AUSTIN (KXAN) — They say everything is bigger in Texas. Apparently, that includes the bank accounts of some of Austin’s richest residents.
Austin is the fastest-growing city for millionaires, according to the 2023 Wealth Report by Henley & Partners.
Between 2012 and 2022, the number of millionaires calling Austin home more than doubled to 30,500. A ‘millionaire growth rate’ of 102% puts Austin at the top of the list.
Both West Palm Beach and Miami, Florida, made the top five list, along with Scottsdale, Arizona and Greenwich/Darien, Connecticut. Each of the top five cities saw growth rates of more than 70% over the decade.
Of Austin’s 30,500 millionaires, 86 are ‘centi-millionaires,’ meaning their wealth is more than $100 million. There are also nine billionaires who live in Austin.
The report defined “wealth” as a person’s net investible assets, meaning cash, property and listed company holdings.
“With no state income tax and abundant space, Austin has been a growth market for luxury real estate,” the report stated. Internal migration was highlighted as a big factor in the growth, with several tech firms expanding their presence in Austin over the past decade, including Amazon, Google, Meta, SpaceX, Tesla and Apple.
The report did come with a warning though, saying the millionaire growth in the city “may be a case of easy come, easy go,” citing recent tech layoffs and office space contractions.
Another Texas city featured on the list of wealthiest cities in the country. Houston ranked fifth, with 98,500 millionaires, 280 centi-millionaires and 20 billionaires.
Los Angeles and the San Francisco Bay Area are both home to more than 200,000 millionaires each, while 340,000 live in New York City.
Nationwide, more than 5.3 million individuals have a net worth of at least $1 million. There are also 9,630 centi-millionaires and 770 billionaires across the U.S.
They help to increase the average wealth across the country. The report said the average wealth of someone living in the United States is $198,000, the fifth-highest in the world, after Monaco, Switzerland, Luxembourg and Australia.