New York City and Los Angeles don't have quite the same appeal to the global elite as they had before – instead, cities like Austin, Scottsdale, and West Palm Beach are drawing in huge numbers of millionaires.
US migration patterns of the world's wealthiest people are changing as the country undergoes what investment-migration consultancy Henley & Partners dubs a "millionaire remix."
"Sensationalist headlines occasionally crop up about an impending millionaire exodus from America due to higher taxes, crime, or other domestic concerns," Mehdi Kadiri, head of North America at Henley & Partners, wrote in its USA Wealth Report 2024.
"However, the data shows net inflows remaining sturdily positive over any multi-year period. Rather than wholesale fleeing, what we observe today is more of a 'millionaire remix' within America."
The report noted that the growing number of millionaires living in the US was "buoyed by relentless immigrant influx not just across the Southern border, but from skilled migrant talent chasing the enduring American dream."
The data in the report, provided by wealth-intelligence firm New World Wealth, reflects both international and domestic migration, as well as the growing number of people actually becoming millionaires.
These are the five areas in the US with the fastest-growing millionaire populations, measured as the places with the largest percentage growth in their millionaire populations.