Many of these cities have a common weather thread for attracting new millionaires

When millionaires head for greener pastures, where do they go?

The recent USA Wealth Report 2024 tracked high net worth individuals to find out which U.S. cities they are moving to and there is a definite theme.

"America is home to some of the world’s fastest-growing cities for millionaires," wrote Andrew Amoils of New World Wealth. "Many of these cities are benefiting from America’s tech boom, while others are popular retirement destinations. Some such as those in Florida and Texas also offer low state taxes."

Henley and Partners released the list of the fastest-growing millionaire populations in the U.S. and four out of the top five cities had temperate climates. Two were retirement hot spots as well, known for abundant sun and year-round swimming and golf. Only one location had what might be described as the traditional four seasons of weather.

To qualify as a millionaire, individuals had to hold over $1 million in liquid investable assets. The 5.5 million in America who do, have a combined total of $67 trillion.

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Austin has seen the number of resident millionaires more than double since 2013. The city, nicknamed "Silicon Hills" for it's booming tech draw for companies like Tesla and Oracle that moved their headquarters, is home to 32,700 millionaires, 92 centi-millionaires (those with over $100 million) and 10 billionaires, according to the report.

Besides Austin's sun shining 60% of the time and the city laced with bike trails around lakes as well as becoming a tech-hub, the state has no income tax. Business taxes are also comparatively less than in Silicon Valley.

Austin had the fastest growing population of millionaires in 2023.
Austin had the fastest growing population of millionaires in 2023.

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Scottsdale, renowned for retirees and golf courses, is the second-fastest growing home for millionaires. Like Austin, the number of millionaires has doubled since 2013. Over 14,500 millionaires, 63 centi-millionaires and five billionaires call Scottsdale home.

Henley and Partners say the Valley of the Sun is also luring tech entrepreneurs from California.

And it probably doesn't hurt that the area has very little rain and endless days of sunshine, if you can find ways to keep cool.

Scottsdale saw the second-highest millionaire growth rate in 2023.
Scottsdale saw the second-highest millionaire growth rate in 2023.

The old school winter playground for the rich and famous of Palm Beach and now West Palm Beach take the third spot. The area has seen a 93% growth in millionaire residents since 2013. Over 10,200 millionaires, 69 centi-millionaires and 9 billionaires live along Florida's Treasure Coast.

"South Florida’s Palm Beach and West Palm Beach are increasingly popular retirement hotspots for New York and California millionaires," Amoils said. "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."

Florida is another state without state income tax, a nearly non-existent winter and plenty of sunshine.

Palm Beach and West Palm placed third.
Palm Beach and West Palm placed third.

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Greenwich and Darien ranked fourth on the growth list and are the only cities boasting a four-season climate. The area, considered the New York Metropolitan Area, saw an 84% rise in millionaires since 2013. As of the end of December; 12,500 millionaires, 120 centi-millionaires and 10 billionaires called the bedroom communities the financial capital of America, home.

"The neighboring towns of Greenwich and Darien on Connecticut’s affluent Gold Coast are seeing a large influx of resident investment bankers, hedge fund managers, and wealthy financiers," Amoils said. "They are both relatively safe towns, with large residential stands and excellent private schools adding to their family appeal, and their proximity to New York City makes them highly desirable."

Greenwich and Darien were the only four season cities on the list.
Greenwich and Darien were the only four season cities on the list.

Fifth on the list is the San Francisco Bay Area which encompasses tech-capital Silicon Valley/San Jose, Goldrush-famed San Francisco and the wine country counties of Napa and Sonoma. Since 2013, resident millionaires grew by 82%. They joined the astounding number of high net worth individuals already living in the area. The first four cities on this list combined don't account for the number of millionaires in the Bay Area. Over 305,700 millionaires, 675 centi-millionaires and 68 billionaires call the Bay Area home.

"Most of the world’s top tech firms are based in the area, including the likes of Apple, Alphabet, Meta, Intel, Nvidia, Uber, Airbnb, and Netflix, and the region consistently attracts large numbers of wealthy tech entrepreneurs annually from all parts of the world," Amoils said.

San Francisco has a wide variety of nearby microclimates that could allow a perspective millionaire to pick their weather, from the cool and foggy coast to desert-like heat just a moderate drive inland.

The San Francisco Bay Area placed fifth in the number of incoming millionaires.
The San Francisco Bay Area placed fifth in the number of incoming millionaires.

Rounding out the top 10 are all cities that have seen more than 70% growth in the number of millionaire residents; Miami, Dallas, Washington D.C., Seattle and Houston.

In the next decade, Henley and Partners expects Austin, Scottsdale and West Palm Beach to continue to "lead the pack" of millionaires. They also feel the Bay Area and Miami will see strong growth in 2024. But, keep an eye out for Salt Lake City, Tampa and Naples in Florida to vie for spots in the coming decade.

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File: A home in Old Naples.
File: A home in Old Naples.

"Known for its beautiful mountain backdrop, Salt Lake City in Utah is rising in popularity as a base for tech and financial start-ups," said Amoils. "It is located relatively close to the resort town of Park City, which is a well-known second home hotspot for America’s rich and famous."

Tampa, he said is an emerging tech hub. Nearby, Naples' golf courses, world-class shopping and beaches and beaches continue to call retirees.

Henley and Partners report that they have had an unprecedented number of American millionaires inquire about "investment migration" and having alternate citizenship and residence rights.

"In terms of private wealth outflows, Henley & Partners received the most enquiries from US citizens on record in 2023 (an increase of 500% over the past five years), making US-Americans the highest ranked nationality worldwide when it comes to applying for residence and citizenship by investment programs," the company said in a statement.

File: Camara de Lobos village Madeira, Portugal.
File: Camara de Lobos village Madeira, Portugal.

While these countries also have temperature climates and mild winters, Henley and Partners claims lifestyle is only partially the pull. The main draw is each government's low residency requirements, allowing individuals and their families to spend a majority of time in the United States. However, citizenship through certificates of naturalization requires the individual and family to "contribute to the country's economic development."

Top nations for U.S. millionaires to move abroad:

  1. Portugal

  2. Malta

  3. Spain

  4. Greece

  5. Italy

File: The Fifth Avenue New York home of John Jacob Astor who was America's first millionaire, according to Britannica.com.
File: The Fifth Avenue New York home of John Jacob Astor who was America's first millionaire, according to Britannica.com.

The U.S. is home to the largest number of billionaires in the world with 433, the largest number of centi-millionaires with 5,404 and the largest number of millionaires with 5.5 million. That accounts for 37% of the world's millionaires. The number of millionaires in the U.S. has grown by 62% in the last decade, outpacing the world rate of 38% according to Henley and Partners.

The U.S. falls short of Australia, Singapore and the United Arab Emirates for millionaire growth in 2023. The U.S. had a net growth of 2,100 millionaires while Australia saw net growth of 5,200.

Henley and Partners reports that American immigrants have generated 25% of patent value; won 40% of all Nobel Prizes won by Americans in chemistry, medicine and physics and founded 44% of Fortune 500 companies.


Original article source: Many of these cities have a common weather thread for attracting new millionaires