The U.S. is also currently home to 37 percent of the world’s millionaires: some 5.5 million high-net-worth individuals who hold over $1 million in liquid investable assets. This number has risen by an impressive 62 percent over the past decade, well ahead of the worldwide growth rate of 38 percent. So where do they live? Not surprisingly, many are right here in California.
According to the 2024 USA Wealth Report published by global wealth advisory firm Henley & Partners in partnership with New World Wealth, New York City continues to wear the crown as the wealthiest city in the USA with 349,500 millionaires calling the Big Apple home. Of those residents, 744 are centi-millionaires and 60 are billionaires.
The Bay Area and Los Angeles come in at no. 2 and 3 on the list (305,700 and 212,100 millionaires, respectively). These California hotspots are followed by Chicago, Houston, Dallas, Seattle, Boston, Miami and Austin.
In fact, Austin has had the largest increase in millionaires, with a 110 percent leap between 2013-2023. Scottsdale and Palm Beach have also proved to be millionaire magnets with substantial increases as well.
The report notes that the U.S. is projected to see a surge in incoming millionaires in 2024, with the Bay Area, Austin, Miami, and West Palm Beach among the most popular destinations. The U.S. remains the world’s undisputed leader in private wealth creation and accumulation, with America accounting for 32 percent of global liquid investable wealth.