Why These 3 US Cities Have Become Millionaire Meccas
Money doesn’t just change hands — it also changes locations. A recent report from Henley & Partners identified the cities that saw the biggest influx of ultra-wealthy residents between 2012 and 2022. It turns out that the United States is home to three of the world’s top 10 millionaire meccas, and they share a few common traits that the rich look for when they move.
Austin, Texas
The capital of Texas saw its millionaire population grow by 102% during the last decade. According to a local NBC affiliate, Austin has been the fastest-growing city in America for 11 years straight — and it’s not hard to understand why. “Austin is home to a vibrant cultural scene with an abundance of music, art, food, and entertainment attractions,” said Keith Sant, a licensed Realtor and the head of property acquisitions and CTO of Texas Cash House Buyer.
It’s not just food, fun, and music. The 1% tend to follow the money, and the money follows the tech sector, which has declared Austin as its home away from the San Francisco Bay.
Not only have major companies like Tesla added their presence to Austin’s ever-growing skyline, but startup activity is so strong that venture capitalists invested $5.5 billion through 412 deals there in 2021 alone, according to PitchBook — more than double the year before.
West Palm Beach, Florida
West Palm Beach is nestled among some of South Florida’s most famous enclaves for the 1%, including Jupiter Island, Boca Raton, and Miami — and it saw its share of millionaires rise by 90% over the last 10 years.
The Henley report calls West Palm Beach “an increasingly popular retirement hotspot for East Coast millionaires from cities such as Boston, New York City, and Philadelphia.” The COVID crisis only accelerated that trend.
The Henley report confirms that assessment, stating that “many wealthy individuals are opting to work remotely in the area post-COVID, especially those in the fund management sector.”
Silicon Valley, Meet Silicon Hills
The Henley report also cites another Texas city that has become a millionaire mecca: San Antonio. “San Antonio has seen a 73% increase in the number of millionaires over the last 10 years,” according to the report, “and continues to benefit from nearby Austin’s thriving tech industry.”
But while San Antonio has its charms, it’s Austin that is really turning heads. And while some Austinites worry that the city is losing its quirky, laid-back vibe, the reality is that growth is inevitable in a city that has so much going for it.
Related Facts
- Austin, Texas has a “very young, highly educated, and diverse population,” according to Forbes.
- San Antonio has been called “the most affordable tech city in America” by DataBird Business Journal.
- The number of millionaire households in the US increased by 5.2% in 2020, according to a report by Spectrem Group.
Key Takeaway
For the ultra-wealthy, it’s all about the lifestyle. They want to be somewhere that has a great climate, lots of activities, and an excellent quality of life. And when it comes to US cities, Austin, Texas; West Palm Beach, Florida; and San Antonio, Texas fit the bill.
Conclusion
As the ultra-wealthy continue to seek out the perfect place to call home, it’s clear that Austin, West Palm Beach, and San Antonio are high on their list. And given their strong economies, abundant cultural offerings, and luxurious living amenities, it’s easy to see why.
