This Florida City is Attracting Millionaires at a Fast Rate
There are certain areas of the country to which millionaires flock, and two areas of Florida are attracting millionaires. When you think of the cities with the most millionaires, maybe expensive suburbs come to mind, or cities such as the Big Apple. But, that’s not always the case. In addition, the trend right now is millionaires are on the move, leaving the usual spots they reside and venturing elsewhere.
American Cities Attracting Millionaires
A new USA Wealth Report 2024 published by Henley & Partners looking into moving trends of people who are millionaires. The report notes that while traditional cities where you would find millionaires, such as New York City or Los Angeles, are still popular with the wealthy, that is changing. They add that a “millionaire migration” is happening. In fact, none of those popular cities are listed as the areas that are most attracting millionaires on their report. The report states that America is where you’ll find some of the world’s fastest growing cities for millionaires. “Many of these cities are benefiting from America’s tech boom, while others are popular retirement destinations,” they state. “Some such as those in Florida and Texas also offer low state taxes.”
Before we get to Florida, let’s look at the city in America that’s attracting millionaires at the highest rate. It’s Austin, Texas. The report states that Austin has enjoyed massive millionaire growth of 110% over the past decade. They also say that thanks to its fast-growing tech sector, Austin is often called “Silicon Hills.” They add, “Several major tech companies have moved their headquarters to the city over the past few years, most notably Tesla and Oracle.” So, Austin is king. Coming in at No. 2 on the tally is Scottsdale, Arizona. It’s had a growth of 102% in the past 10 years. So, both of those areas are drawing the most new millionaires.
Florida is right behind them at No. 3. Palm Beach and West Palm Beach are hot when it comes to drawling millionaires. The reason isn’t tech, though, or even jobs. It’s retirement. “South Florida’s Palm Beach and West Palm Beach are increasingly popular retirement hotspots for New York and California millionaires, with wealth growth of 93% over the past decade,” Henley & Partners states. “Furthermore, a large number of affluent individuals are choosing to live and operate from this area post-Covid, especially those in the fund management and entertainment sectors.” It’s also worth noting that New York City is still the richest city in the world with the most millionaires.
