- New York City is the wealthiest city in the US – and the world
- US is home to 37% of world’s millionaires – 5.5 million people with more than $1 million in liquid investable assets
- Austin is fastest growing city for number of millionaires in the US in the past 10 years.
New York has been revealed to be the wealthiest city in the US – and the world – with 349,500 millionaires calling the city home, according to a new report by Henley Global.
Of those 349,500 millionaires – classed as those with more than $1 million in liquid investable assets – 744 are centi-millionaires and 60 are billionaires, Henley Global’s 2024 USA Wealth Report found.
Second to New York City in the wealth stakes was the Bay Area with 305,700 millionaires, followed by Los Angeles (212,100), Chicago (120,500), Houston (90,900), Dallas (68,600), Seattle (54,200), Boston (42,900), Miami (35,300) and Austin (32,700).
Indeed, the USA is currently home to 37% of the world’s millionaires: some 5.5 million high net worth individuals (HNWI). This number has risen by 62% over the past decade, well ahead of the worldwide growth rate of 38%.
The biggest jump in number of millionaires in the past decade has been Austin in Texas. Fuelled by a tech boom, the number of millionaires living in the city rose by 110% from 2013 to 2023.
The Arizona desert city of Scottsdale and Florida’s Palm Beach and West Palm Beach have also proved to be millionaire magnets with increases of 102% and 93%, respectively, in their HNWI residents over the last 10 years.
Andrew Amoils, head of research at New World Wealth, said that future wealth hotspots to watch are Salt Lake City, Tampa and Naples. “Over the next decade, we can expect these cities to attract rising numbers of high-net-worth residents,” he said.
