PROVIDENCE – Cranston is the wealthiest large city in Rhode Island and Bristol County, Mass., and New Bedford is the least wealthy, according to a new study.
Portfolio.com and Bizjournals.com used a six-part formula to determine “the relative affluence” of the 420 urban areas with populations of more than 75,000, according to the study’s author, G. Scott Thomas. “Places with high income levels and large inventories of expensive homes naturally earn the highest scores,” he said.
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Newport Beach, Calif., was ranked as the wealthiest city in the country, followed by Newton, Mass. Reading, Pa., ranked last, and Detroit was the lowest-ranked major city.
Locally, Cranston placed highest at No. 146 out of 420. Next came Warwick (No. 171), Providence (No. 247) and Fall River (No. 286). New Bedford ranked lowest, at No. 309.
Portoflio.com and Bizjournals are subsidiaries of American City Business Journals Inc., a Charlotte, N.C.-based chain of regional business newspapers. The company is a division of Advance Publications Inc., the Newhouse family media empire that also includes Condé Nast Publications Inc.
