The United States is home to some of the world’s wealthiest cities, scottsdale where millionaires, billionaires, and high-net-worth individuals shape the economic and cultural landscape. According to the USA Wealth Report 2025 by Henley & Partners, New York City remains the wealthiest city globally, boasting 384,500 millionaires, 818 centi-millionaires (those with over $100 million in investable wealth), and 66 billionaires. Yet, a surprising contender, Scottsdale, Arizona, is emerging as the fastest-growing millionaire hub in North America, with its wealthy population skyrocketing by 102% over the past decade. Let’s dive into where America’s rich are living, why they’re choosing these places, and what’s driving the wealth boom in unexpected cities like Scottsdale.
New York City: The Wealth Capital of the World
New York City’s dominance as the richest city in the U.S. and the world is no surprise. With a total private wealth exceeding $5 trillion—more than the entire wealth of most G20 countries—the Big Apple is a magnet for the ultra-wealthy. Neighborhoods like Manhattan’s Upper East Side, Tribeca, and Billionaires’ Row along 57th Street are synonymous with luxury, where penthouses can sell for $50 million to $238 million. The city’s financial hub, Wall Street, along with the NYSE and NASDAQ, generates over $1.2 trillion annually, cementing its status as a global financial powerhouse.
Beyond finance, New York thrives on industries like fashion, media, and technology. Areas like Hudson Yards have transformed into high-end commercial and residential hotspots, attracting billionaires and celebrities alike. Despite stories of wealthy residents leaving for lower-tax states like Florida, New York’s millionaire population has grown by 48% over the past decade, proving its enduring appeal. One in every 24 New Yorkers is a millionaire, a staggering statistic that underscores the city’s wealth concentration.
However, the high cost of living and taxes have pushed some affluent individuals to explore other cities. This shift has given rise to emerging wealth hubs, with Scottsdale, Arizona, leading the charge.
Scottsdale: The Desert’s Wealth Boom
While New York holds the crown, Scottsdale, Arizona, is making waves as the fastest-growing millionaire hub in North America. Located in the Greater Phoenix metropolitan area, Scottsdale is home to 14,500 millionaires, with one in every 17 residents being a millionaire. Over the past decade, its millionaire population has surged by 102%, outpacing even tech-heavy cities like Austin and Miami. So, what’s driving this wealth boom?
Scottsdale’s appeal lies in its blend of luxury, lifestyle, and economic opportunity. Arizona’s low taxes— including a flat 2.5% income tax rate, one of the lowest in the U.S.—make it a haven for wealthy individuals relocating from high-tax states like California and New York. The city’s tech sector, often called “Silicon Desert,” has exploded, attracting companies and entrepreneurs. Notable residents like GoDaddy founder Bob Parsons and basketball legend Charles Barkley call Scottsdale home, drawn by its sunny weather, world-class golf courses, and proximity to Phoenix’s vibrant economy.
Real estate in Scottsdale reflects its growing affluence. The median home price has doubled in recent years, with luxury properties in neighborhoods like Paradise Valley reaching $5 million or more. The city’s lifestyle, with its stunning desert landscapes, high-end resorts, and cultural events like the Barrett-Jackson car auction, adds to its allure for the wealthy. Unlike New York’s fast-paced urban environment, Scottsdale offers a laid-back yet sophisticated vibe, making it ideal for retirees, tech moguls, and those seeking a second home.
The Bay Area: Tech Titans and Billionaires
Following New York, the San Francisco Bay Area ranks as the second-richest city in the U.S., with 305,700 millionaires and 68 billionaires—more billionaires than New York. The region, encompassing Silicon Valley and San Francisco, has seen its millionaire population grow by 98% over the past decade, fueled by the tech industry. Companies like Apple, Nvidia, Alphabet, and Meta call the Bay Area home, creating wealth for entrepreneurs, engineers, and investors.
Towns like Atherton, Los Altos Hills, and Palo Alto are among the wealthiest in the nation, with median home prices exceeding $3.9 million. Atherton, often called the richest town in America, boasts an average household income of $525,324 and is home to tech giants like WhatsApp founder Jan Koum and former HP CEO Meg Whitman. The Bay Area’s dominance in software, AI, and venture capital ensures its place as a global wealth hub, though its high cost of living has driven some wealthy residents to places like Scottsdale.
Emerging Wealth Hubs: Austin, Miami, and Beyond
While New York and the Bay Area dominate, other cities are catching up. Austin, Texas, nicknamed “Silicon Hills,” has seen its millionaire population double to 32,700 over the past decade, driven by tech giants like Tesla and Oracle relocating their headquarters. Texas’s lack of state income tax and Austin’s vibrant music and dining scene make it a hotspot for young millionaires and entrepreneurs.
Miami, Florida, is another rising star, with an 87% increase in millionaires over the past decade, totaling 38,800. The city’s tech, finance, and entertainment sectors, combined with no state income tax and a sunny lifestyle, attract wealthy residents from New York and California. Neighborhoods like Palm Beach and Coral Gables are home to billionaires like Blackstone CEO Stephen Schwarzman, with luxury properties fetching record-breaking prices.
Other cities like Dallas, Houston, and Washington, D.C., are also gaining ground. Dallas and Houston benefit from Texas’s low taxes and booming energy and tech sectors, while D.C.’s wealth is tied to government, lobbying, and proximity to affluent suburbs like Greenwich, Connecticut. Greenwich, with its hedge fund managers and exclusive yacht clubs, remains a haven for New York’s financial elite.
Why Are the Rich Moving?
The migration of wealth to cities like Scottsdale, Austin, and Miami reflects broader trends. Low taxes, favorable business climates, and quality of life are major draws. The pandemic accelerated this shift, with remote work allowing high-net-worth individuals to leave expensive coastal cities for sunnier, more affordable locales. For example, Maricopa County, where Scottsdale is located, saw a 38% increase in residents moving from California’s Santa Clara County between 2016 and 2020.
However, traditional hubs like New York and the Bay Area aren’t fading. Their economic ecosystems—finance in New York, tech in the Bay Area—ensure they remain magnets for wealth creation. As Andrew Amoils from New World Wealth notes, “Despite the recent rise of major wealth hubs in Texas and Florida, the Bay Area and New York City are expected to remain America’s wealthiest cities for many more decades to come.”
What’s Next for America’s Wealthiest Cities?
The USA Wealth Report 2025 predicts that cities like Scottsdale, Austin, and Miami will continue to see rapid wealth growth, driven by tech innovation and favorable tax policies. Meanwhile, New York’s sheer concentration of wealth and global influence will keep it at the top. The interplay between established hubs and emerging ones highlights a dynamic shift in where America’s rich choose to live, work, and invest.
For those fascinated by luxury real estate, economic trends, or the lifestyles of the ultra-wealthy, these cities offer a glimpse into the future of wealth in America. Whether it’s the skyscrapers of Manhattan or the desert estates of Scottsdale, the rich are finding new places to call home—each with its own unique appeal.
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