Top 7 Cities Where Millionaires Reside

07/05/2024

Park Avenue, Manhattan Upper East Side, New York City.

Millionaires tend to flock together. While you can find them in any U.S. city, some metropolitan areas have much higher concentrations of the elite than others.

Henley & Partners recently released the “America’s Wealthiest Cities” report, detailing the U.S. cities with the most millionaires and centi-millionaires — i.e., those with an investable wealth of $100 million or more — as well as the amount the millionaire population grew between 2013 and 2023. Keep reading to find out which cities topped the list, with real estate data sourced from Redfin.

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Seattle

Millionaires: 54,200
Centi-millionaires: 130
Millionaire growth percentage: 72%

The median household income in Seattle is $116,068, which is significantly higher than the U.S. average of $75,149. Interestingly, the city’s poverty level is 10.1%, which also falls below the national average of 11.5%.

Fit for a millionaire, the median home sale price in Seattle is $847,500. The city is brimming with major company headquarters: Starbucks, Amazon and Alaska Airlines call Seattle home.

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Dallas

Millionaires: 68,600
Centi-millionaires: 125
Millionaire growth percentage: 75%

Many major companies have chosen Dallas for their company headquarters, including Nokia, Energy Transfer and Southwest Airlines. The third-largest city in Texas, the median home sale price in Dallas is $450,000.

The median household income in the city is $63,985, much lower than the national average. Notably, the poverty level is higher than the national average, totaling 17.5%.

Houston

Millionaires: 90,900
Centi-millionaires: 258
Millionaire growth percentage: 70%

Texas’ biggest city, Houston’s economy was once composed of predominately energy-related businesses. However, nearly half the city’s jobs today are in business services, technology, aerospace, medicine and manufacturing, according to the City of Houston.

The median home sale price is $339,000. While the city has a lot of millionaires, the poverty level is a sky-high 19.6%, with a median household income of just $60,440.

Chicago

Millionaires: 120,500
Centi-millionaires: 290
Millionaire growth percentage: 22%

The Windy City is filled with millionaires, but not everyone is so fortunate. Chicago’s poverty rate is 16.9% and the median household income falls below the national average at $71,673, according to the U.S. Census Bureau.

A business hub, Chicago is home to many major companies, including Grubhub, Mondelez International and The Kraft Heinz Company. The median home sale price in Chicago is $364,250.

Los Angeles

Millionaires: 212,100
Centi-millionaires: 496
Millionaire growth percentage: 45%

The entertainment capital of the U.S., Los Angeles is a glamorous city filled with millionaires. It’s not a cheap place to live — the median home price in the city is $970,000.

Despite this, the median household income in Los Angeles is just $76,244. Notably, the city’s poverty rate is high at 16.6%, according to the U.S. Census Bureau.

The San Francisco Bay Area

Millionaires: 305,700
Centi-millionaires: 675
Millionaire growth percentage: 82%

As the long-time unofficial home of the tech industry, The Bay Area had to make this list. So many companies are headquartered in the area, including Uber, Apple, Google and Facebook.

On the plus side, the median household income in San Francisco County is $136,689, which notably higher than the U.S. as a whole, according to the U.S. Census Bureau. However, living in this area isn’t cheap, as the median sale price of homes in the city of San Francisco is over $1.4 million.

New York

Millionaires: 349,500
Centi-millionaires: 744
Millionaire growth percentage: 48%

It’s not too surprising that New York is the wealthiest city in the U.S. Home to celebrities, socialites and many major company headquarters — including JPMorgan Chase, MetLife and Pfizer, just to name a few — the city is literally rich with opportunity.

As of March 2024, the median sale price of New York homes was $800,000. This might be easily affordable for the city’s millionaires, but the median household income is just $76,607, which could make homeownership a stretch for the average resident.