These are the American cities with the most millionaires, data shows (2024)

FAQs

Which American cities have the most millionaires? ›

Which country has the most millionaires? There are 56 million millionaires around the world, but the country with the highest number of millionaires is the United States.

In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets. This is nearly double the 650,216 millionaire households in Texas, the state with the second-highest number.

The rich are thriving in California.

Los Altos, California, topped the list as the No. 1 city where the rich are getting richer with a 2022 mean household income of $400,817. Seven cities mentioned in the top 10 are located in California.

The US hosts 38 percent of the world's millionaires, Western Europe 28 percent and China 10 percent.

Nearly 22 million people in the U.S.—roughly one in 15 Americans—had wealth upwards of $1 million last year, according to UBS' 2024 global wealth report.

America's leadership in wealth creation is spilling over into spending and investing. A report from UBS and Art Basel finds that the U.S. is the leader in global art sales, accounting for 42% of sales by value. The U.S. also leads the world in sales of the highest-priced works.

In 2019, Mississippi had the lowest ratio of millionaire households per capita in the country, with only 4.18 percent of households holding over one million U.S. dollars in assets.

Which city is richer, Dallas or Houston? ›

Houston ranks above Dallas as the fifth wealthiest U.S. city with 90,900 millionaires and Austin is tenth in the U.S. with a millionaire count of 32,700.

About 5.5 million millionaires live in the US, a wealth report by Henley & Partners said. Unsurprisingly, New York City has the most millionaires. It's followed by the Bay Area and LA.

New York City, New York

That includes a staggering 349,500 millionaires, 744 centi-millionaires (people with investable wealth of over $100 million), and 60 billionaires.

Austin Russell who is Florida's youngest self-made billionaire, is the founder of Luminar Technologies.

Scarsdale, NY: Leading the List. The wealthiest suburb in the U.S. is Scarsdale, New York, where the average household income is $568,942 and typical home values exceed $1.4 million. Located 11 miles from Manhattan, Scarsdale has a population of around 20,000 and a significant Japanese community.

In the next decade, Henley and Partners expects Austin, Scottsdale and West Palm Beach to continue to "lead the pack" of millionaires. They also feel the Bay Area and Miami will see strong growth in 2024.

This means roughly 1 in 24 New Yorkers are millionaires, an astonishing fact given a total population of 8.3 million as of 2023. The city now has more millionaires — defined in the report as those with liquid investable wealth in the seven digits or more — than Shanghai, Chicago and Toronto combined.

It is that city, and not the hotels and casinos, that draws thousands of new residents each year. This growth, coupled with its unusual economic basis, has made Las Vegas one of the wealthiest cities in the country, but it has also brought problems to the area.