The 10 Richest Cities Right Now In The State Of Minnesota

Minnesota has a way of landing at the top of the lists that matter. The Land of 10,000 Lakes was just named the third-best state to live in; it routinely posts some of the nation's strongest quality-of-life scores, and with world-class state parks and trails, top-tier schools, and lakes around nearly every bend, it's an easy place to build a good life.

That's true whether you're up in Duluth on the shore of Lake Superior, down in the heart of the Twin Cities metro, or anywhere else in the state.

Still, some corners of the North Star State are doing a little better than others — okay, a lot better. An updated 2026 study crunched the numbers to find where Minnesota's wealthiest residents actually live, and the results skew hard toward the lakes west of Minneapolis. Here's who made the top 10.

The 10 Richest Cities In Minnesota For 2026

The ranking comes from HomeSnacks, which used its Saturday Night Science method to analyze the latest Census and Zillow data on median household income and home values.

To keep things fair, the study limited itself to the 208 Minnesota cities with more than 3,000 residents. For context, the statewide median income sits around $89,000, and the typical home runs about $347,000 — figures every city on this list blows past.

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One quick note: a population cutoff means a few tiny, ultra-wealthy enclaves don't qualify. Greenwood, on Lake Minnetonka, for example, actually posts a higher average household income — north of $400,000 — but with fewer than 700 residents, it's simply too small for this particular list.

That's the nature of these studies: tweak the methodology even a little, and the leaderboard shifts. It's less an exact science than a well-sourced bar argument. With that said, let's count down from No. 10.

10. Lake Elmo

Out in Washington County between Stillwater and Woodbury, Lake Elmo pairs a charming historic "Old Village" with the sprawling, 2,000-plus-acre Lake Elmo Park Reserve, where families swim, camp, and paddle all summer long.

At just over 13,000 people, it's the largest city on the list — and it's growing fast as the east metro spreads.

Lake Elmo lands at No. 10 on the strength of a $153,669 median household income and a $618,480 median home value, both comfortably above the state norm, with a poverty rate under 5%.

9. Grant

Just south of Stillwater, Grant is Washington County's quiet, wooded secret — a city of large-lot homes, hobby farms, and rolling countryside with almost no commercial strip to speak of. If you want elbow room within striking distance of the metro, this is the place.

Grant's $150,875 median income is essentially the price of admission to the entire top 10, and its homes run about $713,726, with a low 3.7% poverty rate.

8. Minnetrista

At the western edge of Lake Minnetonka, Minnetrista trades marinas for marsh and meadow. Highlights include Halsted Bay, Whaletail Lake, and Gale Woods Farm, a working farm and park along Six Mile Marsh where kids can meet sheep and cattle up close.

Minnetrista posts a $163,051 median income and a $684,705 median home value. Its 8.8% poverty rate sits near the state average — a reminder that even affluent cities are home to a range of households.

7. Victoria

Carver County's "City of Lakes and Parks" earns the nickname, sitting right beside Carver Park Reserve and the Lowry Nature Center with Lake Waconia just up the road. A revitalized downtown has made it one of the metro's most sought-after growing suburbs.

Victoria actually claims the fourth-highest income in the entire state at $195,639, paired with a $608,561 median home value and a remarkably low 2.1% poverty rate.

6. Shorewood

On the south shore of Lake Minnetonka, Shorewood is a leafy, low-key lakeside community wrapped around Gideon Bay and Lake Minnewashta. Freeman Park and easy water access make it a favorite for families who want the lake life without the fanfare.

Shorewood's numbers are strong across the board: a $171,063 median income and an $804,465 median home value, with poverty at just 5.2%.

5. Independence

Out in rural western Hennepin County, Independence is horse-and-hobby-farm territory built around Lake Independence and Lake Sarah. It's one of the smallest cities on the list, and one of the most private.

Here's where the money really shows: Independence pairs a $186,597 median income with one of the lowest poverty rates anywhere in Minnesota — just 1.1% — alongside $797,890 homes.

4. Medina

Home to the Hamel community and its beloved summer rodeo, Medina is rolling horse country that also happens to host major corporate headquarters, including Polaris. Nearby Baker Park Reserve offers beaches, trails, and camping on Lake Independence.

Medina claims the second-highest median income in the entire state at $230,859, with $832,022 homes. However, its 10.3% poverty rate edges just above the state average — proof that sprawling estates and working households can share the same ZIP code.

3. Orono

Orono commands the coveted north shore of Lake Minnetonka, where some of Minnesota's priciest lakefront estates look out toward Big Island and Stubbs Bay. Sprawling wooded lots and private shoreline set the tone.

Orono claims the highest median home value on the entire list — a staggering $1,113,974 — alongside a $173,527 median income. When it comes to real estate, few Minnesota cities of any real size play in a higher league.

2. Deephaven

Tucked onto Lake Minnetonka's south shore, historic Deephaven is a tree-canopied community of winding lanes, the storybook Cottagewood neighborhood, and Carsons Bay. It carries deep sailing roots and a small-town feel just 20 minutes from downtown Minneapolis.

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Deephaven nearly swept the board: a $197,679 median income, $1,062,991 homes, and a razor-thin 1.7% poverty rate — the kind of across-the-board strength that vaulted it all the way to No. 2.

1. North Oaks

And Minnesota's richest city is one you literally can't drive through uninvited. North Oaks, in Ramsey County, is one of the only fully private cities in America — every road, park, and trail is owned by the residents, and those "No Trespassing" signs are the real deal. Built on railroad magnate James J. Hill's former farm, it's exclusivity by design.

North Oaks tops the state with a $231,742 median household income — No. 1 in all of Minnesota — plus $936,794 homes and a 5.1% poverty rate. Money can't buy everything, but in North Oaks, it can pretty much buy the whole town.

What ties this list together isn't just big paychecks — it's water. Nearly every city here sits on or near Lake Minnetonka, proof that in Minnesota, a great view has always come at a premium.

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However you measure it, though, "rich" looks a little different depending on where you're standing. Up on Lake Superior, plenty of folks would trade a Minnetonka mansion for a quiet morning on a North Shore trail and call themselves the wealthiest people alive.