The Sun Belt, a region spanning from California to Florida, has seen an influx of millionaires, making it a prime area of wealth in the United States.
Texas, Arizona, and Florida see the fastest millionaire population growth, per Henley & Partners report with New World Wealth.
Leading this growth, Austin, Texas, experienced a 110% increase in its millionaire count from 2013 to 2023.
Scottsdale, Arizona, and Palm Beach, Florida, follow closely with growth rates of 102% and 93%, respectively.
Wealthy professionals in finance are returning to affluent suburbs like Greenwich and Darien, noted even outside the Sun Belt.
Despite New York, the San Francisco Bay Area, and Los Angeles holding the highest numbers of millionaires, Sun Belt cities are narrowing this gap.
Migration from coastal to lower-tax states, fueled by remote work and corporate expansions, reinforces this trend.
In addition, the United States is home to 5.5 million millionaires, representing 37% of the global total.
A significant part of this growth, a 62% increase over the past decade, is attributed to the tech industry’s boom. This national trend surpasses the global rate of 38%.
Miami, Dallas, and Houston’s millionaire populations surged over 70% in a decade, reflecting wider wealth distribution trends in the US.
In short, this movement highlights the changing dynamics of wealth and the growing attractiveness of the Sun Belt as a destination for affluent individuals.