Major Cities Where You Can Become a Millionaire — Experts Explain How To Do It
Written by
Yaël Bizouati-Kennedy
Edited by
Chris Cluff
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The recent World’s Wealthiest Cities Report 2024 from U.K. wealth firm Henley & Partners found that the top 10 metros with the most millionaires are New York, the San Francisco Bay Area, Tokyo, Singapore, London, Los Angeles, Paris, Sydney, Hong Kong and Beijing.
“Major cities like New York, Los Angeles, Miami, San Francisco, Boston, Austin, D.C., Denver, etc., are going to generally be the hotspots for high-paying and high-profile careers,” said Stephen Kates, CFP and principal financial analyst for RetireGuide.com. “Cities like these don’t have a monopoly on wealth, but there is a distinct concentration of it in these areas.”
As for becoming a millionaire in one of these cities, Kates said “it won’t come easy” but it is feasible — if you have a plan.
Thread the Needle Between High Cost of Living and High Wages
According to Kates, major cities generally pay more, no matter which industry you are in, but the cost of living is usually equally high.
“If you can thread the needle and earn a lot while spending only a little,” he said, “you’ll be on a good path for building up wealth even if you haven’t reached the top of your chosen career path.”
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Hard Work Is Essential
Kates also noted that individuals should not “count on it coming easy.”
“Hard work is basically the table stakes to get in the door for most high-paying industries,” he said. “Credentials and talent are things you’ll need to cultivate early.”
For instance, he noted that finance routinely requires specialized degrees to get into investment banks, private equity or hedge funds. Meanwhile, technology is still an industry that doesn’t necessarily require a fancy degree but will require a lot of skill or a unique vision for a transformative technology.
As for the entertainment industry, it “doesn’t care about education, but it does require a massive amount of talent and perseverance,” Kates said.
Focus on Competitive, Fast-Paced Cities
Michael Collins, CFA, founder and CEO of WinCap Financial, said there are not any cities that will guarantee that you will become a millionaire, but there are some cities that make it easier than others.
“One of the best cities for this is New York City, which is home to the largest number of millionaires in the United States,” said Collins, adding that the fast-paced and competitive business environment — along with opportunities in industries such as finance, real estate and technology — make it possible for individuals to achieve millionaire status.
Collins added that the Bay Area is another place that constantly creates millionaires.
“Known as the hub for innovation and technology, the San Francisco Bay Area, which includes Silicon Valley, has a high concentration of millionaires due to its booming startup culture and access to venture capital firms,” he said.
Another example is Boston, as it is home to numerous prestigious universities and research institutions — e.g., Harvard and MIT — and offers opportunities in education, healthcare, biotechnology and other high-paying fields.
Be Frugal, Wherever You Are
According to Collins, once you are educated in a field that pays well, get a high-paying job in the cities that offer high earning potential.
“Once you get a high-paying job in your field, you must be frugal, as this is the way most people become millionaires,” Collins said. “Do this by saving money and living below your means, as it is not just about how much money you make but how much you save and invest.”
Learn From Your Failures
The last and possibly most important step to becoming a millionaire is to learn from your failures and be persistent, Collins said.
“Not every investment will be a success,” he said, “but the key is to learn from failures and make smarter decisions going forward, which goes hand in hand with being persistent — as building wealth takes time, patience and hard work. So do not give up when faced with challenges or setbacks.”
Invest and Network: Try Dubai
Cody van Tonder, co-founder at Inova Property, said Dubai “is a shining example of a city where the dream of becoming a millionaire within five years is genuinely attainable, thanks to a combination of several compelling attributes.”
One of the most enticing aspects of investing in Dubai is its tax-free environment, particularly regarding property purchases and rental income, which significantly enhances the potential returns for investors, van Tonder said.
In addition, he said Dubai’s real estate market is known for offering high rental yields, typically between 5% and 9%, presenting an attractive avenue for generating steady income from property investments.
Another avenue, he noted, is to take advantage of Dubai’s business-friendly climate by starting or investing in entrepreneurial ventures.
Finally, van Tonder recommended building a strong network in Dubai’s business and investment communities to open up avenues for opportunities, mentorship and potentially lucrative partnerships.
“By methodically following these steps and taking advantage of Dubai’s unique opportunities and supportive infrastructure,” he said, “you can significantly enhance your chances of achieving millionaire status within a five-year period.”
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