America’s Top Millionaire Hubs
The USA Wealth Report 2025 also highlights the continued dominance of traditional American wealth hubs alongside the rapid ascent of emerging urban centers. New York City remains the wealthiest in the U.S. (and the world), with 384,500 millionaires, including 818 centi-millionaires and 66 billionaires. The Bay Area, which includes the city of San Francisco and Silicon Valley in California, follows closely with 342,400 millionaires, including 756 centi-millionaires and the nation’s highest concentration of billionaires at 82.
Between 2014 and 2024, the Bay Area’s millionaire population surged by 98%—the highest wealth growth among America’s Top 10 Wealthiest Cities.
Los Angeles ranks third with 220,600 millionaires, including 516 centi-millionaires and 45 billionaires, and a 35% growth rate over the past decade, while Chicago, Houston, and Dallas placed fourth, fifth and sixth. Dallas saw an increase of 85%, while Houston experienced a 75% growth in its resident millionaire population.
Further down the list, the report finds Seattle, Boston, Miami, and Austin are showing strong momentum. Miami and Austin, for instance, recorded 94% and 90% millionaire growth respectively.
“Despite a wave of policy changes and their subsequent implications around the world, the relative political stability, rule of law, economic prospects, culture of innovation, not to mention the U.S. dollar remaining the global reserve currency, have squarely positioned the USA as an environment in which to do business and to invest,” said David K. Young, President at the Committee for Economic Development of The Conference Board (CED).
Scottsdale, Ariz. has emerged as the fastest growing wealth hub in the U.S. by millionaire population, with a remarkable 125% increase between 2014 and 2024, primarily driven by its rapidly expanding tech sector. West Palm Beach, Fla. follows closely with a 112% rise. These highlight broader demographic and economic shifts, driven by an influx of tech companies, skilled professionals, and favorable regulatory conditions that are redefining America’s geography.
“America is the undisputed world leader when it comes to high-growth tech sectors such as software, microchips, online retail, internet hosting, social media, search engines and AI. As a result of this dominance, many tech entrepreneurs choose to move to the country in order to take their businesses to the next level,” said Andrew Amoils, Head of Research at New World Wealth. “While the Bay Area remains the epicenter of this innovation ecosystem and the top global destination for wealthy tech entrepreneurs, we’re also seeing a broader migration trend. Trade tensions and shifting economic priorities are driving HNWIs towards more business-friendly environments, with cities like Tampa, Salt Lake City, Denver and Santa Fe emerging as attractive alternatives thanks to their affordability, lifestyle appeal, and investment potential.”
In 2024, the U.S. recorded a net gain of approximately 3,800 HNWIs through migration—including 95 centi-millionaires and 10 billionaires. Many of these were founders, CEOs, and investors drawn to the nation’s innovation-driven economy and dynamic cities. Low-tax states like Florida and Texas are particularly attractive, while California continues to attract elite tech talent from around the globe.
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