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Texan trio tops America's rich list.
Texas is a playground for the rich. Houston, Dallas, Austin cradle a high number of millionaires. Meanwhile, billionaires like Elon Musk and Michael Dell also inhabit the Lone Star State.
Published June 12, 2024 at 9:49am by Alexis Simmerman
Millionaires and Billionaires Hiding in Plain Sight Across America
It's no secret that the U.S. is home to an abundance of millionaires and billionaires, with 5.5 million and 788, respectively. A recent report by Henley & Partners, analyzing data from New World Wealth, reveals some surprising concentrations of wealth across the nation.
The top cities for millionaires:
- The Bay Area (San Francisco/Silicon Valley): approx. 1/13 are millionaires
- Seattle: 1/14 are millionaires
- NYC: 349,500 millionaires (approx. 1/24)
- Houston: 90,900
- Dallas: 68,600
- Austin: 32,700
The rich get richer:
The top 1% of income earners in the U.S. held $44.5 trillion in 2023, with the top 20% seeing an increase in wealth since 1990. Meanwhile, the middle class has seen a decline, now holding just over 25%.
Texas吸引 billionaires:
Texas is home to many billionaires, possibly due to its lack of state income tax and large metro areas. Here are the richest:
- Elon Musk ($187B)
- Michael Dell ($99.5B)
- Alice Walton ($79.7B)
- Elaine Marshall ($25.5B)
- Autry Stephens ($23.4B)
American billionaires on the rise:
According to Forbes, 265 new billionaires were added in 2024, with a record global total of 2,781. Taylor Swift and Magic Johnson are among the 67 new American billionaires.
Sources:
- Henley & Partners: https://www.henleyglobal.com/publications/usa-wealth-report-2024/americas-wealthiest-cities
- New World Wealth: http://www.newworldwealth.com/
- Seattle Times: https://www.seattletimes.com/seattle-news/in-seattle-its-the-millionaires-next-door-54200-of-them/
- Federal Reserve: https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/#quarter:137;series:Net%20worth;demographic:networth;population:7;units:shares;range:2000.1,2023.4
- Investopedia: https://www.investopedia.com/financial-edge/0210/7-states-with-no-income-tax.aspx#:~:text=Which%20Are%20the%20Tax%2DFree,tax%20on%20certain%20high%20earners.
- Forbes: https://www.forbes.com/sites/segunolakoyenikan/2024/04/02/new-billionaires-2024-taylor-swift-magic-johnson-and-263-others-join-the-ranks-this-year/?sh=660ab20b3af3
Read more: 3 Texas cities have the most millionaires, billionaires among US cities: See list