Today, the USA accounts for 32% of total global wealth and 36% of the world’s millionaires.
And, according to The USA Wealth Report, recently published by Henley & Partners in partnership with wealth intelligence firm New World Wealth—which tracks the movements and spending habits of over 150,000 high-net-worth individuals, with a special focus on those with over $10 million in investable assets or holding titles such as founder, chairperson, president, CEO and director—those millionaires largely reside exactly where you’d expect them to: New York, Chicago, Los Angeles, the Bay Area and maybe the lone surprise, Houston.
That said, economists maintain that an excellent barometer for the health of a country and its economy is to scrutinize what its millionaire class is up to, and in the USA, a growing number of wealthy individuals are on the move. There is a notable internal "semigration" of high-net-worth individuals currently underway. Cities such as Austin, Greenwich, Miami and Scottsdale are gaining millionaires, all experiencing a 70% or more increase in millionaires in the past decade, while the big cities of Chicago, Los Angeles and New York City are slowly losing them.
Here's a look at the five wealthiest cities in the U.S. and the five fastest-growing U.S. cities for millionaires: