Austin, Step Aside. Scottsdale, Arizona Is America's Fastest-Growing Millionaire Metropolis
The sun-baked city, known for its chic restaurants and upscale golf clubs, saw its millionaire demographic soar by 125% in a decade — from 2014 to 2024, outstripping Austin, Texas, which formerly held the top spot. 'Scottsdale has grabbed the attention of high-earning households over the last decade as luxury buyers flock to the area in search of sunshine and access to the area's amenities, such as golf courses and resorts,' Hannah Jones, a senior economic research analyst at Realtor.com said.
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The USA Wealth Report 2025 puts much of the city's rapid growth down to its tech sector. Companies with offices in Scottsdale include Yelp (NYSE:YELP), Indeed and Weebly. A host of other tech companies are based in nearby Phoenix, which has become a hub for semiconductor manufacturing and the development of autonomous vehicles, including self-driving cars and drones, CNBC reports.
Anne Hoecker, global head of technology at Bain Global, told CNBC that Phoenix's 'favorable business environment,' the 'ecosystem of other companies,' and its 'close proximity to a university that has a strong engineering program' make it ideally suited to be a leading tech city. The University in question is Arizona State, whose SkySong, The Scottsdale Innovation Center, has helped to launch over 100 startups since its founding in 2008, according to the city's economic development website, Choose Scottsdale.
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One of the biggest drivers of big money in the area has been the presence of global tech powerhouses Intel (NASDAQ:INTC), Google and Taiwan Semiconductor Manufacturing Co. (NYSE:TSM). TMSC pledged to invest $65 billion in the greater Phoenix area by the end of the decade as part of an overall $165 billion U.S. investment package. As part of the investment, the company agreed to build a science and technology park, which, once complete, is expected to create 62,000 jobs, CNBC says.
'They're basically duplicating the science park concept that was pioneered in Taiwan,' Rick Cassidy, chairman of TSMC Arizona, told the outlet. 'It solves lots of problems for our smaller suppliers. They can actually rent space and just plug in.'
Wealthy tech executives working in the greater Phoenix area have chosen to settle in Scottsdale and nearby Paradise Valley. According to the Henley & Partners report, as of 2024, 14,800 millionaires, 64 centimillionaires, and five billionaires resided in the Scottsdale area, making it one of the wealthiest small cities in the U.S. To put this into context, according to Henley & Partners, 36% of the world's centi-millionaires, with a net worth of $100 million or more, and 33% of its billionaires reside in America.'The luxury housing market in Scottsdale has boomed as buyers, particularly from California, take advantage of the area's appealing standard of living,' Realtor.com's Jones says. 'Significant investment in the area has only heightened Scottsdale's appeal as builders and developers cater to these new movers.'
According to Zillow, the average home price in Paradise Valley's 85253 zip code is over $3 million, with a median price of $4.4 million, representing a 10% increase over the last 12 months.
'It's a different world here now,' Cheryl Anderson, a real estate agent with Russ Lyon Sotheby's International Realty, told The Wall Street Journal in January 2024 after witnessing a decade of rapid growth. 'Real estate prices have gone crazy.'
Read Next: Here's what Americans think you need to be considered wealthy.
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This article Austin, Step Aside. Scottsdale, Arizona Is America's Fastest-Growing Millionaire Metropolis originally appeared on Benzinga.com
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Key Points W.P. Carey pays a high-yielding dividend. The REIT routinely raises its payment. Its growth drivers should allow it to continue increasing its lucrative dividend. 10 stocks we like better than W.P. Carey › W.P. Carey (NYSE: WPC) stands out as one of the largest REITs specializing in net lease properties. It offers investors highly stable rental income from tenants who cover all property operating expenses. This approach enables the landlord to pay a lucrative dividend. The REIT's attractive dividend is a great reason to buy and hold its stock. Here's a closer look at W.P. Carey's payout. W.P. Carey pays a quarterly dividend of $0.90 per share, or $3.60 annually. With its stock recently under $65, this gives it a yield above 5.5%, much higher than the S&P 500's 1.2%. The diversified REIT has steadily increased its dividend since resetting the payment level in late 2023, following its strategic decision to exit the office sector and focus on property sectors with better long-term growth drivers, such as industrial real estate. Before that reduction, W.P. Carey had increased its payout every year for a quarter century. W.P. Carey expects to raise its dividend at around the same rate it increases its adjusted funds from operations (FFO). It has two growth drivers. Most of its long-term net leases include clauses that either increase rents at a fixed rate each year or adjust rents based on changes in inflation indexes, such as the Consumer Price Index. These mechanisms support low- to mid-single-digit annual base rent growth. In addition, W.P. Carey uses its remaining free cash flow after paying dividends, along with proceeds from non-core property sales and leveraging its investment-grade balance sheet, to acquire new properties. Its targeted investment range of $1 billion to $1.5 billion for this year should provide incremental sources of rising rental income. These two main growth drivers -- escalating rental rates and new investments -- should support mid-single-digit annual adjusted FFO-per-share growth and ongoing dividend increases. W.P. Carey's high-yielding and steadily growing dividend makes it a great REIT to buy and hold for passive income from real estate. Should you invest $1,000 in W.P. Carey right now? Before you buy stock in W.P. Carey, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and W.P. Carey wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Matt DiLallo has positions in W.P. Carey. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. 1 Reason to Buy W.P. Carey (WPC) was originally published by The Motley Fool Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
