What US Cities are Millionaires Moving to?

In a recent report by Henley & Partners, the movement of millionaire residents within the United States reveals a significant shift away from traditional hubs towards emerging second-tier cities.

Millionaire Remix: Changing Trends

The report highlights a phenomenon termed the "millionaire remix," indicating a redistribution of affluent individuals within America. While cities like New York, Los Angeles, and Chicago still draw high-earning individuals, the pace of migration has slowed. Conversely, cities like Austin, Scottsdale, and West Palm Beach are experiencing rapid growth in millionaire populations.

Emerging Millionaire Hotspots

Austin emerges as a frontrunner in millionaire migration, with a staggering 110 percent increase in its millionaire population from 2013 to 2023. Dubbed "Silicon Hills," Austin's appeal is bolstered by major corporations relocating their headquarters to the city. Scottsdale follows closely, witnessing a 102 percent surge in millionaire residents, driven by its attractive lifestyle and tech entrepreneur influx.

South Florida's Wealth Migration

The COVID-19 pandemic has catalyzed a significant influx of wealthy individuals from New York and California to South Florida. This migration has led to soaring prices in traditional wealthy enclaves like Palm Beach, prompting many affluent buyers to seek homes in nearby areas such as West Palm Beach. Consequently, West Palm Beach has experienced an 83 percent increase in millionaire residents over the past decade, outpacing New York's growth rate.

Future Trends

Experts predict that cities like Austin, Scottsdale, and West Palm Beach will continue to lead in millionaire and overall wealth growth in the coming decade. Additionally, cities such as Salt Lake City, Tampa, and Naples are expected to attract rising numbers of high-net-worth residents in the future.