Are you curious about where the ultra-wealthy individuals choose to own property in the United States? According to a recent report, New York City has been identified as the top destination for ultra-high-net-worth individuals to invest in real estate.
Despite the headlines about the rich leaving the city, New York continues to lead the nation and the world when it comes to wealthy cities. With nearly 350,000 millionaires and 60 billionaires, the Big Apple is considered the richest city in America. Over the past decade, the millionaire population in New York has grown by an impressive 48%.
Following closely behind New York is the San Francisco Bay Area, which ranks as the second richest city in America. With more than 305,000 millionaires and 68 billionaires, the Bay Area’s millionaire population has grown by a staggering 82% over the past 10 years. The area’s surge in investment and growth in artificial intelligence is expected to further boost its wealth.
Surprisingly, the fastest-growing city for the ultra-wealthy among the top 10 is Austin, Texas, which has more than doubled its millionaire population to nearly 33,000 over the past decade. Miami also stands out with an 87% growth in millionaires, although its total is just a fraction of New York City’s.
Despite the rise of wealth hubs in Texas and Florida, the report suggests that the Bay Area and New York City are likely to remain America’s wealthiest cities for many more decades. According to Andrew Amoils, head of research at New World Wealth, these two cities are expected to endure as the top destinations for the ultra-wealthy.
Here are the top 10 cities for the ultra-wealthy in the United States:
1. New York City
2. San Francisco Bay Area
3. Austin, Texas
4. Miami
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