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US cities with the fastest growing population of millionaires: Report

US cities with the fastest growing population of millionaires: Report

The number of millionaires living in Austin has doubled over the past decade, according to a report from Henley & Partners.
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  • The United States has a “millionaire mix,” as shown by the rankings of the regions with the fastest-growing wealthy populations.
  • The number of millionaires living in Austin has doubled over the past decade, according to a report from Henley & Partners.
  • Austin's population has boomed in the past decade as it has cemented itself as a growing technology hub.

New York City and Los Angeles no longer have as much appeal to the global elite as they once did — instead, cities like Austin, Scottsdale, and West Palm Beach attract huge numbers of millionaires.

The immigration patterns of the world's richest people in the United States are changing as the country undergoes what investment immigration consultancy Henley & Partners calls the “millionaire mix.”

“Sensational headlines sometimes emerge about the impending exodus of millionaires from America due to rising taxes, crime, or other domestic concerns,” Mehdi Qadri, head of North America at Henley & Partners, wrote in an article. American Wealth Report 2024.

“However, the data show that net inflows remain strongly positive over any multi-year period. Rather than a mass flight, what we are observing today is more of a 'millionaire remix' within America.”

The report noted that the growing number of millionaires living in the United States “has been fueled by the continuing influx of immigrants not only across the southern border, but of skilled immigrant talent seeking to achieve the enduring American Dream.”

The data in the report, provided by wealth analysis firm New World Wealth, reflects international and domestic migration, as well as the growing number of people who have already become millionaires.

These are the five regions in the United States with the fastest growth in the number of millionaires, measured as the places with the greatest growth in the number of millionaires.

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5. Bay Area, California

Brandon Slaughter/Getty Images

The pandemic has seen a mass exodus of workers from traditional business centers such as New York City and the San Francisco Bay Area, but the number of millionaires in the latter has been growing significantly over the past decade.

The number of millionaires living in the Gulf region increased by 82% to about 306,000 between 2013 and 2023, according to a Henley & Partners report. This indicates an increase of about 136,000 millionaires in just 10 years.

The Bay Area includes the cities of San Francisco, San Jose, and Oakland. Perhaps most notably, the area is home to the technology hub of Silicon Valley, where companies including Google's parent company Alphabet, HP, Intel, Nvidia and PayPal are headquartered.

But some residents and business leaders say San Francisco is experiencing a dramatic decline, citing concerns about crime and homelessness. San Francisco's population has declined by 7.5% due to the pandemic, according to U.S. Census Bureau estimates.

4. Greenwich and Darien, Connecticut

Greenwich, Connecticut
Dennis Tangney Jr./Getty Images

The number of millionaires in Greenwich and Darien grew by 84% to approx 12,500 Between 2013 and 2023, according to the report.

Greenwich and the neighboring small city of Darien lie on either side of Stamford on Connecticut's Gold Coast. A number of hedge funds and financial services companies are based in Greenwich, which has consistently been ranked as one of the wealthiest cities in the United States. Due to its proximity to New York City, a number of Wall Street bankers have homes there.

According to the US Census Bureau DataGreenwich was around 64,000 residents while Darien had about 22,000 as of July 2022.

3. Palm Beach and West Palm Beach, Florida

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According to the report, the number of millionaires living in Palm Beach and West Palm Beach increased by 93% to 10,200 between 2013 and 2023.

West Palm Beach has a population of about 121,000, while Palm Beach has a population of only 9,000 per year. US Census Bureau data. Data show that the population of the former grew by about 21% between 2010 and 2022.

Migration to Palm Beach County, a major hub for retirees and snowbirds, was already high before 2020. But it accelerated further during the pandemic as remote workers sought a sunnier climate, lower taxes, and a better work-life balance during the shutdown.

Mayors in the county previously told Business Insider that companies — especially financial services companies — moved there because of the pro-business environment and activist groups like the Chamber of Commerce and the Business Development Council. Elliott Investment Management Moving its headquarters From Manhattan to West Palm Beach during the pandemic.

2. Scottsdale, Arizona

Scottsdale, Arizona.
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The number of millionaires living in Scottsdale has also doubled in the past decade, rising 102% between 2013 and 2023, according to a Henley & Partners report. She currently has it around The report says: 14,500 millionaires.

the Rich desert city Located near Phoenix and surrounded by golf clubs.

“Scottsdale is home to a growing number of exclusive golf and lifestyle properties and attracts large numbers of Californian technology entrepreneurs as well as wealthy retirees.“Iris,” Andrew Amoils, head of research at New World Wealth, wrote in a report.

As of July 2022, the city's population is approximately 250,000, according to the U.S. Census Bureau. Estimates.

1. Austin, Texas

One good thing for the author is that a lot of people still want to move to Austin.
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The number of millionaires living in Austin has doubled over the past decade.

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Between 2013 and 2023, the number of millionaires living in the capital of the Lone Star State rose by an estimated 110%. 32,700According to the data contained in the report.

The report says the city is also home to 92 people worth more than $100 million and 10 billionaires.

Immigration to Austin has boomed in recent years, including an increase in the number of people moving to Texas during the pandemic. As of July 2022, the city's population was approximately 975,000, according to 2022 estimates. Estimates From the US Census Bureau, this represents an increase of about a quarter since 2010, or about three times the overall population growth in the United States.

Austin has a thriving technology scene. Oracle and Tesla both moved their headquarters to the city during the pandemic, and Apple, Facebook and Google all have a significant presence there. He called part of the city “Silicon Hills.”

Austin also hosts The South by Southwest Music Festival every year and the cost of living is much lower than the likes of New York City and Los Angeles.

but Some tech workers say they regret moving to the cityciting factors including extreme temperatures, traffic, overcrowding, and what they described as a disappointing technology landscape.

New York City didn't make the cut

New York City skyline
Charlie Tripalo/AFP via Getty Images

The number of millionaires in New York City grew 48% between 2013 and 2023, compared to a massive 110% jump in Austin.

But the city still has the largest number of millionaires in the United States. As of December 2023, about 350,000 millionaires call New York City home — about 45,000 more than the Bay Area, which has the second-highest number of millionaires. By comparison, Austin had just 32,700 millionaires as of December, according to a Henley & Partners report.

Amuels, head of research at New World Wealth, said the company expects Salt Lake City and the Florida cities of Tampa and Naples to attract increasing numbers of wealthy people in the coming years.

Have you moved to – or from – one of the cities on the list? Contact this reporter at [email protected].

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