The American cities with the fastest growing populations of millionaires – is your hometown on the list?

While New York City is still home to the most millionaires in the US, cities like Austin and Scottsdale are increasingly attracting wealthy Americans.

Wealthy Americans moving across the country – plus more affluent people migrating from abroad – are creating a so-called “millionaire remix.”

According to a new one report from consulting firm Henley & Partners, Austin, the capital of the state of Texas, is home to the fastest growing population of millionaires.

Over the past ten years, the number of millionaires in the city has grown by 110 percent to 32,700.

Several major tech companies, including Tesla and Oracle, have moved their headquarters to the city in recent years, and low taxes attracted an influx of well-paid workers during the pandemic.

According to the report, the US has the largest millionaires in the world with around 5.5 million.

It is also home to nearly 10,000 people worth more than $100 million and nearly 800 billionaires, investment migration consultancy Henley & Partners found.

“Sensationalist headlines occasionally pop up about an impending exodus of millionaires from America due to higher taxes, crime or other domestic concerns,” wrote Mehdi Kadiri, head of North America at the firm, in its 2024 USA Wealth Report .

‘However, the data shows that net inflows remain firmly positive over a period of several years. Instead of fleeing en masse, what we are witnessing today is more of a ‘millionaire remix’ in America.”

Tesla has moved its headquarters to Austin, Texas in recent years (photo: CEO Elon Musk)

The Arizona desert city of Scottsdale is home to the second-fastest growing population of millionaires in the US, the report found.

Between 2013 and 2023, the number of millionaires increased by 102 percent to about 14,500.

“Rather than mass flight, what we are seeing today is more of a ‘millionaire remix’ within America,” said Mehdi Kadiri, head of North America at Henley & Partners.

The city, which is close to Arizona’s capital Phoenix, is home to a growing number of exclusive golf clubs and is attracting large numbers of California technology entrepreneurs and wealthy retirees, the report said.

Third on the list are Palm Beach and West Palm Beach, Florida.

The number of millionaires in the area — home to one of Donald Trump’s golf courses and his Mar-a-Lago estate — has grown 93 percent in the past decade.

The coastal area has long been a major retirement center for wealthy New Yorkers and Californians.

But this migration accelerated even further during the Covid-19 pandemic, as more remote and flexible workers sought warmer weather and a lower tax burden.

The places with the fourth fastest growing millionaire populations are the neighboring towns of Greenwich and Darien on Connecticut’s affluent Gold Coast, according to the report.

The cities “are seeing a large influx of resident investment bankers, hedge fund managers and wealthy financiers, contributing to their healthy millionaire growth of 84 percent over the past decade,” the report said.

The Arizona desert city of Scottsdale is home to the second fastest growing population of millionaires in the US, the report found, while Palm Beach is the third fastest growing place.

The places with the fourth fastest growing millionaire populations are the neighboring towns of Greenwich and Darien on Connecticut’s affluent Gold Coast, according to the report.

Fifth on the list, meanwhile, is Northern California’s Bay Area, which includes San Francisco and Silicon Valley.

Over the past decade, the area has seen an 82 percent growth in its millionaire population, the report found, largely due to the tech boom and migration to affluent cities like Atherton, Los Altos Hills and Palo Alto.

Most of the world’s top technology companies are based in this area, including Apple, Alphabet, Meta, Intel, Nvidia, Uber, Airbnb and Netflix, attracting large numbers of wealthy technology entrepreneurs.

The report predicts that Austin, Scottsdale and West Palm Beach will continue to lead the way in terms of both millionaires and overall wealth growth over the next decade.

It also predicted that Salt Lake City, Tampa and Naples would attract an increasing number of wealthy residents.

“Salt Lake City, Utah is known for its beautiful mountain backdrop and is increasingly popular as a base for technology and financial startups,” the statement said.

‘Tampa and Naples are both located on the thriving west coast of Florida. “Tampa is a major business center as well as an emerging technology center, while Naples is an increasingly popular retirement destination known for its world-class golf courses, beautiful beaches and world-class shopping.”