Millionaires On The Move: 7 US Cities With The Fastest-Growing Millionaire Populations
If you were to ask the average American which cities have the most millionaires, you’re likely to get answers like “San Jose,” New York” and “Los Angeles.” You might be surprised to learn that while there’s still a lot of wealth there, a “millionaire migration” seems to be underway.
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According to the USA Wealth Report 2024 published by Henley & Partners, none of those big names appear on the list of cities with the fastest-growing millionaire populations. A combination of America’s tech boom, the tax policies of certain states, and the mere fact that the country is producing more millionaires all contribute to the rising wealth in the five cities listed below.
Here’s a look at why wealth is growing fastest in these cities and whether or not the cost of living makes them good choices for lower-net-worth people to live there.
Silicon Valley, California
Population: Roughly 3 million, depending on how you define the area
Number of millionaires: 306,000
The San Francisco Bay Area, which includes wealthy, tech-fueled cities like San Jose and Palo Alto, remains high on the list of millionaire creations. However, rather than occupying the top spot, the region ranks #5 in the USA Wealth Report 2024.
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Henley & Partners report that millionaire growth over the past decade was a still-impressive 82%. Although some tech firms have moved their headquarters in recent years, most of the biggest names, from Apple to Nvidia to Meta, still call the area their home.
Greenwich and Darien, Connecticut
Population: About 85,000 combined
Number of millionaires: 12,500
Greenwich and Darien represent the Northeast’s “old money.” Traditional wealth-building industries like banking, finance and fund management are the primary reasons the neighboring towns have seen an influx of millionaires over the past decade, with their number growing by 84%.
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Great private schools and safe communities are also a big draw for the East Coast elite and their families, many of whom still work in New York City or enjoy having it nearby.
Both communities have extremely high average house prices of $1.9 million, while the cost of living runs a whopping 39% above the U.S. average.
Palm Beach and West Palm Beach, Florida
Population: 9,200/121,000
Number of millionaires: 10,200
While areas like the San Francisco Bay Area owe their millionaire generation primarily to technology, Florida hotspots like Palm Beach are more popular with wealthy retirees.
The Henley & Partners study shows that the number of millionaires has jumped by 93% over the past decade, with many coming from the entertainment and fund management industries.
Costs are about 14% above the national average, but housing prices vary considerably depending on whether you choose Palm Beach or West Palm Beach. Average home prices come in at $394,000 and $2.1 million, respectively.
Scottsdale, Arizona
Population: 243,000
Number of millionaires: 14,500
Scottsdale is a good example of “if you build it, they will come.” The Valley of the Sun has seen explosive growth of 102% in the number of millionaires in the past decade, many of which are attracted to the lifestyle developments in the region.
Vast tracts of land, beautiful views, and plentiful recreational activities, including exclusive golf resorts, are all popular with the wealthy set and have contributed to growth in the region.
For the typical American, however, the cost of living remains quite high, running 13% above the national average.
Austin, Texas
Population: 975,000
Number of millionaires: 32,700
When top-tier tech companies like Tesla and Oracle move their headquarters to a city, it’s almost inevitable that the number of millionaires will surge. This has certainly happened in the case of Austin, which has grown its millionaires by 110% over the past decade, according to the Henley & Partners report.
In addition to the presence of money-making companies, the fact that Texas has no state tax – which made many of those companies move there themselves – has no doubt had an impact on the increase in millionaires.
This influx of millionaires over the past decade has also, unfortunately, helped push the cost of living up in Austin as well. According to BestPlaces, the total cost of housing, food, healthcare, transportation, childcare and other necessities is about 29% higher than the U.S. average. Per data from Zillow, the average cost of a home in Austin is $533,719, also well above the national average.
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This article originally appeared on GOBankingRates.com: Millionaires On The Move: 7 US Cities With The Fastest-Growing Millionaire Populations
