These are the American cities with the most millionaires, data shows (2024)

FAQs

Which US cities have the most millionaires? ›

Which cities have the largest concentration of extreme wealth? The Bay Area which includes San Francisco and Silicon Valley has the greatest concentration of millionaires with roughly 1 in 13 people in the city claiming this status. Seattle follows with 1 in every 14 residents in the millionaire club.

Consulting firm Henley & Partners identified 3 US cities with huge potential for wealth growth. They have faster growth in millionaire residents, said Henley, which advises the wealthy on moving. Scottsdale, Palm Beach, and Greenwich draw high-net-worth people leaving New York and California.

Claiming the top spot for another year running is New York City. The Big Apple has an incomprehensible total wealth of $3 trillion – $3 trillion – thanks to the 349,500 millionaires, 744 centi-millionaires and 60 billionaires who call it home.

Leading the way was New York City, which is apparently home to 349,500 millionaires and 60 billionaires, and San Francisco, which is home to 305,700 millionaires and 68 billionaires. You can read more about the global top 10 on Time Out right here.

The list of rich cities incorporates cities like New York, London, Mumbai, Beijing, Shanghai, Shenzhen, Hong Kong, Moscow, New Delhi, and San Francisco. Followed by Bangkok, Taipei, Paris, Hangzhou, Singapore, Guangzhou, Jakarta, São Paulo, Los Angeles, and Seoul.

New York City once again is home to the most billionaires in the world: It's the primary residence of an estimated 110 billionaires who are worth a collective $694 billion. The Big Apple has long dominated the ranks, coming in at No. 1 for all but one of the past 11 years. (Beijing briefly took the top spot in 2021.)

Educational breakdown of millionaires

Millionaires are also mostly white, showcasing yet another example of racial wealth gaps in the US. Nearly 86% of millionaires are white.

Which US state has no billionaires? ›

Alaska, Delaware, and West Virginia are the only states that still don't have a single billionaire resident. Alaska, Delaware, and West Virginia aren't home to any billionaires, Forbes reported. California, in comparison, has nearly 200 billionaires.

The average age of American millionaires rose to 61 in 2022 from 57 in 1992. Younger workers struggle to amass wealth, leading to an increased reliance on inheritances. Boomers' wealth accumulation is affecting economic factors like consumer spending and housing.

The U.S. is home to the most millionaires of any country by a large margin. In fact, nearly 9% of U.S. adults are millionaires today. This makes sense, as the United States has the world's largest domestic economy. The U.S. also has more lenient taxation policies than many of its competitors.

For ultra-wealthy individuals, Switzerland remains a preferred country for the past decade or so. The country remains a global leader in terms of wealth management. Besides attracting millionaire migrants, Switzerland is positioning itself as a go-to country for crypto millionaires.

In broader terms, the finance and investment profession has the most millionaires.

That's according to the World's Wealthiest Cities Report 2024 from Henley & Partners, an immigration consultancy for high-net-worth and ultra-high-net-worth individuals. This means roughly 1 in 24 New Yorkers are millionaires, an astonishing fact given a total population of 8.3 million as of 2023.

This growth, coupled with its unusual economic basis, has made Las Vegas one of the wealthiest cities in the country, but it has also brought problems to the area. Las Vegas is among the country's leaders in personal and property crimes, as well as suicide rates, alcohol consumption, and illegal drug use.