is also home to several parks, including Carver Park Reserve, where visitors can hike through scenic trails, have a picnic, or engage in wildlife observation. The city also boasts a vibrant downtown area with charming shops, boutiques, and restaurants. So whether it’s enjoying the outdoors or exploring the local shopping scene, Victoria is a great place to find upscale Minnesota living. 

hash-mark10. Minnetonka

Minnetonka is another one of the wealthiest cities in Minnesota. In addition to its namesake, Lake Minnetonka, this city is also popular for its abundance of well-maintained parks and trails. These provide the perfect setting for outdoor recreation, including hiking, biking, and wildlife observation. 

This extensive park system also shows the city’s commitment to preserving its natural surroundings and promoting a healthy, active lifestyle. Praised for its strong local community, Minnetonka is predominantly family-friendly and makes the ideal living situation for families and young couples. With local per capita income rates averaging $64k, it’s easy to see why Minnetonka is a staple among the Minnesota elite.

hash-markRichest Cities in Minnesota Comparison



Median Home Price

Per Capita Income









North Oaks












Lake Elmo




Credit River