 "US is world leader in wealth creation: Here are its wealthiest and priciest cities")
The USA remains the undisputed leader in private wealth creation and accumulation. It accounts for 32% of global liquid investable wealth — a colossal $67 trillion, according to the 2024 Wealth Report by Henley and Partners, The country is also home to 37 per cent of the world's millionaires: some 5.5 million high-net-worth individuals who hold over $1 million in liquid investable assets. This number has risen by 62% over the past decade, well ahead of the worldwide growth rate of 38 per cent.
"However, political divisions and societal tensions bubbling under the surface for years have now erupted and dominate the headlines as the country heads towards the polls, with some questioning how long the USA’s dominance will last," said Mehdi Kadiri, Managing Partner and Head of North America at Henley & Partners.
Although the USA’s GDP is similar to that of rival superpower China, America ranks way ahead when it comes to liquid wealth (which for the purpose of this report only includes listed company holdings, cash holdings, and debt-free residential property holdings). The USA boasts 9,850 centi-millionaires versus China’s 2,352, and 788 billionaires versus China’s 305. While just over 862,000 millionaires live in China, its wealth per capita is only USD 18,800 compared to USD 201,500 in America, which ranks 6th globally after Monaco, Luxembourg, Switzerland, Australia, and Singapore when it comes to this measure.
Inflows hold strong but America is not #1
The ‘American dream’ was built by migrants, and the world’s millionaires continue flocking to its shores, though net inflows for 2023 are well below the likes of Australia, Singapore, and the UAE. While the USA saw a dip in high-net-worth individual inflows during the pandemic, 2023 marked a recovery with a net inflow of 2,200 millionaires compared to 1,500 in 2022.
2024 is projected to see another net rise over 3,500 based on current trends. However, all these figures still fall short of peak levels of 5,000+ per year seen before 2019.
More From This Section
The USA remains a top draw for wealthy tech entrepreneurs and engineers, especially from Asia. Europe, and the UK. Major hubs such as Silicon Valley and Austin continue to attract human capital critical for innovation and business growth. This tech influx counters domestic millionaire migration to states such as Florida and Texas with lower taxes.
"Nevertheless, recent years have exposed cracks in the facade. Civil unrest and brazen political attacks on democracy and the rule of law coupled with eroding social cohesion raise tough questions about America’s future stability and ability to attract global talent over the longer term," added Kadiri.
Rising investment migration demand
Globally, 2024 is projected to set new records for millionaire migration, with 128,000 high-net-worth individuals forecast to move countries compared to 120,000 in 2023. Much of this anticipated tidal wave can be attributed to geopolitical tensions such as the wars in Gaza and Ukraine, runaway inflation, and lingering Covid impacts in Asia — all underscoring America’s relative safe haven status.
While the world frays at the edges, the USA holds steady as the top destination for global wealth. Consider that a decade ago in 2013, just 51,000 millionaires relocated internationally. The 2024 figure is projected to be 2.5 times higher, proving the indelibility of the American dream across societies.
" Despite recent bureau turbulence with Big Tech, Silicon Valley retains its crown as the world’s pre-eminent start-up ecosystem and magnet for international tech talent. Wall Street similarly leads global finance, with US investment banks funding visionary entrepreneurs and paying the world’s highest compensation to attract the best bankers, traders, and quants," said the report.
America’s wealth lead over rival superpower China also remains striking
It is $ 67 trillion versus $27 trillion in total liquid wealth according to New World Wealth’s 2023 estimates. Wealth per capita and the number of millionaires, centi-millionaires, and billionaires are all substantially higher stateside.
Backup citizenships
Nonetheless, wealthy Americans themselves are increasingly hedging their bets and pursuing backup citizenship or residence abroad at record levels, signaling declining faith in the domestic outlook. A growing number are pursuing domicile diversification strategies across the Caribbean, Europe, and beyond, the report added.
The top destination countries include Portugal, Malta, Spain, Greece, and Italy. Motivations range from mitigating political risk, opening up business opportunities abroad, seeking lower taxes, and enhancing global mobility.
America’s wealthiest and priciest cities
New York City continues to wear the crown as the wealthiest city in the USA (and the world) with 349,500 millionaires calling the Big Apple home (of which 744 are centi-millionaires and 60 are billionaires), followed by the Bay Area (305,700), Los Angeles (212,100), Chicago (120,500), and Houston (90,900). Dallas (68,600), Seattle (54,200), Boston (42,900), Miami (35,300), and Austin (32,700) all make it into this year’s Top 10, with Washington, D.C. in 11th place with 28,300 resident millionaires.
"Looking at wealth growth over the past decade, thanks to its tech boom, Texas’s capital Austin has enjoyed the biggest leap, with a 110% increase in its millionaire population between 2013 and 2023. The Arizona desert city of Scottsdale and Florida’s Palm Beach and West Palm Beach have also proved to be millionaire magnets with increases of 102% and 93%, respectively, in their HNWI residents over the last 10 years. Greenwich and Darien on Connecticut’s affluent Gold Coast, and Northern California’s Bay Area, have sported wealth growth of over 80%, and Miami, Dallas, D.C., Seattle, and Houston have all seen their millionaire resident cohorts surge by over 70%," said Andrew Amoils, Head of Research at New World Wealth. A
Amolis believes the future wealth hotspots to watch are Salt Lake City, Tampa, and Naples. Over the next decade, we can expect these cities to attract rising numbers of high-net-worth residents.
New York most expensive for real estate
When it comes to the most expensive real estate in America, New York again takes the lead with the average price per m2 of a ‘prime’ (200 to 400 m2) apartment in the city standing at an eye-watering $28,400. Next up is LA, where the plushiest pads fetch an average of$17,800 per m2, followed closely by Palm Beach (USD 17,500), Miami Beach $17,200), and the Bay Area, where you can spend up to USD 15,500 per m2 for premium residential units in the most affluent locations.
When it comes to the most expensive real estate in America, New York again takes the lead with the average price per m2 of a ‘prime’ (200 to 400 m2) apartment in the city standing at an eye-watering $28,400. Next up is LA, where the plushiest pads fetch an average of$17,800 per m2, followed closely by Palm Beach (USD 17,500), Miami Beach $17,200), and the Bay Area, where you can spend up to USD 15,500 per m2 for premium residential units in the most affluent locations.
USA remains a top destination for migrating millionaires
The USA is projected to see a surge in incoming millionaires in 2024, with the Bay Area, Austin, Miami, and West Palm Beach among the most popular destinations. Net inflows of HNWIs are expected to exceed 3,500 in 2024 compared to just over 2,200 that moved to the country in 2023.