Millionaires moving to these cities the most in 2024, data shows

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LOS ANGELES - Ask the average American which areas are home to the fastest-growing millionaire populations, and you'll likely hear some of the popular metros like New York City and Los Angeles.

But according to the USA Wealth Report 2024 published by Henley & Partners, it appears millionaires are migrating to some other cities thanks to a combination of factors like the tech boom and varying tax policies in each state.

According to the data, these are the top fastest-growing millionaire hubs in the U.S.:

Austin, Texas

Population: 975,000
Number of millionaires: 32,700

Over the past decade, Austin has experienced a whopping 110% growth in its millionaire population, according to the report. It could be thanks to the city's favorable tax environment (Texas also has no state tax), and diverse culture. Two big-name companies - Tesla, Oracle, and Hewlett Packard Enterprises have all relocated their headquarters to Texas in the past few years.

Scottsdale, Arizona

Population: 243,000
Number of millionaires: 14,500

Scottsdale has seen a 102% growth in its millionaire population, the report found. The city renowned for its luxurious resorts, golf courses and upscale dining, is attracting wealthy people who may be looking to enjoy both work and play.

Palm Beach and West Palm Beach, Florida

Population: 9,200/121,000
Number of millionaires: 10,200

The two neighboring cities have experienced a combined 93% growth in their millionaire population in the past decade, the data showed. Both boast pristine beaches, clubs, endless shopping, and more proving to be a hotspot destination for wealthy retirees.

Greenwich and Darien, Connecticut

Population: About 85,000 combined
Number of millionaires: 12,500

Greenwich and Darien's millionaire populations have grown by 84% in the past decade, mostly due to an influx in industries such as banking, finance, and management.

Silicon Valley, California

Population: Roughly 3 million, depending on how you define the area
Number of millionaires: 306,000

The San Francisco Bay Area, which includes wealthy tech hubs like San Jose and Palo Alto, remains high on the list of millionaire hubs, but doesn't snag the top spot.