The Changing Landscape of Millionaire Migration in the US

Introduction

The migration patterns of millionaires within the United States are undergoing a significant transformation, characterized by a shift away from traditional urban centers like New York City and Los Angeles. Instead, emerging destinations such as Austin, Scottsdale, and West Palm Beach are attracting substantial numbers of affluent individuals. This phenomenon, coined as the “millionaire remix” by investment-migration consultancy Henley & Partners, reflects evolving preferences and opportunities among the global elite.

Driving Factors and Insights

Mehdi Kadiri, Head of North America at Henley & Partners, notes that despite occasional speculations about a mass exodus of millionaires from the US due to factors like higher taxes and domestic concerns, data indicates a resilient trend of positive net inflows. The influx of millionaires is fueled not only by international migration but also by skilled migrant talent pursuing the enduring American dream.

Cities with Rapidly Growing Millionaire Populations

1. Austin, Texas

With a remarkable 110% growth in millionaire residents over the past decade, Austin stands as a leading destination for affluent individuals. The city’s thriving tech scene, exemplified by the presence of major companies like Oracle, Tesla, Apple, Facebook, and Google, has contributed to its appeal. Additionally, factors such as lower living costs and the renowned South by Southwest Music Festival further enhance Austin’s allure.

2. Scottsdale, Arizona

Scottsdale has witnessed a doubling of its millionaire population over the past decade, reflecting a 102% increase. The city’s exclusive golf and lifestyle estates, coupled with its proximity to Phoenix, attract tech entrepreneurs from California and affluent retirees seeking an upscale desert lifestyle.

3. Palm Beach and West Palm Beach, Florida

Palm Beach and West Palm Beach have experienced a notable 93% growth in millionaire residents. The region’s popularity surged during the pandemic as remote workers sought favorable climates, low taxes, and improved work-life balance. Pro-business environments and active business development initiatives further contributed to the area’s appeal.

4. Greenwich and Darien, Connecticut

Greenwich and Darien, situated in Connecticut’s affluent Gold Coast region, saw an 84% increase in their millionaire populations. With a concentration of hedge funds and financial services firms, these towns attract Wall Street professionals and affluent individuals seeking proximity to New York City.

5. The Bay Area, California

Despite pandemic-related challenges, the Bay Area experienced an 82% growth in millionaire residents, totaling approximately 306,000 individuals. Home to Silicon Valley and major tech companies like Alphabet, HP, and Intel, the region continues to be a magnet for affluent individuals despite concerns about crime and homelessness.

Conclusion

The “millionaire remix” unfolding across the US reflects dynamic shifts in economic and lifestyle preferences among affluent individuals. Emerging destinations characterized by thriving industries, favorable climates, and quality of life amenities are reshaping the landscape of millionaire migration, signaling opportunities and challenges for both established and emerging urban centers.