Beck Andrew SalgadoAustin American-Statesman
Show Caption
Austin has topped the list of the fastest-growing metro areas in the country for years. In a parallel trend, it's now in the top echelon nationally for the growth of its millionaire population.
According to the latest data from New World Wealth and Henley & Partners, Austin ranks 10th among U.S. cities for most millionaire residents, with 32,700. Whether it be homegrown wealth like Michael Dell's or Texas transplants like Elon Musk, Austin is becoming a popular address for high-net-worth individuals.
The list is based on net worth and includes data up to 2023.
Millionaire population in Austin skyrockets
Austin rebranded itself as a southern tech hub over the last decade and with that new reputation came unprecedented wealth flowing into the city.
From 2013 to 2023, Austin’s millionaire population grew 110%, which is 30 percentage points more than in the original Silicon Valley in California during the same 10-year-span.
Speaking of the Bay Area, it is the second fastest-growing on the list and has the second-largest number of millionaires in the country at 305,700 — only topped by New York’s 349,500.
Austin is home to 92 individuals with wealth totaling more than $100 million, or centi-millionaires, and 10 individuals worth more than $1 billion.
Houston and Dallas are the only other Texas cities included on the list, slotting in at fifth and sixth, respectively. Houston is currently home to 90,900 millionaires, 258 centi-millionaires and 18 billionaires. Dallas has 68,600 millionaires, 125 centi-millionaires and 15 billionaires.
Austin climbing the ranks on the world stage
At 34th, Austin still ranks outside of the top 30 cities in the world for millionaire population, but a decade ago it would not have even merited a mention.
Elsewhere in Texas, Houston boasts the 15th-largest millionaire population in the world and Dallas claims the last spot on the top 20, just ahead of Dubai.
Where do the most millionaires in the world and U.S. live?
Here is the complete top-10 list for millionaire population in both the U.S. and the world.
U.S. rankings:
- New York City, 340,000
- San Francisco Bay Area, 285,000
- Los Angeles, 212,100
- Chicago, 120,500
- Houston, 90,900
- Dallas, 68,600
- Seattle, 54,200
- Boston, 42,900
- Miami, 35,300
- Austin, 32,700
World rankings:
- New York City, 349,500
- Tokyo, 290,300
- San Francisco Bay Area, 285,000
- London, 258,000
- Singapore, 240,100
- Los Angeles, 212,100
- Hong Kong, 129,000
- Beijing, 128,200
- Shanghai, 127,200
- Sydney, 126,900
Beck Andrew Salgado covers trending topics in the Austin business ecosystem for the American-Statesman. To share additional tips or insights with Salgado, email [email protected].
