Study: Millionaires flock to Las Vegas at unprecedented rates
The year before the pandemic, Las Vegas Valley had 331 millionaire households. By 2023, there were 879. 'It's no surprise to see the number of millionaire households in Las Vegas tripling since 2019. We've felt that momentum firsthand,' luxury realtor Ivan Sher told the Las Vegas Review.
'The city has transformed into a magnet for high-net-worth individuals who want more space, better quality of life, and the energy of a city that's constantly evolving.' Sin City has become somewhat of a wealthy person's safe haven thanks to Nevada's forgiving tax policies.
Nevada has no state income tax - a major perk for the rich. There are no corporate income, franchise, inheritance or gift taxes either. The cost of living is also relatively low. Meanwhile in neighboring California, the state taxes anyone making over a million dollars 13.3 percent - likely why Sher has seen a spike in wealthy former Golden State residents coming to Vegas.
Actors Mark Wahlberg and Dean Cain, as well as singer Celine Dion and boxer Floyd Mayweather, are among the celebrities who have bought homes in prestigious Vegas neighborhoods over the years.
Panda Express co-founder Andrew Cherng, DCM co-founder David Chao, along with other prominent figures in the business world have also opted for Las Vegas.
Some of the valley's most expensive and exclusive neighborhoods include The Ridges and MacDonald Highlands, where the median prices of sold homes are $2.3million and $2.4million respectively, according to Realtor.com.
At one point it looked like Southern Nevada would offer an even bigger draw to the area for stars with a plan to bring Hollywood Studios there. But the bill died in legislation.
'The movie studio bill not passing was a missed opportunity, but it doesn't slow us down,' Sher told the Las Vegas Review-Journal. However the real estate broker remains hopeful for the future.
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