Open in App
  • Local
  • U.S.
  • Election
  • Politics
  • Crime
  • Sports
  • Lifestyle
  • Education
  • Real Estate
  • Newsletter
  • 24/7 Wall St.

    These 15 U.S Cities Have the Most Millionaires And Here Is Why

    By Hayden Goldberg,

    2024-06-11

    This post includes affiliate links. If you purchase anything through these affiliated links, 247wallst.com may earn a commission.

    https://img.particlenews.com/image.php?url=2NNH3A_0tnul9o000

    Without a doubt, the largest polarizing factor between the financial classes in the US post-pandemic has been the ability to cash into the real estate market and elbow it out with the global elite in the real estate investment' wild west'. Even after our world flipped upside down, the wealthiest among us continued to see their bank accounts grow at an accelerated rate, while the poorest turned to the federal government for emergency aid.

    The allure of living in luxurious excess has led to significant housing price increases across the country. The most popular markets for millionaires correlate logically with these high-end real estate markets. This is more than just a trend, it's becoming the norm for the financial elite to drive up real estate values and simultaneously move into these emerging markets.

    Below, I've identified the top 15 U.S. cities with the most millionaires per capita. Beginning in 2010, each city has seen a rise in real property values and an increase in its millionaire residents.

    Why This Matters

    Understanding where the wealthiest individuals are concentrating their assets is paramount for anyone interested in finance, personal wealth, and corporate strategies. These cities are not just hubs of wealth but also indicators of broader economic trends that impact investment opportunities and geopolitical dynamics: growth, construction, development, real property etc.  By analyzing these hot markets, we gain insight into the flow of capital and the economic health of these major US cities. Understanding these patterns is vital for making informed financial decisions. Interested in diving deeper into wealth analysis in the US? Check out The Richest Town In Every Us State .

    Methodology

    Statistics for this article came from a variety of vetted online sources, mainly Zillow and Redfin. The U.S. Census Bureau and local government websites also provide detailed demographic and economic reports. The number of millionaires per city was derived from Wealth-X and Capgemini; financial reports were pulled from wealth management firms and world financial institutions. Home prices and the increase in housing costs were formed and calculated based on data from the past decade (2014-2024).

    1. San Francisco, CA https://img.particlenews.com/image.php?url=1y81Kg_0tnul9o000

    San Francisco sits at the top of the list for the highest median home prices and millionaire density.

    • Increase in Housing Costs: 67% rise since 2014
    • Median Home Prices: $1.4 million
    • Real Estate Price Surge Began: 2010
    • Millionaire Density: 5,000 per 100,000 residents

    Looking at overall statistics, no city better represents the correlation between real estate price increases and millionaires per capita in the US than San Francisco. Since 2010, housing costs have ramped by 67% in the city, driven by the influx of high-paying Silicon Valley-type tech jobs and innovation, like Google and Apple. At 5,000 per 100,000 residents, the millionaire density of San Francisco indicates that wealth in the US is concentrated in the Bay. Median home prices sit around $1.4 million,  making San Francisco a focal point for the uber-rich. This reciprocal relationship between tech advancement and economic prosperity is happening throughout the country.

    2. New York, NY https://img.particlenews.com/image.php?url=4UAtCS_0tnul9o000

    New York City's constantly churning economy brings millionaires from all over the world.

    • Increase in Housing Costs: 55% over the past decade
    • Median Home Prices: $850,000
    • Real Estate Price Surge Began: 2012
    • Millionaire Density: 4,200 per 100,000 residents

    Since record, New York City has symbolized financial agility and global business prowess in the US. Over the past decade, housing prices have risen by over 50%, with average home prices now above $850,000. The island of Manhattan drives international business through Wall Street, Michelin-star restaurants, and backroom speakeasies. After 2012, New York City's millionaire density sits at 4,200 per 100,000 residents, proving the money isn't just passing through New York City; it's relocating there.

    3. Los Angeles, CA https://img.particlenews.com/image.php?url=2oAUD9_0tnul9o000

    Los Angeles serves as a destination for creative dreamers and draws in a populous global millionaires.

    • Increase in Housing Costs: 62% over the past decade
    • Median Home Prices: $950,000
    • Real Estate Price Surge Began: 2013
    • Millionaire Density: 3,800 per 100,000 residents

    Making the top 3, Los Angeles brings together the entertainment industry’s affluence, business politics, and transient global wealth leaders. Over the past decade, housing costs have soared by an astounding 62%, with median home prices reaching $950,000. This real estate explosion didn't really hit L.A. until 2013, fueled by the city's thriving entertainment sector and diversified economy. As for millionaire density, Los Angeles clocks in at 3,800 per 100,000 residents, showing us it is elevating to the level of other hotter metro areas. The 'good life', temptations of fame & excess, and the ability to see and be seen, L.A. perfectly exemplifies how entertainment and economic diversity can work together to drive up real estate values and create an inviting environment for wealth accumulation.

    4. Chicago, IL https://img.particlenews.com/image.php?url=0lEbIE_0tnul9o000

    Chicago, Illinois, is fast becoming one of the US's wealthiest cities per capita, behind only New York City, Los Angeles, and San Francisco.

    • Increase in Housing Costs: 48% over the past decade
    • Median Home Prices: $350,000
    • Real Estate Price Surge Began: 2014
    • Millionaire Density: 2,700 per 100,000 residents

    Chicago centralizes the economic strength of the Midwest, uniquely blending financial services firms with other diverse industries, like manufacturing and transportation, driving growth. Over the past decade, housing prices have increased by 48%, and median home prices now start at $350,000. The surge in real estate prices began in 2014, attributed mostly to the density of national banks in the Chicago market. The city's millionaire population is 2,700 per 100,000 residents, showing us despite past avoidance due to frigid weather conditions, the wealthy have found a way to make Chicago a hot spot for the rich.

    5. Houston, TX https://img.particlenews.com/image.php?url=2K1gFf_0tnul9o000

    Houston is a fast-growing mecca for wealthy global leaders in the U.S. South.

    • Increase in Housing Costs: 53% over the past decade
    • Median Home Prices: $320,000
    • Real Estate Price Surge Began: 2013
    • Millionaire Density: 2,500 per 100,000 residents

    Everything is bigger in Texas, as they say, and Houston highlights the impact of a booming energy sector on real estate and the elite. Over the past decade, housing costs jumped by 53%; average home prices now up to $320,000. This leap began in 2013, mobilized by the city's robust growth in the energy industry and, undoubtedly, the appealing perk of no state income tax. Millionaires per capita in Houston land at 2,500 per 100,000 residents, drawing in business professionals, families, and athletes from the 'millionaire club'.

    6. Miami, FL

    https://img.particlenews.com/image.php?url=2bRsNo_0tnul9o000 Miami, FL's mixture of cultural diversity, electrical energy, warm air, and luxury everything draws in millionaires from all over the world.

    • Increase in Housing Costs: 65% over the past decade
    • Median Home Prices: $450,000
    • Real Estate Price Surge Began: 2012
    • Millionaire Density: 3,000 per 100,000 residents

    Miami has always attracted the attention of foreigners and business professionals; the diverse cuisines, neighborhoods, international appeal, and tax-friendly policies all serve to draw them in. These shiny attributes drive significant wealth and many millionaires per capita in this southern hot spot. Over the last 10 years, housing costs have increased by 65%, with median home prices now at $450,000. This real estate surge started in 2012, motivated not only by Miami's lucrative tax environment but also by its status as an international hub for business and leisure. With a millionaire density of 3,000 per 100,000 residents, it has a pull on affluent individuals all around the world.

    7. Dallas, TX

    https://img.particlenews.com/image.php?url=1oD8s1_0tnul9o000 Texas's population has exploded, and Dallas is leading the charge, with many global millionaires moving to the city.

    • Increase in Housing Costs: 58% over the past decade
    • Median Home Prices: $310,000
    • Real Estate Price Surge Began: 2014
    • Millionaire Density: 2,600 per 100,000 residents

    Dallas, TX, demonstrates how a business-friendly environment and a strong job market drive economic growth, real estate costs, and the concentration of global wealth. Over the past decade, home values have risen by 58%, with median home prices at $310,000. This upward swing began in 2014, coinciding simultaneously with Dallas’ strong economic politics and expanding job market. The millionaire club in Dallas is going strong, with 2,600 per 100,000 residents, highlighting an appeal to the wealthiest professionals globally. Dallas is the perfect example of how a favorable business climate, ripe with employment opportunities, can draw in international wealth to states other than CA and NY.

    8. Washington, DC

    https://img.particlenews.com/image.php?url=1RtwZf_0tnul9o000 Washington, D.C., is the US capital and also becoming a central hub for international wealth and real estate growth.

    • Increase in Housing Costs: 60% over the past decade
    • Median Home Prices: $650,000
    • Real Estate Price Surge Began: 2012
    • Millionaire Density: 3,200 per 100,000 residents

    The U.S. capital, Washington, DC, is the political epicenter of the country, illustrating the impact of high-paying jobs and proximity to political influence on wealth concentration and property values in our country. Over the past decade, housing prices have increased by 60%, and average home prices have reached $650,000. Beginning in 2012, this political epicenter grew exponentially, especially in the lobbying and high-wealth sectors. The millionaire per capita in Washington, DC, lands at 3,200 per 100,000 residents, pulling in high-end earners worldwide.

    9. Seattle, WA

    https://img.particlenews.com/image.php?url=1SLGPO_0tnul9o000 Millionaires are flocking to Seattle, Washington, in large numbers, driven by the tech boom.

    • Increase in Housing Costs: 68% over the past decade
    • Median Home Prices: $750,000
    • Real Estate Price Surge Began: 2011
    • Millionaire Density: 3,500 per 100,000 residents

    Seattle has seen enormous growth over the past decade, and much of that growth can be seen in examining property values and wealth concentration. Over the past decade, housing values have more than doubled by 68%, with median home prices at $750,000. This upward trend began in 2011, overlapping with the city's emerging dominance as a major tech and innovation center. The millionaire density in Seattle is 3,500 per 100,000 residents, reflecting its strong appeal to high-earning professionals drawn in by the booming tech sector. Seattle highlights the critical role of tech innovation in driving economic growth, property value appreciation, and attracting wealthy populations.

    10. Boston, MA

    https://img.particlenews.com/image.php?url=2JVbeD_0tnul9o000 Boston, MA is a college town filled with prestigious universities, attracting millionaires from all over the globe.

    • Increase in Housing Costs: 54% over the past decade
    • Median Home Prices: $700,000
    • Real Estate Price Surge Began: 2013
    • Millionaire Density: 2,800 per 100,000 residents

    Boston is a prime example of the impact of educational institutions and the biotech industry on real estate values and wealth concentration. Over the past decade, housing costs have risen by 54%, and median home values are now at $700,000. This real estate surge began in 2013, fueled by the city's prestigious universities and growing biotech sector. The millionaires per capita in Boston is 2,800 per 100,000 residents, indicating it’s an influential draw for global wealth leaders. Boston shows us how top-tier education and cutting-edge industries can increase property value and attract millionaire populations.

    11. San Diego, CA

    https://img.particlenews.com/image.php?url=0qV0qY_0tnul9o000 San Diego, CA, has a geographic location on its side; its coastal appeal and year-round temperate weather drive up real estate prices and draw the wealthiest of the world to its shores.

    • Increase in Housing Costs: 64% over the past decade
    • Median Home Prices: $750,000
    • Real Estate Price Surge Began: 2012
    • Millionaire Density: 3,000 per 100,000 residents

    Los Angeles’ little sister, San Diego, is a region rich in biotech and military industries. Couple this unique makeup with its geographical coastal appeal, and property values, and wealth climb exponentially. Over the past decade, housing costs have increased by 64%, with median home prices reaching $750,000. This upward swing began in 2012, fueled by the city's thriving biotech sector and its proximity to military installations, particularly the Navy on Coronado. The millionaire per capita in San Diego is 3,000 per 100,000 residents, reflecting its allure, the highest earners worldwide. San Diego highlights the importance of industry specialization and geographic advantages in driving property values and attracting affluence.

    12. Atlanta, GA

    https://img.particlenews.com/image.php?url=32aLN4_0tnul9o000 Atlanta, GA, is one of the wealthiest southern cities in the US, considering millionaires per capita.

    • Increase in Housing Costs: 59% over the past decade
    • Median Home Prices: $350,000
    • Real Estate Price Surge Began: 2014
    • Millionaire Density: 2,500 per 100,000 residents

    Another southern city on the list, Atlanta, acts as a business hub of the South, boasting a diverse economy and cultural makeup that drives up real estate values and large bank accounts for its population. Over the past decade, housing costs have increased by 59%, with median home prices standing at $350,000. This housing increase began in 2014, aligning with Atlanta's reputation as a center for finance, commerce, and technology in the region. The millionaires per capita in Atlanta is 2,500 per 100,000 residents. Accordingly, Atlanta proves the importance of a thriving business scene and economic and cultural diversity in fostering property value growth and drawing in these high-net earners.

    13. Denver, CO

    https://img.particlenews.com/image.php?url=0LaJw9_0tnul9o000 Denver, CO, is sunny year-round and has an active, outdoor-inspired lifestyle that attracts a dense population of millionaires per capita.

    • Increase in Housing Costs: 67% over the past decade
    • Median Home Prices: $600,000
    • Real Estate Price Surge Began: 2013
    • Millionaire Density: 2,800 per 100,000 residents

    At a mile high, Denver's growth is motivated by the tech and aerospace industries. Desirable temperate weather and an outdoorsy lifestyle help real estate values, and wealth skyrocket in the Mile High City. Over the past decade, housing costs have jumped by 67%, with median home prices reaching $600,000. This surge began in 2013 when Denver emerged as a center for technology and aerospace ingenuity. Millionaires per capita is 2,800 per 100,000 residents, underscoring its draw with wealthy individuals who want access to the outdoors. For those analyzing financial trends and investment opportunities, Denver shows us the influence of industry growth and lifestyle amenities in driving property value appreciation and attracting millionaire populations.

    14. San Jose, CA

    https://img.particlenews.com/image.php?url=1Olirb_0tnul9o000 San Jose, CA, has a high density of millionaires per capita for good reason: proximity to the tech boom and wealth from the Bay Area.

    • Increase in Housing Costs: 72% over the past decade
    • Median Home Prices: $1.2 million
    • Real Estate Price Surge Began: 2010
    • Millionaire Density: 4,500 per 100,000 residents

    Known as the 'heart of Silicon Valley,' San Jose captures the overflow of tech wealth from San Francisco, driving substantial real estate growth and wealth accumulation. Over the past decade, housing costs have shot up by an impressive 72%, with median home prices soaring to $1.2 million. This jump began in 2010, which aligns with San Jose's central role in the technological revolution in our country. The city of San Jose boasts a millionaire density of 4,500 per 100,000 residents, showing the transformative impact of technological innovation on real estate values and the concentration of money.

    15. Austin, TX

    https://img.particlenews.com/image.php?url=4e3jAD_0tnul9o000 Austin, TX, provides a unique character to the Lonestar state, which attracts young, entrepreneurial business types and a dense population of wealth.

    • Increase in Housing Costs: 70% over the past decade
    • Median Home Prices: $500,000
    • Real Estate Price Surge Began: 2013
    • Millionaire Density: 3,200 per 100,000 residents

    Coined the Live Music Capital of the World, Austin is proof growth is driven by thriving tech and creative industries, as well as a vibrant cultural scene. Over the past decade, housing costs have surged by 70%, with median home values reaching $500,000. This rise in real estate prices began in 2013 when Austin's development as a hotspot for techy startups and creative enterprises really exploded. The city boasts a millionaire density of 3,200 per 100,000 residents, reflecting its appeal to wealthy individuals seeking opportunities in these expanding sectors in a more laid-back metro.

    Conclusion

    The above numbers clearly show that the wealth landscape is shifting around the US, and these 15 US cities illustrate where the highest concentrations of millionaires per capita are emerging. Driven by a combination of thriving industries, strategic economic policies, and unique local advantages, these urban epicenters both attract and cultivate millionaires. Understanding trends in real estate and wealth distribution provides valuable insight into the future of investing in this country and the cities where opportunities are open for those investors to live, work, and play.

    Buffett Missed These Two…

    Warren Buffett loves dividend stocks, and has stuffed Berkshire with some of his favorites.

    But he overlooked two dividend legends that continue to print checks on a new level, they’re nowhere in his portfolio.

    Unlock the two dividend legends Buffett missed in this new free report.

    Expand All
    Comments / 0
    Add a Comment
    YOU MAY ALSO LIKE
    Most Popular newsMost Popular
    Vision Pet Care3 days ago
    Total Apex Sports & Entertainment24 days ago
    24/7 Wall St.14 hours ago

    Comments / 0