US Millionaires on the Move: Latest Report Reveals Internal Migration Patterns
The latest report from London-based consultancy Henley & Partners reveals a significant internal movement of high-net-worth individuals currently underway within the United States. Millionaires are increasingly migrating to cities like Austin, Scottsdale, Greenwich, and Miami, while Los Angeles, Chicago, and New York City, which were previously regarded as major wealth hubs, are seeing a decrease in their millionaire population.
New York City stands out as the richest city in the US (and the globe) with a total of 340,000 millionaires, seconded by the Bay Area (285,000), Los Angeles (205,400), Chicago (124,000) and Houston (98,500). The USA Wealth Report for 2023 provides an examination of the industries from which the USA's centi-millionaires have derived their wealth.
According to the report, the net inflow of high-net-worth individuals to the US plummeted 86% in 2022 from peak pre-pandemic levels, falling to just 1,500 people. Although its economic rival China ranks only marginally behind the USA in nominal GDP terms, when it comes to private wealth and the high-net-worth population, America is in a league of its own, with treble the total wealth of China and seven times as many dollar millionaires (as of December 2022).
Austin saw the highest millionaire growth rate between 2012 and 2022, with 30,500 people with $1 million or more in assets living in the city. The net inflow of wealthy people into the US fell to 1,500 in 2022, down from a peak 10,800 pre-pandemic.
During the peak vacation period, the number of centi-millionaires in the Hamptons skyrockets from 25 to over 700. In West Palm Beach, where 64 centi-millionaires live year-round, an additional 400 come to stay during the season. During peak holiday months, over 200 individuals with net worths of at least $100 million can be found in cities such as Napa, Aspen, Santa Barbara & Montecito, and San Diego.
Kadiri observes that many migrants are coming to the United States in pursuit of the American dream. Canada is experiencing a shift, with some travelers entering via the United States.
0. “The Henley & Partners USA Wealth Report: America's Millionaires Are on the Move. -Asian Wealth Management and …” Hubbis, 16 Feb. 2023, https://www.hubbis.com/news/the-henley-partners-usa-wealth-report-america-s-millionaires-are-on-the-move
1. “Top 5 small cities US millionaires are moving into: report” Business Insider, 17 Feb. 2023, https://www.businessinsider.com/millionaires-moving-small-city-america-hotspots-report-2023-2
2. “Where are all of America's super-rich?” WatchPro USA, 16 Feb. 2023, https://usa.watchpro.com/where-are-all-of-americas-super-rich/
3. “America's millionaires aren't leaving the US to avoid taxes — they're trying to find the American Dream somewhere else …” msnNOW, 16 Feb. 2023, https://www.msn.com/en-us/money/markets/america-s-millionaires-aren-t-leaving-the-us-to-avoid-taxes-they-re-trying-to-find-the-american-dream-somewhere-else-report-says/ar-AA17xXiy
4. “Millionaires Are Leaving The U.S. To Find Paradise | C. Heslop” NewsBreak Original, 16 Feb. 2023, https://original.newsbreak.com/@c-heslop-1590484/2927604762141-millionaires-are-leaving-the-u-s-to-find-paradise
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