It’s no secret that the U.S. is a major hub for the wealthiest people in the world.
And, according to The USA Wealth Report, recently published by Henley & Partners in partnership with wealth intelligence firm New World Wealth—which tracks the movements and spending habits of over 150,000 high-net-worth individuals, with a special focus on those with over $10 million in investable assets or holding titles such as founder, chairperson, president, CEO and director—those millionaires largely reside exactly where you’d expect them to, with New York City, the Bay Area and Los Angeles topping the list.
New York City is the wealthiest city in the world, so it should come as no surprise that it tops a list of the wealthiest cities in the United States. Its residents, who include 384,500 millionaires, 818 centi-millionaires and 66 billionaires, collectively hold over $5 trillion in wealth—more than most G20 countries.
However, the state featuring the most cities on the list, with three, is Texas, with Houston at No. 5, Dallas at No. 6 and Austin at No. 10.
If you combine the three Texas cities, it would sit roughly third behind New York City and The Bay Area. Due to its low state taxes and business-friendly government, Texas is home to the corporate headquarters of some of the largest companies in the country, including Tesla, AT&T, Charles Schwab and Texas Instruments.
Dallas is the biggest beneficiary of this corporation-friendly environment (although Tesla’s being based in Austin means it’s no slouch), while Houston is the country’s energy capital and a hub of engineering and aeronautics. Conversely, Austin has been dubbed ‘Silicon Hills’ for its booming tech sector.
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