Why These 3 US Cities Have Become Millionaire Meccas
Money doesn’t just change hands — it also changes locations. A new report from Henley & Partners has 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.
The capital of Texas saw its millionaire population grow by 102% during the last decade. 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. 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.
“The city has experienced significant growth over the past decade due to its thriving economy, fueled by major employers such as Dell Technologies, Apple Inc., Oracle Corporation, and IBM,” said Sant. 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. Anyone looking to buy a house has noticed the results are similar to when high-income techies flooded once-affordable San Francisco.
West Palm Beach, Florida
West Palm Beach is nestled among some of South Florida’s most famous enclaves for the 1%. It saw its share of millionaires rise by 90% over the last 10 years. “West Palm Beach offers mild winters, pristine beaches and abundant golf courses, making it a desirable destination for many affluent individuals,” said Sant. Newly Liberated Wealthy Remote Workers Join the East Coast Elite. The Henley report calls West Palm Beach “an increasingly popular retirement hotspot for East Coast millionaires.” The COVID crisis only accelerated that trend.
“Many wealthy individuals are opting to work remotely in the area post-COVID, especially those in the fund management sector,” the report states. It has become a popular destination for those who want luxury and tranquillity, away from the hustle and bustle of larger Florida cities such as Miami or Fort Lauderdale.
Silicon Valley, Meet Silicon Hills
It’s not just food, fun and music. Austin also boasts one of the strongest job markets in the country, driving many high-income earners to the area. “That’s why it’s become known as Silicon Hills,” said Ari Chazanas, president and CEO of Lotus West Properties. Venture capitalists invested $5.5 billion through 412 deals in 2021 alone, more than double the year before. The 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.”
- Related cities with a wealth attraction are San Francisco and New York City.
- The state of Texas has no personal income tax.
- West Palm Beach has a vibrant culture and less traffic congestion than other major Florida cities.
The ultra-wealthy are seeking a specific lifestyle that offers an excellent quality of life, cultural experiences, vibrant economies and an abundance of recreational activities. Austin, West Palm Beach, and many other US cities, have been attracting millionaires with personalities and tastes that fit in with all that these cities have to offer.
The desire for the high life is not something that can be easily satisfied. Austin and West Palm Beach are home to the ultra-wealthy, and they’re continuously seeking places that offer them more. With steady economic growth and an abundance of cultural, recreational, and other high-value offerings, a steady stream of wealth and elite individuals will call these cities their home.