5 Big Cities Millionaires Are Fleeing
Written by
Cameron Diiorio
Edited by
Cory Dudak
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It comes at no surprise that America, a hub for entertainment and technology, contains a large number of millionaires.
“America accounts for an extraordinary 32% of global wealth and 36% of the world’s dollar millionaires,” said MSN.com in an article.
Why are millionaires leaving large cities? Many millionaires are leaving big metropolises in favor of smaller, lower cost-of-living cities, where their money will go farther. Here is where the wealthy are moving from — and where they are moving to.
Los Angeles
“Six percent of L.A.’s millionaires left — but the report said it will likely always be an entertainment hub, with a lot of millionaire actors and musician types.”
New York
“It’s no surprise that New York City is number one on the list, but it might be a surprise that Gotham lost 12% of its millionaires in the first six months of this year,” Fortune.com said.
London, Hong Kong and Paris
Internationally, London, Hong Kong, and Paris are losing millionaires at a rapid pace.
Millionaires are leaving London, stating the crime rate is a reason for their departure. 9% of Londoners in a high-earning tax bracket have left London in the past year, according to Fortune.com.
In Hong Kong, Fortune.com said 12% of millionaires left the city since 2022. Many are citing strict COVID lockdown requirements as a reason for leaving.
According to Fortune.com, Paris, though a popular tourist destination, has also seen a decline in the double digits — 12% of millionaires have left the city in 2022.
Where Are Millionaires Moving To?
Millionaires are moving out of the big cities in droves.
“Cities such as Austin, Scottsdale, Greenwich, and Miami are gaining millionaires, while the big wealth hubs of Los Angeles, Chicago, and New York City are losing them,” MSN.com said.
There has been a significant shift in wealth distribution in the United States, with internal movement occurring throughout the country.
Millionaires are moving inland, away from the coastal cities and towards smaller cities that offer newer luxury establishments at similar, if not lower, price points.
America still holds much of the world’s wealth and most changes happen internally. However, several millionaire Americans are still taking their wealth abroad.
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