Unveiling the Wealth Capitals of the US
In 2025, the United States continues to be home to some of the wealthiest cities in the world, as highlighted by recent reports from Henley & Partners in partnership with New World Wealth. Their annual World’s Wealthiest Cities Report reveals that 11 American cities rank among the top 50 globally for millionaire populations. Leading the pack are cities like New York, San Francisco, and Los Angeles, which have long been synonymous with wealth and opportunity.
The data shows New York City topping the list with an estimated 349,500 millionaires, followed closely by the Bay Area, encompassing San Francisco and Silicon Valley, with 305,700 millionaires. Los Angeles rounds out the top three with 212,100 high-net-worth individuals. These numbers reflect not just the concentration of wealth, but also the economic dynamism and innovation hubs these cities represent.
Texas Rising: A New Wealth Powerhouse
While traditional wealth centers dominate the headlines, Texas is emerging as a significant player in the millionaire landscape. Houston, Dallas, and Austin feature prominently among the top wealthiest US cities in 2025. Houston boasts 90,900 millionaires, with a remarkable 75% growth in its millionaire population over the past decade, driven by energy, tech, and real estate sectors.
Dallas follows with 68,600 millionaires, benefiting from a strong corporate presence and favorable business environment. Austin, often dubbed the 'Silicon Hills,' has seen explosive growth with 32,700 millionaires, fueled by its burgeoning tech industry and influx of young, affluent professionals. This Texan trio underscores a shift in wealth distribution, challenging the dominance of coastal cities.
Trends and Insights into Millionaire Migration
Beyond raw numbers, the Henley & Partners report offers insights into why certain cities attract millionaires. The Bay Area, for instance, has witnessed a staggering 98% growth in its millionaire population over the last ten years, largely due to the tech boom in Silicon Valley. High-net-worth individuals are drawn to areas with robust job markets, innovation ecosystems, and luxury real estate opportunities.
Other cities like Miami, with 35,300 millionaires, and Seattle, with 54,200, also reflect unique draws—Miami for its lifestyle and tax advantages, and Seattle for its tech giants. As wealth migration continues to shape urban landscapes, understanding these patterns becomes crucial for policymakers and businesses alike. The concentration of wealth in these cities highlights both economic potential and challenges like housing affordability and inequality that may lie ahead.