This Unexpected U.S. City Is Becoming a Magnet for Millionaires: The Real Cost of Living There
Written by
Andrew Lisa
Edited by
Zuri Anderson
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As the leading firm in global residence and citizenship planning for high-net-worth clients, Henley & Partners knows where the wealthy are moving — and, interestingly, they’re moving to a Southwestern city that barely makes it into the country’s 100 largest metros.
According to the company’s USA Wealth Report 2025, Scottsdale, Arizona, saw its millionaire population grow more dramatically over the last decade than any other place in the U.S.
Here’s why the rich have spent the last 10 years flocking to Scottsdale and what it costs to live there.
Triple-Digit Growth for Scottsdale’s Seven-Figure Club
A city of roughly 246,000 people, Scottsdale is home to 14,800 millionaires, 64 centi-millionaires and five billionaires. Its millionaire population grew by 125% between 2014 and 2024, making it America’s fastest-growing wealth hub.
Here’s a look at the rest of the top five.
- West Palm Beach: 112% growth (11,500 millionaires)
- The Bay Area: 98% growth (342,400 millionaires)
- Miami: 94% growth ($38,800 millionaires)
- Washington, D.C.: 92% growth ($28,900 millionaires)
Cost of Living in Scottsdale
According to Zillow, the median home in Scottsdale sells for $832,749 — 133% more than the $357,275 national average.
However, neighborhoods including Happy Valley Ranch, Sonoran Hills, Desert Highlands, Pima Acres, Pinnacle Peak Heights, DC Ranch, and Troon have median home prices of over $1 million to $3 million or more.
Sperling’s BestPlaces estimates the average individual needs $6,300 per month to live in Scottsdale, while the average family spends $11,520 monthly. Combined living costs in the Central Arizona city — including taxes, food, housing, childcare, health care, transportation and other necessities — are 13% higher than the national average.
The Wealth Migration to Scottsdale Explained
Realtor.com used its own data to supplement the Henley report’s findings on why the wealthy elite are flocking to a fairly obscure desert city en masse.
First, there are lifestyle considerations that are natural draws for wealthy families and retirees, notably the city’s dry, healthy climate and exclusive golf and lifestyle estates.
However, economic shifts are also at play.
The city has welcomed an influx of rich and ultra-rich tech entrepreneurs from more prominent wealth centers, such as California’s Bay Area. The Arizona Republic reports an overflow from Phoenix’s expanding and flourishing tech sector is fueling the trend.
However, Scottsdale’s gravity has a nationwide pull.
Realtor.com’s highest-end home listings there drew the most interest from Los Angeles, Chicago and nearby Tucson — and Scottsdale’s upscale housing market is on the high end of high-end.
The starting price for the city’s luxury real estate market is over $4 million.
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