Austin a Second-Home Hotspot for Centi-Millionaires

Austin is a second-home hotspot for United States centi-millionaires, according to a report by Zero Hedge based on data from a Henley & Partners private wealth sector report. Centi-millionaires are those with wealth of $100 million or more. Following the trend of hybrid living brought about by more work-at-home flexibility, people chose “naturally beautiful settings,” as well as “emerging tech hubs such as Austin and Miami, which attracted wealthy buyers working in tech. The cities' business-friendly environments and the influx of superior talent attracted major corporates and they reinvented themselves as new tech industry capitals,” said the report. It said developments “appeared to signal a new era,” with many Americans turning second homes into primary homes, “which had both lifestyle and taxation benefits.” The report said Austin was a growth market for luxury real estate, due to no state income tax, abundant space, and “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.” Austin also was the top city for incoming millionaires.