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Where rich live in USA: New York tops, but Scottsdale leads wealth boom
David K. Young, President at the Committee for Economic Development of The Conference Board (CED), points out in the report that 'despite a wave of policy changes and their subsequent implications around the world, the relative political stability, rule of law, economic prospects, culture of innovation, not to mention the US dollar remaining the global reserve currency, have squarely positioned the USA as an environment in which to do business and to invest.'
New York City
The Big Apple is the financial center of the USA and the wealthiest city in the world by several measures. The city comprises five boroughs and features some of the world's most exclusive residential streets, including 5th Avenue in Manhattan, where prime apartment prices can exceed USD 27,000 per m2. New York City is also home to the world's two largest stock exchanges by market cap — the NYSE and NASDAQ.
Perhaps most notably, the total wealth held by the city's residents exceeds USD 5 trillion — higher than the total wealth held in most major G20 countries.
The Bay Area
As the world's largest tech hub by some margin, Northern California's Bay Area is the undisputed world leader when it comes to software development, microchips, online retail, internet hosting, social media, search engines, and AI. It encompasses the city of San Francisco and the area known as Silicon Valley, which includes millionaire hotspots such as Atherton, Los Altos Hills, Hillsborough, Mountain View, and Palo Alto. Most of the world's top tech firms are based in the area, including Apple, Nvidia, Alphabet, Meta, Intel, Broadcom, OpenAI, and Netflix. It is also home to a number of world-class schools and universities, namely Berkley and Stanford.
Los Angeles
Los Angeles is the home base of choice for high-net-worth individuals from America's media, entertainment, sports, and retail sectors. Our figures for this area include wealth held in the city of Los Angeles as well as commuter towns such as Laguna Beach, Newport Beach, Beverly Hills, and Malibu.
Chicago
Chicago has a highly diversified economy that is strong in multiple key sectors. Affluent parts of Greater Chicago include the Gold Coast Historic District, Winnetka, Kenilworth, and Lincoln Park.
Houston
America's energy capital, Houston, is a global leader in engineering and aeronautics. It is also home to 24 Fortune 500 companies — the third-highest number among US cities, after New York and Chicago.
Dallas
Dallas has seen very strong wealth growth over the past two decades, driven in part by the relocation of several major corporate headquarters to the city. Prominent companies based in the Dallas–Fort Worth area include AT&T, CBRE, Caterpillar, American Airlines, Charles Schwab, and Texas Instruments.
Seattle
Greater Seattle is the base city for tech giants Microsoft and Amazon, along with major companies such as Zillow, Nordstrom, Starbucks, and Expedia. Once considered a potential rival to Silicon Valley (the Bay Area), the region's prominence in the tech world has diminished over the past decade. Our figures for this area include wealth held in the city of Seattle, as well as nearby Bellevue, Kirkland, Redmond, and Mercer Island.
Boston
As the world's largest biotech hub, Boston is a global leader in scientific research, education, medicine, and law. It serves as the headquarters for corporate giants such as General Electric, State Street, and Fidelity Investments, and is home to a significant concentration of wealthy academics affiliated with nearby Harvard and MIT. The city also hosts two of the world's Big Three management consultancies — Boston Consulting Group (BCG) and Bain & Company.
Miami
Miami is an increasingly popular destination for America's super-rich, with the lack of state taxes in Florida serving as a major drawcard. In recent years, a notable influx of centi-millionaires and billionaires — particularly from the tech, fund management, media, and entertainment sectors — has relocated to the city. Miami is also the USA's primary gateway to Latin America, and with Miami International Airport offering direct flights to most major global cities, it is arguably one of the world's most strategically positioned hubs for international investors. Our figures for this area encompass wealth held in the city of Miami, as well as in Miami Beach and Coral Gables.
Washington DC
The US capital is home to some of America's most prestigious residential streets with timeless brownstone apartments and large manor houses. The suburb of Georgetown is among the most sought after in the region. A large number of high-net-worth individuals have moved to the city over the past decade, particularly those in the media, finance, law, and private equity spaces.
Austin
With its booming tech sector, Austin has been dubbed 'Silicon Hills'. Several major tech companies have moved their headquarters to the city over the past decade, most notably Tesla. Texas's low state taxes add to Austin's appeal. While wealth growth in the city has slowed over the past couple of years, it remains very impressive when viewed over the past decade as a whole.
Greenwich and Darien
These neighboring towns on Connecticut's Gold Coast are favored residential areas for investment bankers, hedge fund managers, and wealthy financiers. They are both highly exclusive, with average house prices exceeding USD 3 million.
Scottsdale
The jewel of the Greater Phoenix metropolitan area, the Arizona desert city of Scottsdale has emerged as the fastest growing millionaire hub in North America over the past decade, primarily driven by its rapidly expanding tech sector. Our figures for this region include wealth held in both Scottsdale and the neighboring town of Paradise Valley.
Many of the affluent tech executives working in Greater Phoenix choose to reside in Scottsdale and Paradise Valley. Prominent tech companies that operate out of the metropolitan area include GoDaddy, Microchip Technologies, Avnet, Insight Enterprises, and Onsemi. Global tech giants Intel and TSMC also maintain a strong and growing presence in the region.
In addition to its tech appeal, Scottsdale is also a sought-after retirement destination, with world-class golf and lifestyle estates such as the Estancia Club, Silverleaf, Desert Mountain, and Whisper Rock.
West Palm Beach
Florida's West Palm Beach has become a coveted retirement destination for millionaires from New York and California. Furthermore, a growing number of affluent individuals — particularly from the hedge fund, media, and entertainment sectors — are choosing to live and operate from this area post-Covid. Our figures for this region include wealth held in both West Palm Beach and neighboring Palm Beach.
Las Vegas and Henderson
Like Los Angeles, Las Vegas has become a preferred city of residence for high-net-worth individuals who built their wealth in the hotel, media, and entertainment industries. It is also growing in popularity as a place to retire and, like Scottsdale, it is famed for its luxury lifestyle estates and beautiful desert landscapes.
San Diego
San Diego is renowned for its Gaslamp Quarter, beaches, and mild climate. The city is also known for the San Diego Zoo, Balboa Park, and its vibrant cultural scene that includes a celebrated craft beer industry and a thriving food culture. The suburbs of La Jolla and Rancho Santa Fe are especially sought after among the ultra-wealthy.
Philadelphia
Philadelphia was once the wealthiest city in America and is home to the nation's first stock exchange. 'Philly' also hosts the University of Pennsylvania (Penn), which is one of the top three universities in the world for producing centi-millionaires and billionaires. Additionally, Philadelphia is the operational center for media giant Comcast.
Atlanta
Atlanta serves as the base of operations for several major global corporations, including Coca-Cola, Home Depot, Delta Air, and CNN. The suburb of Buckhead is home to most of the city's centi-millionaires and billionaires. However, Atlanta is also marked by a significantly high level of income inequality.
Montecito and Santa Barbara
Santa Barbara is a resort destination defined by its Spanish Colonial Revival architecture and, along with Montecito, has become an increasingly attractive place of residence for many of America's most famous celebrities. Montecito, in particular, is acclaimed for its hillside estate mansions offering stunning ocean views.
Denver
Denver is one of America's leading tourism hubs and has become an increasingly important center for tech start-ups. Its proximity to second-home hotspots such as Aspen and Vail also contributes to rising levels of migrant wealth in the city. Well-known companies with a presence in the region include Palantir Technologies, Western Union, Vail Resorts, and Newmont.
Tampa and Sarasota
Tampa and neighboring Sarasota are both located on Florida's booming west coast. Tampa, in particular, has built a reputation for its expanding tech sector and was recently named America's top emerging tech hub by Forbes.
Pebble Beach and Carmel-by-the-Sea
Synonymous with wealth and luxury, this region is home to many of America's most celebrated golf courses, including Cypress Point, Pebble Beach, and Spyglass Hill. It is also known for its unique bohemian architecture and for hosting Monterey Car Week — the world's premier annual classic car event for the super-wealthy.
Salt Lake City
With its stunning mountain backdrop, Salt Lake City in Utah has emerged as an appealing hub for tech and financial start-ups. It lies close to Park City, a resort town favored by America's rich and famous as a location for second homes. Salt Lake City is also the headquarters of the Church of Jesus Christ of Latter-day Saints, one of the fastest growing church denominations in the world.
Santa Fe
Santa Fe is attracting increasing attention as a retirement hotspot for America's wealthy. Founded in 1610, it is one of the oldest cities in the USA and — is known for its vibrant art scene and distinctive adobe architecture.
Also featured in this year's USA Wealth Report are the Florida cities of Naples, Fort Lauderdale, and Boca Raton. Naples — often dubbed the 'Golf Capital of Florida for the Ultra-Wealthy' — has become an increasingly desirable location for retirement, while Fort Lauderdale and Boca Raton are both recognized for their top-tier marinas, yacht clubs, and ultra-exclusive gated communities. All three cities continue to attract significant interest among wealthy investor migrants.
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