Salaries of $500,000 and up are ‘a dime a dozen’ in the Bay Area, the report says.

More than a million people across the country earn a salary of $500,000 or more, according to a report that analyzed earnings records from millions of salaries paid during the year.

A study entitled “High paying jobs? They’re a dime a dozen,” conducted by ADP, a leading payroll and other services company, concluded that “a large number of professionals located in every major city” earn more than half a million dollars a year. Government data, including the Census Bureau’s American Community Survey, often hides the spread of major earnings by aggregating the level of reported earnings.

One California city stood out from the rest, the ADP report said. The San Francisco Bay Area has the most jobs paying more than $500,000, “far exceeding” other major cities. One in 48 jobs in the Bay Area pay $500,000 or more, nearly double the share in Austin, Texas, which has the second-highest concentration.

Los Angeles and Long Beach counties have the 12 highest paying jobs. Slightly less than 1% of workers in Los Angeles and Long Beach earn more than $500,000, while 0.22% earn more than $1 million and 0.06% earn more than $2 million.

The wealthiest areas in the Los Angeles area include Beverly Hills, Pacific Palisades and Malibu, according to real estate agencies.

In the Bay Area, more than 2% of workers earn at least half a million dollars, 0.54% earn at least $1 million and 0.15% earn at least $2 million. New York, Boston and Fort Meyers, Fla., are among the other cities ranked highest for workers’ wages, according to ADP.

The report pointed out that San Francisco is “highly concentrated” for high earners in Silicon Valley and the technology industry, where executives and other individuals receive “extraordinary compensation.”

Some high-paid professionals including doctors and lawyers face income limits based on how many patients or clients they can serve, the report said. In the technology industry, however, productivity has no such barriers, especially for large companies.

“The Bay Area’s leadership likely reflects not only the dominance of technology in its economy and workforce, but also its position as a hub of high-tech industry and technology-reliant companies,” the report said.

While Austin, Texas, which came in second on the ADP list, is another tech hub, the Bay Area’s tech focus isn’t the only factor contributing to its singularity. Rising housing prices in the Bay Area have pushed out low- and low-income residents, leaving residents in the area dominated by high-income earners.

Nationally, 0.79% of jobs pay more than $500,000, creating more than a million positions. Remote work has drawn high earners to desirable locations including Honolulu and parts of Florida.

“The highest earners are not limited to one industry or region,” said the report. “While technology is advancing, very high salaries are more common than one might think.”

ADP collected income data between July 1, 2023, and June 30, 2024, for metropolitan areas with more than one million residents.