A recent study by the London-based consultancy Henley & Partners has revealed that cities with smaller populations in the U.S. are emerging as hotspots for millionaires in the country.
The firm has reported that New York City's millionaire residents grew by 40% from 2012 to 2022. Chicago had a 24% growth rate, and Los Angeles had a 35% growth rate in the same time frame.
The study listed five smaller cities that have seen the highest growth rate of millionaires over the last decade, as reported by Business Insider.
According to the Henley & Partners report, Austin saw the highest millionaire growth rate between 2012 and 2022. Over the last 10 years, the city has seen a millionaire population growth rate of 102%, and the number of millionaire residents by 2022 reached 30,500.
As per the report, the number of residents with $100 million or more in assets in 2022 was 86. In addition, there were nine billionaires living in Austin as of 2022.
On Henley & Partners' ranking, West Palm Beach was second among small cities seeing growth in millionaire residents.
The millionaire population growth rate in the West Palm Beach area in the last decade was 90%. The number of millionaire residents as of 2022 in the room was 9,400. As per the report, the number of residents with $100 million or more in assets as of 2022 was 64. The number of billionaire residents as of 2022 was six.
Also Read: Here Are The 10 Wealthiest Cities In The World, 5 Of Them Are In The US
Scottsdale, a suburb of Phoenix, has around 242,000 residents and 13,900 millionaires, per Henley & Partners.
The millionaire population growth rate in the last decade was 88% for the city. The number of millionaire residents as of 2022 was 13,900. Also, the number of residents with $100 million or more in assets as of 2022 was 60.
According to Zillow Group Inc's ZG data, home prices in Scottsdale have soared over the last five years. The home value in Scottsdale has jumped from around $450,000 in 2018 to a peak of $800,000 in September 2022.
The millionaire population growth rate in the last decade in Miami was at 75%, and the number of millionaire residents as of 2022 was 38,000.
The number of residents with $100 million or more in assets as of 2022 was 160.
Nikki Greenberg, the founder of consultancy Real Estate of the Future, has written in the report that Miami has seen a boom in millionaires from an explosion in cryptocurrency-related riches.
"Crypto-friendly Miami has attracted cryptocurrency businesses and has also seen a spate of technology and real estate headquarters opening," Greenberg wrote in the report. "Miami is expected to rebound despite a slump in 2022 due to factors that have traditionally made it a preferred location for buyers, such as its relaxed lifestyle and warm climate."
According to the report, Connecticut's neighboring towns of Greenwich and Darien have a combined population of around 85,000 residents, 11,900 of which are millionaires.
In the Greenwich area, the millionaire population growth rate in the last decade was 72%. The report also says the number of residents with $100 million or more in assets as of 2022 was 112. There were eight billionaires residing in the area, as of 2022.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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