America remains the richest country in the world, according to a new report.
The 2024 USA Wealth Report, published by global wealth advisory firm Henley & Partners and New World Wealth, found that $67 trillion of global investable wealth is held by HNWs resident in the US.
It is also home to more millionaires than any other country in the world, at 5.5 million. Among these HNWs – defined as individuals with liquid investable assets of at least $1 million – 9,850 are centi-millionaires and 788 are billionaires.
So the wealthiest cities in the US are not just among the richest in the country – but in the world. From Californian tech hubs to the politically connected streets of Washington D.C., these are the places that American millionaires call home.
What are the wealthiest cities in the US?
1. New York City, New York
It comes as no surprise that the wealthiest city in the world, New York City, ranks first in the list with its 349,500 millionaires – a number that grew by 48 per cent between 2013 and 2023. According to Henley & Partners, the average price of a prime apartment is $28,400 per sq m, making it among the most expensive real estate in the world.
Andrew Amolis, head of research at wealth intelligence firm New World Wealth, told Spear’s that the total wealth held by NYC’s residents exceeds $3 trillion, which is ‘higher than the total wealth held in most major G20 countries’.
The city is particularly attractive to millionaires, not only because it is home to two of the most important stock exchanges in the world (the NYSE and NASDAQ), but also because it ‘features some of the world’s most exclusive residential streets and apartments’, Amoils explains.
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2. The Bay Area, California
The number of Bay Area residents who have more than $1 million in investable assets increased by 82 per cent over the past ten years, making it the second wealthiest city in the US. Its 305,700 millionaires are located across Northern California, including in San Francisco and Silicon Valley. The area also has the highest number of billionaires in America, with 68 people worth more than $1 billion.
Amoils explains HNWs and UHNWs are attracted to the Bay Area as ‘most of the world’s top tech firms’ are based there, from Apple to Alphabet and Meta. He adds that the region ‘consistently attracts large numbers of wealthy tech entrepreneurs annually from all parts of the world.’
3. Los Angeles, California
With its 212,100 millionaires, Los Angeles is the third richest city in America. Wealth held in the nearby cities of Beverly Hills and Malibu – especially loved by the rich and famous – is also included in this figure.
Amoils explains that as ‘the world’s entertainment hub’, the city is home to some of the most prominent names in industries including entertainment, tech, retail, media and transport, who bring wealth – and opulence – to the city of angels.
4. Chicago, Illinois
Chicago is fourth in the ranking with 120,500 millionaires, of which 290 are centi-millionaires and 24 are billionaires. However, the Windy City has had the lowest millionaire growth between 2013 and 2023 compared to the 10 other wealth hubs. The number of HNWs in Chicago only increased by 22 per cent over the past few years, losing a lot of wealthy individuals ‘mainly to Texas and Florida’, according to Amoils.
Still, Chicago remains attractive for the richest as ‘the largest inland city in the United States with a highly diversified economy that is strong in multiple key sectors’, Amoils says.
5. Houston, Texas
Fifth on the ranking is Houston. The number of millionaires in the Texan city has grown by an impressive 70 per cent in the past decade, reaching 90,900 in 2024. Houston and its suburbs are home to plenty of luxurious areas, including gated communities and expansive mansions.
Dubbed ‘the energy capital of the world’ – and notably home to NASA’s training centre for space exploration – Houston is a ‘leading city in engineering and aeronautics’, Amoils explains. ‘It is home to the second-most Fortune 500 headquarters of any US city after New York City’, he says.
6. Dallas, Texas
There are 68,600 millionaires in Dallas, making it the sixth wealthiest city in the US. With a high-end shopping scene, thriving fine-dining restaurants and world-renowned cultural activities, the city is loved by the rich and famous.
But there is more to it than the opulent lifestyle it can offer. ‘Like its Texan cousins Houston and Austin, Dallas has seen very strong wealth growth over the past two decades with many companies relocating their head offices there,’ Amoils says. Major Fortune 500 global companies including AT&T, CBRE and Texas Instruments are among those who attract millionaires to the city.
7. Seattle, Washington
Seattle has seen significant growth in wealth in the past ten years. Henley & Partners’ report found that 54,200 millionaires currently live in the northwestern city, a lot of whom were attracted by the significance it gained as a tech hub.
Amoils describes Greater Seattle as ‘the base city for tech giants Microsoft and Amazon’, making it the 3rd largest tech hub in the world after the Bay Area and Shenzhen. While the tech sector has boomed, other major global companies headquartered in the city and attracting the wealthy include Starbucks, Expedia and Nordstrom.
8. Boston, Massachusetts
There are several reasons why Boston is attractive to millionaires. First, it is ‘the largest biotech hub in the world’, Amoils says, and a global leader in scientific research, medicine and law. It is also ‘the base city for corporate giants’, with the likes of General Electric, State Street and Fidelity Investments calling it home.
Finally, Boston’s closeness to Harvard and Massachusetts Institute of Technology (MIT) consistently attracts ‘thousands of wealthy academics’. Harvard is also the university with the highest number of HNW alumni, with an estimated 17,660 graduates having a net worth of $30 million-plus.
9. Miami, Florida
Jeff Bezos’ relocation from Seattle to Miami shows exactly how the rich and famous fell for the city. The number of millionaires in Miami and Miami Beach has grown by 78 per cent in the last decade, with an especially high number of centi-millionaires having moved there over the past few years.
Miami’s tech, finance, media and entertainment sectors are particularly attractive to HNWs, Amoils says, but the city is also known to be a ‘consistently popular retirement destination for America’s super-rich’. The cultural and culinary scenes are thriving, offering an attractive lifestyle to those who can afford it.
10. Austin, Texas
Austin ranks tenth in the list, but has seen a ‘remarkable’ millionaire growth of 110 per cent over the past ten years, Amoils says. While Texas’s state capital has a lot to offer to its wealthy residents and visitors, from world-renowned live music to luxury shopping and high-end dining, what has attracted the 32,700 who call it home is something else.
Austin’s booming tech sector earned it the nickname ‘Silicon Hills’, Amoils tells us. ‘Several major tech companies have moved their headquarters to the city over the past few years, most notably Tesla and Oracle’, he adds, thereby attracting leading figures in the sector. HNWs also benefit from the Texan city’s prosperous residential market.
11. Washington, D.C.
Washington, D.C.’s 28,300 millionaires make it one of the wealthiest cities in the country, thanks to the unique appeal it offers to HNWs. The US capital is known for its prestigious and distinguished residential streets with beautiful brownstone apartments and large manor houses, Amoils says.
DC is home to ‘many politically connected centi-millionaires’, he explains. Its rich history and political relevance attract especially wealthy individuals from sectors including the media, law lobbying and private equity space.
