Here’s Where Millionaires Are Moving Across the U.S.
The U.S. remains at the top of the world’s wealth ladder, but where in the country are its millionaire residents migrating to? It’s not where you think.
According to a new report by UK-based investment consultancy Henley & Partners, the number of millionaires is growing, and there are certain U.S. cities that these high-earning Americans are flocking to. Unsurprisingly, big cities such as New York, Los Angeles, and Chicago continue to lure deep-pocketed individuals, albeit at slower rates than in the past. However, second-tier hubs including Austin, Scottsdale, and West Palm Beach are among some of the fastest-growing metros attracting millionaire residents.
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“Rather than wholesale fleeing, what we observe today is more of a ‘millionaire remix’ within America,” Mehdi Kadiri, managing partner and head of North America at Henley & Partners, wrote in the report. “Cities such as Austin, Miami, and Scottsdale are gaining residents, while traditional hubs such as Los Angeles, New York, and Chicago experience modest declines. Critically, the broader sum remains net positive, buoyed by a relentless immigrant influx not just across the Southern border, but from skilled migrant talent chasing the enduring American dream.”
Austin’s millionaire population saw a whopping 110 percent increase between 2013 and 2023—the biggest spike of any city in the United States. The capital of the Lone Star State has been nicknamed “Silicon Hills,” with companies such as Tesla and Oracle opting to relocate their headquarters to Austin. Scottsdale wasn’t far behind.
The number of millionaires living in the desert city, a suburb of Phoenix, grew by a hefty 102 percent in the span of a decade. “Scottsdale is home to a growing number of exclusive golf and lifestyle estates and is attracting large numbers of tech entrepreneurs from California as well as wealthy retirees,” Andrew Amoils, head of research at New World Wealth, wrote in the report.
In South Florida, particularly during the COVID-19 pandemic, there has been a huge influx of wealthy New Yorkers and Californians. As a result, skyrocketing prices in traditional enclaves of the rich and superrich, such as Palm Beach, have sent many home-shopping millionaires to nearby locales like West Palm Beach, which has seen a substantial spike in millionaire residents to the tune of 83 percent in the past 10 years.
By comparison, New York’s millionaire population only increased by 48 percent in the same time period. Still, despite the lack of growth, the Big Apple still counts the highest number of millionaire residents in the U.S.
“Over the next decade, we expect Austin, Scottsdale, and West Palm Beach to continue to lead the pack when it comes to millionaire and general wealth growth,” added Amoils. He also noted that the firm anticipates cities such as “Salt Lake City, Tampa, and Naples to attract rising numbers of high-net-worth residents” in the years to come.
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