These are the American cities with the most millionaires, data shows

Grace DeanMar 29, 2024, 16:55 IST

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About 5.5 million millionaires live in the US, a wealth report by Henley & Partners said.
Unsurprisingly, New York City has the most millionaires. It's followed by the Bay Area and LA.

Investment-migration consultancy Henley & Partners recently released its annual report on wealth in the US — including a ranking of the US' wealthiest cities by the number of millionaire residents.

The top five haven't changed since last year's report. But Henley & Partners' noted that in recent years there has been what it dubbed a "millionaire remix," with more wealthy Americans and expats from overseas choosing to head to cities like Austin and West Palm Beach.

The US has the world's biggest millionaire population, with about 5.5 million living there, the report said. Nearly 10,000 people worth more than $100 million and almost 800 billionaires live in the US, too, per the report.

These are the 11 areas in the US with the biggest millionaire populations as listed in Henley & Partners' report, which uses data provided by wealth-intelligence firm New World Wealth.

1. New York City

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Of all the cities in the US, it's little surprise that the Big Apple has the most millionaires. New York City had 349,500 as of December, a jump of 48% compared to 2013, the Henley and Partners' report said. This means about 7% of all millionaires residing in the US live in the city.

New York City, which encompasses five boroughs – Manhattan, Brooklyn, Queens, Staten Island, and the Bronx – had about 8.8 million residents as of the 2020 Census, making it the US' most populated city by a long way. Its population fell during the pandemic, though – the Census Bureau estimated its July 2022 population at 8.3 million.

New York City is a major hub for finance, advertising, media, and tourism. It's home to Wall Street as well as dozens of top law firms.

The city also had the highest number of people worth more than $100 million, according to Henley & Partners' ranking, with almost 750 so-called "centi-millionaires" residing there as of December.

New York City is a major hub for finance, advertising, media, and tourism. It's home to Wall Street as well as dozens of top law firms.

The city also had the highest number of people worth more than $100 million, according to Henley & Partners' ranking, with almost 750 so-called centi-millionaires residing there as of December.

2. The Bay Area

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The Bay Area came second in Henley & Partners' ranking, with about 305,700 millionaires as of December 2023. Its millionaire population grew by 82% between 2013 and 2023, indicating an increase of about 136,000 millionaires in the space of just 10 years.

The Bay Area encompasses the cities of San Francisco, San Jose, and Oakland and notably includes the tech hub of Silicon Valley, which is home to companies including Google parent company Alphabet, HP, and PayPal.

It also has the US' biggest billionaire population, the Henley & Partners' ranking shows, with nearly 70 billionaires living in the area as of December.

3. Los Angeles

Los Angeles.Neal Pritchard Photography/Getty Images

Los Angeles came third on the list, with about 212,100 millionaires as of December, per the report.

Los Angeles is known for its glitz and glamor. It's home to Hollywood and boasts an impressive list of wealthy residents, including plenty of celebrities in suburbs like Beverly Hills and Malibu.

Film, TV, music, and sports are all major industries in the city.

Los Angeles came third on the list, with about 212,100 millionaires as of December, per the report.

Los Angeles is known for its glitz and glamor. It's home to Hollywood and boasts an impressive list of wealthy residents, including plenty of celebrities in suburbs like Beverly Hills and Malibu.

Film, TV, music, and sports are all major industries in the city.

4. Chicago

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The Windy City had about 120,500 millionaire residents as of December, the Henley & Partners' report said.

Chicago is a major financial hub and has a massive population, with about 2.75 million residents as of the 2020 Census. But the number of millionaires living in the Midwestern city is growing at a much smaller rate than other areas on Henley & Partners' ranking – its millionaire population grew just 22% between 2013 and 2023, the smallest growth rate by a long way of the 11 cities included in the list.

The Windy City had about 120,500 millionaire residents as of December, the Henley & Partners' report said.

5. Houston

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Houston rounds out the top five cities in Henley & Partners' ranking, with about 90,900 millionaires living there as of December. Its millionaire population is growing rapidly, too, with a 70% increase over the last decade, per the report.

Houston may not be Texas' capital, but it's the Lone Star state's biggest city by a long way, with a population of 2.3 million at the time of the 2020 Census. Major industries include energy, aeronautics, and tech.

Other top millionaire cities include Seattle, Miami, and Austin

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Six other cities in the US all had at least 25,000 millionaires as of December, the report showed:

Dallas – 68,600 millionaires
Seattle – 54,200 millionaires
Boston – 42,900 millionaires
Miami – 35,300 millionaires
Austin – 32,700 millionaires
Washington, DC – 28,300 millionaires