The United States is experiencing a wealth surge, with cities like Miami, Austin, and Scottsdale ranking among the world’s fastest-growing millionaire hubs over the past decade, according to a new report by Henley & Partners, visualized by Visual Capitalist. As global wealth shifts, these U.S. cities are drawing high-net-worth individuals (HNWIs) with their tax advantages, vibrant economies, and appealing lifestyles, cementing America’s position as a leader in wealth creation.
Miami, Florida, stands out with a remarkable 78% increase in its millionaire population from 2013 to 2023, making it one of the top wealth hubs globally. The city’s allure lies in its zero state income tax, booming real estate market, and status as a financial and cultural hotspot. Miami recorded hundreds of luxury property sales worth $10 million or more between June 2023 and June 2024, driven by wealthy transplants from high-tax states like New York and California. Its proximity to Latin America also makes it a gateway for international investors, boosting its appeal.
Austin, Texas, follows closely, with its millionaire population growing by 65%. The city’s tech-driven economy, fueled by companies like Tesla and Oracle, has attracted entrepreneurs and innovators. Austin’s low taxes, business-friendly environment, and laid-back lifestyle have made it a magnet for wealth, particularly among younger HNWIs. The city’s real estate market has also skyrocketed, with luxury homes in high demand.
Scottsdale, Arizona, rounds out the U.S. trio, posting a 60% rise in millionaires. Known for its upscale resorts, golf courses, and sunny climate, Scottsdale has become a haven for retirees and second-home buyers seeking tax-friendly locales. Its proximity to Phoenix’s growing tech and finance sectors further enhances its wealth appeal.
The U.S. remains the global leader in wealth, hosting nearly half of the world’s HNWIs—individuals with at least $10 million in assets—according to the UBS Global Wealth Report 2024. North America accounts for 78% of global HNWIs alongside Asia, and the U.S. alone saw a 2.1% increase in wealth from 2023 to 2024. This growth is partly driven by domestic migration, as millionaires move to sunbelt states like Florida, Texas, and Arizona to escape high taxes and embrace business-friendly policies.
While U.S. cities shine, the global picture shows fierce competition. Shenzhen, China, leads with a 140% millionaire growth, followed by Hangzhou, China, at 125%, reflecting Asia’s tech-fueled rise. Dubai, UAE, and Riyadh, Saudi Arabia, also rank high, driven by tax havens and economic reforms. Still, the U.S.’s combination of innovation, financial infrastructure, and lifestyle advantages keeps it at the forefront.
Henley & Partners notes that urbanization and real estate appreciation are key drivers of wealth growth, particularly in U.S. cities. However, challenges like wealth inequality and rising costs could shape future trends. With global wealth projected to hit $629 trillion by 2027, Miami, Austin, and Scottsdale are well-positioned to keep attracting America’s richest.
For more details, check out the full visualization at Visual Capitalist and the Henley Private Wealth Migration Report 2024.
