Some parts of the U.S. have been thriving in the past decade, and the number of millionaires and billionaires makes them among the wealthiest in the world. The 2024 USA Wealth Report, released by London-based investment migration consultancy Henley & Partners, discovered some surprises. The richest and fastest-growing millionaire populations show significant changes.
New York City
New York leads the U.S. and the world in the number of its wealthiest residents. Don’t let the headlines fool you: The Big Apple has 350,000 millionaires and 60 billionaires, and its millionaire population has increased by 48% in the past ten years.
The San Francisco Bay Area
Again, despite the headlines, the second place went to the San Francisco Bay Area. This California city has over 305,000 millionaires and 68 billionaires. In the past ten years, or between 2013 and 2023, the number of millionaires has grown by 82%.
Los Angeles
The City of Angles is home to 212.1k millionaires and 43 billionaires. Though there are many adverse stories about L.A. and how it is a sinking ship, analysts confirmed this West Coast hot spot will remain among the richest for decades to come.
Chicago
The Windy City has 120.5k millionaires and 24 billionaires. Chicago is often seen as one of the most popular tourist destinations on the East Coast, and it offers exceptional architecture, first-rate museums, brilliant chefs, and a diverse culture.
Houston
According to All Star Home research, some of Houston’s suburbs, Sugar Land, Pearland, and League City, are among the most “house-rich” cities in the United States. This means they have a superb home-value-to-income ratio. The city is home to 90.9k millionaires and 18 billionaires.
Dallas
Dallas has an impressive number of millionaires, 68.6k, and 15 billionaires. It has one of the highest crime rates in America but offers something that not many American cities have—opportunity and lifestyle balance.
Seattle
Seattle is still standing strong, with 54.2k millionaires and 11 billionaires. The city went through a rough patch, though it was confirmed in 2023 that the number of most violent crimes has decreased in Seattle, as presented in mid-year crime data.
Boston
Boston has 42.9k millionaires and eight billionaires. The city’s wealth growth is similar to that of D.C. – better than Chicago or L.A., yet below Austin or Scottsdale.
Miami
One of the most famous cities in the U.S. has 35.3k millionaires and 15 billionaires. The wealthiest residents are steadily increasing despite Miami Beach being the third most dangerous Florida city.
Austin
Austin’s millionaire population grew 110%, making it the city with the fastest-growing millionaire population in the U.S. The Texas capitol’s millionaire population is now 33k, and ten billionaires are living there. Thanks to low taxes, Austin’s millionaire population is expected to grow.
Washington, D.C.
D.C. has 28.3k millionaires and 12 billionaires, and its rise is steady compared to New York or Chicago, which suffered inevitable declines regarding wealth growth. Chicago, LA, and NYC all had under 50 percent growth, though the numbers are still impressive.
Scottsdale
This Arizona city is still not among the wealthiest, but its 102 percent rise, with 14,000 millionaires and a handful of billionaires, made it the second fastest-growing city in the States.
Palm Beach and West Palm Beach
Palm Beach and West Palm Beach had a magnificent 93 percent increase in millionaires in the past decade. The city and the island have 10,200 millionaires and ten billionaires combined, making them the third fastest-growing city in the U.S.
Greenwich and Darien
The Kentucky towns had an 84% increase in wealthy residents between 2013 and 2023. This small area is wealthy because 83% of Darien residents have a Bachelor’s Degree or higher, according to Suburbs101.
