Austin is the #1 City for Incoming Millionaires
Austin is the fastest-growing residential destination for millionaires, according to the Henley & Partners 2023 Wealth Report. Austin experienced a 102 percent “Millionaire Growth Rate” from 2012 to 2022 and is reported to have 30,500 millionaires, 86 centi-millionaires, and nine billionaires. “There is a notable internal ‘semigration’ of high-net-worth individuals currently underway,” stated the section by Mehdi Kadiri. “Cities such as Austin, Greenwich, Miami, and Scottsdale are gaining millionaires, while the big cities of Chicago, Los Angeles, and New York City are losing them.” Nikki Greenberg stated, “With no state income tax and abundant space, Austin has been a growth market for luxury real estate, with the metro in particular gaining from internal migration due to tech firms such as Amazon, Google, Meta, SpaceX, and Tesla expanding their presences, and Apple investing USD 1 billion in a new campus.” Houston made “The Big 5 Wealthiest Cities in the USA” list, with 98,500 millionaires, 280 centi-millionaires, and 20 billionaires. Houston had a “Millionaire Growth Rate” of 65 percent.