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Andrew Amoils is Head of Research at wealth intelligence firm New World Wealth.
America is home to some of the world’s fastest growing cities for millionaires. Many of these cities are benefiting from America’s tech boom, while others are popular retirement destinations. Some such as those in Florida and Texas also offer low state taxes.
The fastest growing US cities for millionaires highlighted below have all experienced remarkable 80%+ millionaire growth over the past decade from 2013 to 2023.
Texas’s state capital Austin has seen remarkable millionaire growth of 110% over the past decade. With its booming tech sector, Austin has been dubbed “Silicon Hills”. Several major tech companies have moved their headquarters to the city over the past few years, most notably Tesla and Oracle. Austin’s top-end residential market has also been growing rapidly.
The jewel in the crown of the Greater Phoenix metropolitan area, the Arizona desert city of Scottsdale has seen spectacular growth of 102% in the past 10 years. 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.
South Florida’s Palm Beach and West Palm Beach are increasingly popular retirement hotspots for New York and California millionaires, with wealth growth of 93% over the past decade. Furthermore, a large number of affluent individuals are choosing to live and operate from this area post-Covid, especially those in the fund management and entertainment sectors.
The neighboring towns of Greenwich and Darien on Connecticut’s affluent Gold Coast are seeing a large influx of resident investment bankers, hedge fund managers, and wealthy financiers, contributing to their healthy millionaire growth of 84% over the past 10 years. They are both relatively safe towns, with large residential stands and excellent private schools adding to their family appeal, and their proximity to New York City makes them highly desirable.
Hot on the heels of Greenwich and Darien with 82% millionaire growth in the past decade is Northern California’s Bay Area, encompassing the city of San Francisco and the area known as Silicon Valley, which includes affluent towns such as Atherton, Los Altos Hills, and Palo Alto. Most of the world’s top tech firms are based in the area, including the likes of Apple, Alphabet, Meta, Intel, Nvidia, Uber, Airbnb, and Netflix, and the region consistently attracts large numbers of wealthy tech entrepreneurs annually from all parts of the world.
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. We also expect Salt Lake City, Tampa, and Naples to attract rising numbers of high-net-worth residents.
Known for its beautiful mountain backdrop, Salt Lake City in Utah, which was recently named as America’s ‘Least Stressed City’ is rising in popularity as a base for tech and financial start-ups. It is located relatively close to the resort town of Park City, which is a well-known second home hotspot for America’s rich and famous.
Tampa and Naples are both located on Florida’s booming west coast. A key business center, Tampa is also an emerging tech hub, while Naples is an increasingly popular retirement destination that is known for its top-end golf courses, beautiful beaches, and world-class shopping.
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