Elon Musk-Led Tesla's Home Of Austin Is America's Fastest-Growing City For Millionaires, But China's Silicon Valley Proves More Prosperous For Ultra-Rich

The United States maintains its position as the world’s wealthiest country, boasting the highest number of cities with a significant population of resident millionaires, according to a recent report. However, the city experiencing the fastest growth in ultra-rich individuals is located Far East, in Asia.

Leading The Pack: The U.S. features 11 cities in the Top 50 list, with resident millionaires possessing liquid investable wealth of $1 million or more, according to the U.K.-based investment migration consultancy firm Henley & Partners. 

New York City emerges as the wealthiest city in America, boasting 349,500 millionaires. Over the past decade, the city witnessed a staggering 48% increase in its millionaire count. Notably, the wealth held by NYC residents surpassed a colossal $3 trillion, exceeding the total wealth of most major G20 countries. 

The Bay Area in Northern California, encompassing San Francisco and Silicon Valley, secured the second spot with 305,700 millionaires. Among U.S. cities, the Bay Area witnessed the second-fastest growth in millionaire count, surging by 82% over the past decade.

Musk Effect Down South? Austin, home to Elon Musk-led Tesla, experienced the most rapid growth in wealthy residents among U.S. cities. Although the capital city of Texas has only about 10% as many millionaires as NYC, its millionaire count surged by 110%, the fastest growth rate among U.S. cities.

Musk has reportedly bought 6,000 acres of land just outside of Austin where he plans to build his own town and add thousands of jobs to the area. In April, it was reported that Tesla is Austin’s largest private employer. Construction on Tesla's Texas factory began in 2020. Since then, the facility has become the U.S. manufacturing hub for Tesla's best-selling Model Y SUV and the latest addition, the Cybertruck

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Global Contenders: Tokyo ranked as the third wealthiest city following NYC and the Bay Area. Despite boasting 298,300 millionaires, the Japanese capital witnessed a 5% decline in high-net-worth individuals over the past decade. Singapore ascended to the fourth position, experiencing a remarkable 64% surge in millionaires over the past decade, reaching 244,800 millionaires. Singapore is poised to overtake Tokyo as Asia’s wealthiest city soon, driven by its status as a prime destination for migrating millionaires. In 2023 alone, about 3,400 high-net-worth individuals relocated to Singapore. 

London, however, saw a decline in its millionaire count, dropping to fifth place with 227,000 millionaires, reflecting a 10% decrease over the last decade.

City/Area	Country	Millionaires (USD 1m+)	Centi-millionaires (USD 100m+)	Billionaires (USD 1bn+)	Millionaire growth % (2013 to 2023)
New York City	USA	349,500	744	60	48%
The Bay Area	USA	305,700	675	68	82%
Tokyo	Japan	298,300	267	14	-5%
Singapore	Singapore	244,800	336	30	64%
London	UK	227,000	370	35	-10%

China Sparkles: Mainland China contributed to five cities to the list, including Beijing (125,600), Shanghai (123,400), Shenzhen (50,300), Guangzhou (24,500), and Hangzhou (31,600). Including the Greater China region, the count rises to seven, encompassing Hong Kong, a special administrative region of China, with 143,400 millionaires, and Taipei with 30,200 wealthy individuals. 

Shenzhen, dubbed China’s Silicon Valley, emerged as the world’s fastest-growing city for wealthy individuals, witnessing a 140% surge in its millionaire population over the past ten years. 

Once a small cluster of fishing villages, the city of Shenzhen was created in 1979 as part of the first wave of China’s economic reforms under Deng Xiaoping. It eventually transformed into a global economic powerhouse in just over 40 years and is now home to some of China’s leading technology, finance, real estate, and manufacturing companies. It remains China’s biggest goods exporter and was called the “miracle city” by President Xi Jinping when he visited it in 2019.

What’s Fueling The Boom? The rise of millionaires may have to do with strong financial market performance in recent years. Dr. Juerg Steffen, CEO of Henley & Partners said, “The S&P 500's 24% gain last year, along with the Nasdaq's 43% surge and Bitcoin's BTC/USD staggering 155% rally, has buoyed the fortunes of wealthy investors.”

“Additionally, rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation.”

He, however, sees pushbacks such as wars, with the Ukraine war leading to a 24% slump in the millionaire count in Moscow over the last decade. The city now boasts of 30,300 millionaires.

Looking ahead, the cities to watch include Bengaluru (India), Scottsdale (U.S.), and Ho Chi Minh City (Vietnam), said Amoils. “All three have enjoyed exceptional growth rates of over 100% in their resident millionaire populations over the past ten years,” he said.

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