The Sun Belt has become a millionaire magnet.
Texas, Arizona and Florida are home to the cities seeing the fastest growth of millionaires in the US, according to a report from global wealth advisory firm Henley & Partners in partnership with New World Wealth.
Austin topped the list as the number of millionaires — or those who hold over $1 million in liquid assets — surged 110% from 2013 to 2023. Scottsdale, Arizona, came in second with a 102% increase, followed by Florida’s Palm Beach, which saw a jump of 93% over the past decade.
Greenwich and Darien have also experienced a surge in millionaires as investment bankers, hedge fund managers and wealthy financiers have flocked back to Connecticut’s tony suburbs.
While New York City, the San Francisco Bay Area and Los Angeles have by far the most millionaires in the US, places in the Sun Belt have been catching up as more Americans leave expensive coastal cities for states with lower taxes. Remote work has helped fuel the migration, while high-profile companies have also opened offices to draw talent in these locations.
The US overall is currently home to 5.5 million millionaires, representing 37% of the world’s total, according to Henley & Partners. It credits the ongoing tech boom for a 62% increase in millionaires over the past 10 years. That compares to a worldwide increase of 38%.
Miami, Dallas and Houston each saw the number of millionaire residents surge more than 70% over the last decade, according to the report.
This article was provided by Bloomberg News.