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.
“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 in Scottsdale, Arizona, more than doubled between 2013 and 2023.
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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…