New York, Los Angeles, and Chicago may no longer hold the same sway for millionaires and billionaires anymore, according to consulting firm Henley & Partners.
Instead a "millionaire remix" is underway, according to the firm, in which increasing numbers of wealthy people are choosing destinations farther away from the economic centers that once dominated.
"Cities such as Austin, Miami, and Scottsdale are gaining residents, while traditional hubs such as Los Angeles, New York, and Chicago experience modest declines," wrote Henley & Partners managing partner Mehdi Kadiri.
Henley & Partners, a London-based firm that advises wealthy people on moving and citizenship, tracks the movements of high-net-worth individuals using data from wealth intelligence firm New World Wealth.
Alongside its new ranking of the world's wealthiest cities — ones with the most millionaire and billionaire residents — Henley & Partners also highlighted smaller spots poised for significant wealth growth in 2024 and beyond.
Take Scottsdale, Arizona, a city just outside Phoenix, prized for its resort-like homes and amenities, including golf courses, which come at a fraction of the cost of nearby California.
Two other cities with fast-growing wealthy populations — Palm Beach, Florida, and the posh Connecticut suburbs of Greenwich and Darien — attract finance types. Lower taxes and quality-of-life improvements may also motivate high-net-worth individuals to move.
The numbers of wealthy residents in these cities might be smaller than in the major hubs, but their rate of growth is much higher. New York, for example, has 349,500 millionaires, according to Henley & Partners, while Scottsdale only has 14,500. However, the number of millionaires in Scottsdale grew 102% from 2013 to 2023, while New York's millionaire population went up 48% over the same period.
Here's a look at the three American locations Henley & Partners projected will boom with wealthy residents in the coming years.