Located off the coast of Miami, Fisher Island has become a sanctuary for the wealthy. The average income in this ZIP code was $2.5 million in 2015, $1 million more than the second-wealthiest ZIP code in Silicon Valley.
Overall, California and the New York tri-state area dominated the top 20 list of richest ZIP codes. Yet, Manhattan did not make it. Aside from Fisher Island, Palm Beach and Naples were both ZIP codes in the top 20, along with suburbs of Boston, Chicago, and Seattle. Bloomberg analyzed 2015 Internal Revenue Service data to rank ZIP codes.
The ZIP code that took the most advantage of tax deductions in 2015 was 94301 in Palo Alto, California, where the average deduction was $491,600. Fisher Island had smaller average deductions relative to its income size than other zip codes and that’s likely because Florida has no income tax, so its residents can’t take deductions from that category. On the other hand, California has a top marginal income tax rate of 13.3 percent, the highest in the country.