The 4 Cities Millionaires Are Going in 2024 — It’s Not New York Anymore
Written by
Sean Fisher, AI Editor
Edited by
Sean Fisher
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The landscape of wealth in the United States is experiencing a significant shift. While New York City has long been synonymous with affluence, new data reveals that millionaires are setting their sights on different horizons. Henley & Partners recently released a 2024 wealth report, showing these newfound statistics of cities with recent wealthy arrivals. Here are the four cities where millionaires are increasingly making their homes in 2024:
Austin, Texas
Leading the charge with a staggering 110% growth in its millionaire population over the past decade, Austin is the new hotspot for the wealthy. With 32,700 millionaires, 92 centi-millionaires, and 10 billionaires now calling it home, the city’s vibrant culture, booming tech industry, and favorable tax environment are proving irresistible to the affluent.
Scottsdale, Arizona
Not far behind, Scottsdale has seen a 102% growth in its millionaire population. Known for its luxurious resorts, golf courses, and upscale dining, Scottsdale is attracting wealthy individuals looking for a blend of leisure and opulence.
Palm Beach and West Palm Beach, Florida
These neighboring cities in Florida have experienced a 93% growth in their millionaire populations over the last decade. With their beautiful beaches, exclusive clubs, and high-end shopping, it’s no wonder that the Palm Beaches are becoming a preferred destination for the rich.
Miami, Florida
While not explicitly mentioned in the growth rate data, Miami is another city gaining residents, according to Henley & Partners. With its vibrant nightlife, cultural diversity, and waterfront properties, Miami continues to be a magnet for millionaires seeking a dynamic and luxurious lifestyle.
Conclusion
The trend is clear: millionaires are diversifying their choices of where to live, moving away from traditional hubs like New York and Los Angeles to cities that offer a unique blend of lifestyle, economic opportunities, and favorable tax conditions. Austin, Scottsdale, and the Palm Beaches are leading this shift, with Miami also remaining a popular choice. As the millionaire arrivals in these cities continues, we may see even more cities emerge as preferred destinations for the wealthy in the years to come.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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