The Rise of the Millionaires in Smaller US Cities
The United States has always been known as the land of opportunity, where the American dream can become a reality with hard work and perseverance. Traditionally, big cities like New York, Houston, Boston, and Chicago have been home to many millionaires. However, with the emergence of technology companies and startups, the wealth distribution is changing, and smaller cities are becoming millionaire magnets.
One of the fastest-growing cities for millionaires is Austin, Texas. According to the USA Wealth Report by Henley & Partners, the city experienced a growth rate of 102% between 2012 and 2022, with 30,500 millionaires, 86 cent-millionaires, and nine billionaires as of December 2022. One of the main reasons for this is that Austin is now considered an alternative technology center to Silicon Valley, with companies like Amazon, Google, Meta, SpaceX, and Tesla expanding their footprint in the city. In 2019, Apple invested $1 billion to build a new campus.
Furthermore, Austin’s tax policies and abundant space have made it a growth market for luxury real estate. With no state income taxes, it provides an attractive proposition for wealthy individuals looking to maximize their earnings potential.
Other smaller cities are also experiencing a surge in millionaires. Nashville, Tennessee, saw a growth rate of 90% in 10 years, with 9,400 millionaires, 64 cent-millionaires, and six billionaires. Charlotte, North Carolina, grew by 88%, with 13,900 millionaires, 60 cent-millionaires, and five billionaires. Miami, Florida, saw a growth rate of 75%, with 38,000 millionaires, 160 cent-millionaires, and 12 billionaires. And finally, Seattle, Washington, grew by 72%, with 11,900 millionaires, 112 centimillionaires, and eight billionaires.
In conclusion, as the American dream continues to evolve, smaller cities are becoming more attractive to millionaires, with a rise in technology companies and tax policies providing an incentive for them to relocate. Austin is just one example of how smaller cities are transforming into millionaire magnets, offering a new alternative to traditional wealth centers like New York and Los Angeles.
