You probably think you know where the money is. Manhattan penthouses, Silicon Valley garages, maybe a flashy villa in Malibu. And yeah, you're mostly right. But the map of American wealth is shifting in ways that a lot of people aren't actually paying attention to. We aren't just talking about where the old money sits and collects dust. We are talking about where the "new" millionaires are appearing almost overnight.
Honestly, the sheer volume of wealth concentrated in a few specific zip codes is staggering. According to the 2025 World’s Wealthiest Cities Report by Henley & Partners, the United States is essentially a millionaire-minting machine. While global hubs like Tokyo and London are struggling to keep their numbers up, US cities with the most millionaires are seeing growth that feels almost vertical.
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The Heavyweights: NYC vs. The Bay Area
New York City is still the king. It’s the wealthiest city on the planet, full stop. As of late 2024 and heading into 2026, the Big Apple is home to roughly 384,500 millionaires. That is an insane number. It’s more than the entire population of many mid-sized cities. When you walk down 5th Avenue or through the Financial District, you're literally surrounded by 818 centi-millionaires—people with $100 million or more—and 66 billionaires.
But there's a "but."
The San Francisco Bay Area is breathing down New York's neck. While New York has more millionaires in total, the Bay Area has officially surpassed it in one major category: billionaires. There are now 82 billionaires living in the tech-heavy corridor of San Francisco and Silicon Valley, compared to New York’s 66.
The growth rate tells the real story. Over the last decade, NYC’s millionaire population grew by 45%. That's solid. However, the Bay Area exploded by 98%. Basically, if you want to find where the absolute highest concentration of "ultra" wealth is being generated right now, you look West.
Why the Bay Area is Winning the Per Capita Game
It isn't just about the total count. On a per capita basis, the Bay Area narrowly edges out New York. About 3.97% of Bay Area residents are millionaires, compared to 3.95% in New York. It's a tiny margin, but it matters for the "vibe" of the city. In the Bay, the wealth is driven by AI, microchips, and software—sectors that don't just create wealth, they create it fast.
The "Big Three" and the Chicago Factor
Los Angeles holds the third spot comfortably. It’s got 220,600 millionaires. It’s the home base for the entertainment elite, but also a massive hub for retail and international trade. Wealth here is spread out—from the hills of Hollywood to the beach houses in Malibu.
Then there’s Chicago.
Most people kind of sleep on Chicago when they think about the super-rich. They shouldn't. It ranks 4th in the US with 127,100 millionaires. Chicago is "old-line" wealth. It’s diversified. It’s manufacturing, finance, and food. It doesn't have the "glitz" of LA or the tech-bro energy of San Francisco, but its 295 centi-millionaires represent a very stable, very deep pool of capital.
The Rise of the Sun Belt: Houston, Dallas, and Miami
Texas is becoming a juggernaut. Houston and Dallas are sitting at 5th and 6th place, respectively.
- Houston: 81,800 millionaires (75% growth over 10 years).
- Dallas: 72,400 millionaires (85% growth over 10 years).
Houston used to be just an oil town. Not anymore. It’s now a global trade hub with a massive energy sector that has diversified into green tech. Dallas, on the other hand, is benefiting from being arguably the most business-friendly metro in the country. No state income tax is a hell of a drug for someone making seven figures.
And then we have Miami.
Miami is the "Red-Hot" destination of 2025 and 2026. It saw a 94% increase in millionaires over the last decade. It’s not just retirees anymore. We are seeing a massive influx of hedge funds and tech firms moving from the Northeast to South Florida. Miami currently has 38,800 millionaires, but it also has a disproportionately high number of billionaires (17) for its size.
The "Stealth" Wealth Hubs You Aren't Tracking
If you want to know where the next wave is coming from, you have to look at the growth percentages, not just the raw totals.
Scottsdale, Arizona is currently the fastest-growing millionaire hub in the United States. It saw a 125% increase in its millionaire population over ten years. Why? A booming tech sector and a lifestyle that attracts people who are tired of California prices but want the desert sun.
West Palm Beach is right behind it with 112% growth. It’s essentially becoming the "Manhattan of the South" for the ultra-wealthy who want to live near their money but away from the cold.
The Top 10 List (By the Numbers)
| City | Millionaires | 10-Year Growth |
|---|---|---|
| New York City | 384,500 | 45% |
| SF Bay Area | 342,400 | 98% |
| Los Angeles | 220,600 | 35% |
| Chicago | 127,100 | 24% |
| Houston | 81,800 | 75% |
| Dallas | 72,400 | 85% |
| Seattle | 53,100 | 48% |
| Boston | 45,000 | 40% |
| Miami | 38,800 | 94% |
| Austin | 32,000 | 90% |
What's Driving This Migration?
The "Great Wealth Migration" is a real thing. In 2025 alone, over 7,500 millionaires are expected to move into the United States from other countries. But the internal movement is even more fascinating.
Wealthy Americans are increasingly looking for "lifestyle" and "resilience." They want cities with better climate resilience, lower taxes, and—surprisingly—better healthcare infrastructure. This explains why places like Austin and Nashville are still exploding despite being smaller than the coastal giants.
There's also the "Gold Card" factor. Speculation around new residency programs and tax incentives has made the US an even bigger magnet for global HNWIs (High-Net-Worth Individuals). People from the UK, China, and Brazil are flocking to Florida and Texas because they see those states as the ultimate hedge against global instability.
Realities and Misconceptions
One thing people get wrong: they think millionaires are leaving New York in droves.
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They aren't.
While New York grew slower (45%) than the Bay Area (98%), it's still growing. The narrative that everyone is fleeing the Big Apple is mostly a political talking point. The city still holds $4 trillion in private wealth. That’s a number so large it’s hard to even visualize. NYC remains the world's financial heart, and until that changes, it will always be the top of the list for US cities with the most millionaires.
However, the "ultra-wealthy" (the billionaires) are more mobile. They are the ones buying property in Miami Beach or the hills of Austin. They want the flexibility to move their capital where it is treated best.
Actionable Insights for Investors and Movers
If you're looking at this data to figure out your next move—whether for a job or an investment—here is what the numbers actually suggest:
- Follow the Growth, Not Just the Total: If you're in tech or AI, the Bay Area is the clear winner for concentrated opportunity. But if you're looking for real estate appreciation, Scottsdale and West Palm Beach are showing much more aggressive momentum.
- Tax Sensitivity is Real: The massive growth in Texas and Florida millionaires isn't a fluke. The lack of state income tax is a primary driver for people once they cross the $1M net worth threshold.
- The "Quality of Life" Shift: Cities like Seattle and Boston are holding steady because of their proximity to world-class universities and "human capital." If you want to be near the smartest people, these are still the places to be, regardless of the tax rate.
- Diversify Your Geography: The ultra-wealthy are no longer tied to one city. Many "millionaires" in this data actually split their time. A millionaire counted in NYC might also have a home in Miami. From a business perspective, being present in two hubs (like NYC and Miami or SF and Austin) is becoming the standard for the modern elite.
The map of American wealth is no longer just a tale of two coasts. It’s a decentralized network of high-growth hubs that are competing for the world's most mobile capital. Whether it's the old money of Chicago or the AI-fueled riches of Palo Alto, the competition has never been tighter.
Next Steps for Your Research
- Review the 2025 USA Wealth Report: For deep dives into specific zip codes and the migration patterns of the "centi-millionaire" class.
- Analyze Local Real Estate Trends: Check the luxury market inventory in Scottsdale and Austin to see if the "millionaire boom" is cooling or accelerating.
- Consult Tax Professionals on Nexus: If you are considering a move to a "low-tax" hub, understand the residency requirements to ensure you actually benefit from the shift.