The American Cities with the Most Millionaires: An Analysis

Investment-migration consultancy Henley & Partners recently released its annual report on wealth in the US — including a ranking of the US’ wealthiest cities by the number of millionaire residents.

Millionaire Remix: Trends in Wealth Distribution

The top five haven’t changed since last year’s report. But Henley & Partners’ noted that in recent years there has been what it dubbed a “millionaire remix,” with more wealthy Americans and expats from overseas choosing to head to cities like Austin and West Palm Beach.

Overview of US Wealth

The US has the world’s biggest millionaire population, with about 5.5 million living there, the report said. Nearly 10,000 people worth more than $100 million and almost 800 billionaires live in the US, too, per the report.

1. New York City

Of all the cities in the US, it’s little surprise that the Big Apple has the most millionaires. New York City had 349,500 as of December, a jump of 48% compared to 2013, the Henley and Partners’ report said. This means about 7% of all millionaires residing in the US live in the city. New York City is a major hub for finance, advertising, media, and tourism.

2. The Bay Area

The Bay Area came second in Henley & Partners’ ranking, with about 305,700 millionaires as of December 2023. Its millionaire population grew by 82% between 2013 and 2023, indicating an increase of about 136,000 millionaires in the space of just 10 years. The Bay Area encompasses the cities of San Francisco, San Jose, and Oakland and notably includes the tech hub of Silicon Valley.

3. Los Angeles

Los Angeles came third on the list, with about 212,100 millionaires as of December, per the report. Known for its glitz and glamor, Los Angeles is home to Hollywood and boasts an impressive list of wealthy residents, including plenty of celebrities in suburbs like Beverly Hills and Malibu.

4. Chicago

The Windy City had about 120,500 millionaire residents as of December, the Henley & Partners’ report said. Chicago is a major financial hub with a massive population.

5. Houston

Houston rounds out the top five cities in Henley & Partners’ ranking, with about 90,900 millionaires living there as of December. Its millionaire population is growing rapidly, too, with a 70% increase over the last decade, per the report. Houston may not be Texas’ capital, but it’s the Lone Star state’s biggest city by a long way.

Other Notable Cities

Six other cities in the US all had at least 25,000 millionaires as of December, the report showed: Seattle, Miami, and Austin.