Austin is the No. 1 fastest-growing U.S city for millionaires—see where else made the list

Cities like New York City and L.A. might be some of the wealthiest in America, but it’s smaller cities that are becoming more and more appealing to millionaires.

According to Henley and Partner’s 2023 wealth report, cities like Austin, Texas, and Scottsdale, Arizona, are gaining millionaire residents, while bigger cities like Chicago, and New York City are losing them.

Top 5 fastest-growing U.S. cities for millionaires

West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes.

Laureen Mcgowan / Eyeem | Eyeem | Getty Images

West Palm Beach, Florida, ranked second on the list. It Includes Palm Beach island and the town of West Palm Beach.

From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires.

West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes.

According to Sotheby’s listings, homes are currently on sale in the area ranging from $1.9 million to $89 million.

The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone.

Scottsdale, Arizona, rounded out the top three fastest-growing cities in the U.S. for millionaires. From 2012 to 2022, Scottsdale saw an 88% millionaire growth rate and is home to 13,900 millionaires, 60 centi-millionaires, and five billionaires, according to the report.

According to Zillow, the average home value price in the Arizona city is $750,908, up 6.3% over the past year.

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