More Millionaires Are Moving to These 5 Cities: Why You Should Move There, Too
Reaching millionaire status seems like an insurmountable feat that’s just simply unachievable. However, there are hundreds of thousands of people across the US who have achieved millionaire status.
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Henley & Partners recently reported in a March 2024 press release that the “US is currently home to 37% of the world’s millionaires: some 5.5 million high-net-worth individuals (HNWIs) who hold over USD 1 million in liquid investable assets. This number has risen by an impressive 62% over the past decade, well ahead of the worldwide growth rate of 38%.”
Now, these millionaires are shaking up population trends across the country.
Business Insider highlighted that there’s been a “millionaire remix”: a significant surge in millionaires relocating to US cities that were once less desirable. While traditional business hubs like New York and San Francisco have some of the highest concentrations of millionaires in the US, five cities in particular have seen the largest increase in millionaire residents over the past 10 years.
Top 5 Cities With The Fastest Growing Millionaire Populations
Here are the top five cities attracting the most millionaires according to Business Insider:
1. Austin, Texas
Approximate total population: 975,000
Percent increase in the number of millionaires who moved here between 2013 to 2023: 110%
Approximate total number of millionaires: 32,700
2. Scottsdale, Arizona
Approximate total population: 250,000
Percent increase in the number of millionaires who moved here between 2013 to 2023: 102%
Approximate total number of millionaires: 14,500
3. Palm Beach and West Palm Beach, Florida
Approximate total population: A combined 130,000
Percent increase in the number of millionaires who moved here between 2013 to 2023: 93%
Approximate total number of millionaires: 10,200
4. Greenwich and Darien, Connecticut
Approximate total population: A combined 86,000
Percent increase in the number of millionaires who moved here between 2013 to 2023: 84%
Approximate total number of millionaires: 12,500
5. The Bay Area, California (San Francisco, San Jose, and Oakland)
Approximate total population: More than 7 million
Percent increase in the number of millionaires who moved here between 2013 to 2023: 82%
Approximate total number of millionaires: 306,000
New York Lags Behind Austin In Increase of The Percentage Of Millionaires
It was reported that New York City’s millionaire population grew by 48% between 2013 and 2023. Comparatively, Austin, Texas saw a much larger 110% increase in millionaire residents during the same period. Austin has become one of the largest tech hubs in the US in recent years and is proving to be a sort of millionaire hotspot.
New York City still has the highest concentration of millionaires, with about 350,000 millionaires residents as of December 2023. That being said, the percent increase in the number of millionaire residents has been far greater in these five other US cities over the past 10 years.
Top Reasons To Move To These Five Millionaire Cities
Here are some good reasons to move to one of these top five millionaire cities:
Potential access to new jobs and networking opportunities.
Relative proximity to other major cities.
Some cities have lower tax rates in states like Texas and Florida.
So, if you’re thinking about your next move, consider these top five cities if you’re looking to “follow the money.”
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This article originally appeared on GOBankingRates.com: More Millionaires Are Moving to These 5 Cities: Why You Should Move There, Too
