Austin is becoming a hub for high net worth individuals. Here’s where it ranks in the US and around the world
Austin has topped the list of the nation’s fastest-growing metropolitan areas for years. In a parallel trend, it now ranks first nationally for the growth of its millionaire population.
According to the latest data from New World Wealth and Henley & Partners, Austin ranks 10th among U.S. cities for the most millionaire residents, with 32,700. Whether it’s local riches like Michael Dell’s or of Texas transplants like Elon Musk, Austin is becoming a popular address for high-net-worth individuals.
The list is based on net worth and includes data through 2023.
Austin’s millionaire population is skyrocketing
Austin has rebranded itself as a tech hub of the South over the past decade, and with this new reputation, unprecedented wealth has flowed into the city.
From 2013 to 2023, Austin’s millionaire population grew 110%, 30 percentage points more than California’s original Silicon Valley during the same 10-year period.
Speaking of the Bay Area, it’s the second-fastest-growing region on the list and has the second-most millionaires in the country at 305,700, just behind New York’s 349,500.
Austin is home to 92 people whose wealth totals more than $100 million, or centimillionaires, and 10 people worth more than $1 billion.
Houston and Dallas are the only other Texas cities on the list, ranking fifth and sixth, respectively. Houston is currently home to 90,900 millionaires, 258 centimillionaires and 18 billionaires. Dallas has 68,600 millionaires, 125 centimillionaires and 15 billionaires.
Austin rises through the ranks on the world stage
At 34th, Austin still ranks outside the top 30 cities in the world in terms of millionaire population, but a decade ago it wouldn’t have even been worth mentioning.
Elsewhere in Texas, Houston has the 15th largest millionaire population in the world and Dallas claims the last spot in the top 20, just ahead of Dubai.
Where do most millionaires live around the world and in the United States?
Here is the complete list of the top 10 millionaires in the United States and around the world.
American rankings:
World rankings:
Beck Andrew Salgado covers hot topics in Austin’s business ecosystem for the American Statesman. To share tips or additional information with Salgado, email Bsalgado@gannett.com.
This article originally appeared on Austin American-Statesman: How well does Austin rank among the richest cities in America?
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