News Summary
Scottsdale, Arizona, has overtaken Austin, Texas, as the fastest-growing wealth hub in the U.S., with a 125% increase in millionaire residents from 2014 to 2024. The city boasts 14,800 millionaires and a burgeoning tech sector drawing affluent individuals. Other cities like West Palm Beach and Miami follow, while rising living costs and a slowing tech sector have affected Austin’s appeal. This trend indicates a shift in where the ultra-wealthy choose to reside, reshaping the dynamics of wealth distribution across the country.
Scottsdale, Arizona has officially surpassed Austin, Texas, as the fastest-growing wealth hub in the United States, according to a recent report by Henley & Partners. This shift in the attraction of ultra-wealthy individuals marks a significant trend in the shifting landscape of affluent cities.
Between 2014 and 2024, Scottsdale has recorded an impressive 125% growth in the number of millionaire residents, currently boasting 14,800 millionaires, 64 centi-millionaires (individuals worth $100 million), and five billionaires. The city’s rising wealth is largely attributed to its expanding tech sector, which has become increasingly appealing to affluent individuals seeking new opportunities.
Following Scottsdale in the ranking of fast-growing wealth hubs are West Palm Beach, California’s Bay Area, Miami, and Washington, D.C. Notably, Austin, which once held the top spot for wealthy individuals in 2024, has dropped out of the top five in this latest report. While the city still experienced a significant growth of 90% in its millionaire population from 2014 to 2024, it seems the combination of escalating living costs and a slowdown in the tech sector has impacted its previous allure.
Several significant factors have contributed to the decline of Austin as a wealth hub, including a notable increase in the cost of living and a downturn following the tech boom that characterized the pandemic era. Major tech companies, such as Tesla and Oracle, had previously relocated operations to Austin, yet Oracle’s recent move to Nashville has raised questions about the city’s stability as a tech haven. Additionally, layoffs and stringent return-to-office policies have led to a decrease in the influx of affluent transplants.
The Bay Area remains the epicenter of tech innovation, but even it is witnessing a broader trend of migration towards cities that are perceived as more affordable. Notably, during the same period, the Bay Area saw a 98% increase in its millionaire population. Miami, too, has experienced a burgeoning millionaire demographic, growing by 94% to reach a total of 38,800 millionaires. Washington, D.C., is not far behind, marking a 92% increase to 28,900 millionaires.
Emerging cities such as Tampa, Salt Lake City, and Denver have also been identified as attractive alternatives for tech professionals and affluent individuals looking for new opportunities in a shift away from traditional centers of wealth. Experts have noted that broader migration trends are influenced by various economic conditions, driving a re-evaluation among wealthy individuals regarding their asset holdings and outlook on future opportunities.
In the first quarter of 2025, Henley & Partners reported a notable uptick in inquiries from U.S. nationals seeking alternative residence and citizenship, demonstrating a strategic reaction to economic uncertainties. While many affluent Americans are considering options abroad, they often prefer to maintain ties within the United States rather than pursuing permanent relocation.
In summary, Scottsdale’s ascension to the top of the wealth hub rankings signals a critical shift in where the ultra-wealthy choose to reside. As major cities grapple with rising costs and changing economic landscapes, shifting interests among affluent individuals are reshaping the dynamics of wealth across the country.
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Additional Resources
- Spectrum Local News
- Wikipedia: Scottsdale, Arizona
- MSN Money
- Google Search: Austin wealth hub
- Realtor
- Google Scholar: Millionaire Migration America
- Newsweek
- Encyclopedia Britannica: Wealth Shift in America
- The Travel
- Google News: Fastest Growing Millionaire Populations
Author: STAFF HERE AUSTIN WRITER
The AUSTIN STAFF WRITER represents the experienced team at HEREAustinTX.com, your go-to source for actionable local news and information in Austin, Travis County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as SXSW, Austin City Limits Music Festival, Formula 1 United States Grand Prix, and the Austin Film Festival. Our coverage extends to key organizations like the Greater Austin Chamber of Commerce and Visit Austin, plus leading businesses in technology, automotive, and retail that power the local economy such as Dell Technologies, Tesla, and Apple. As part of the broader HERE network, including HERECollegeStation.com, HEREDallas.com, HEREHouston.com, and HERESanAntonio.com, we provide comprehensive, credible insights into Texas's dynamic landscape.
