Yahoo Finance 5 US Cities Where You’re Most Likely To Live Next to a Millionaire
Even if you’re not yet a millionaire, living next to one might make you feel like you’re on the cusp of greatness or inspire you to keep saving until you join the ranks of the wealthy elite.
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In some cities, average earners and rich people live side by side. Others are so expensive and exclusive that middle-class Americans couldn’t even find a realtor willing to show them a house for sale because the houses are actually mansions.
The following list includes a handful of both.
Whether you find yourself in an enclave known for exclusivity and wealth or a regular city with amenities and an economy that attracts the rich and middle class alike, if you move to any of these places, you might have a millionaire next door.
Beverly Hills, California
Beverly Hills is arguably America’s most famous millionaire enclave. Think about it — how many other zip codes do you know by heart?
“Beverly Hills is renowned for its luxurious lifestyle and high concentration of wealthy residents, making it a prime spot to encounter millionaires,” said realtor, Colten Claus.
Even if you don’t live in Beverly Hills proper, Los Angeles County, in general, offers plenty of opportunities to rub elbows with the rich.
According to the World’s Wealthiest Cities Report 2024 from Henley and Partners, a global firm for residence and citizenship by investment for wealthy individuals and businesses, Los Angeles — which includes Beverly Hills, Malibu, Newport Beach and Laguna Beach — is home to more millionaires than all but five other cities on earth.
The county hosts 212,100 members of the two-comma club, 496 centi-millionaires (those with nine-figure net worths) and 43 billionaires.
The average home value in Beverly Hills is $3,742,433, so start saving.
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Austin, Texas
The capital of the Lone Star State is known worldwide as a mecca for live concerts and festivals, but those who understand its economy think it should be known more for money than music. After all, the city’s millionaire population grew by 110% between 2013 and 2023.
“The tech industry surge has brought in numerous tech entrepreneurs and investors,” said Tim Choate, a 30-year real estate industry veteran and the founder of vacation rental platform, Red Awning.
“In Austin, a colleague mentioned how his neighborhood transformed almost overnight, with high-end cars and expansive renovations becoming the norm as new, wealthy residents moved in.”
With 32,700 millionaires, 92 centi-millionaires and 10 billionaires, the Henley report ranks it among the top 35 cities in the world in terms of seven-figure wealth concentration.
The average home value in Austin is $551,906.
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Houston
Two-and-a-half hours to the east on the Gulf Coast is another Texas millionaire mecca.
“Houston has a burgeoning population of wealthy individuals, particularly due to its strong energy sector and favorable tax environment,” said Luke Kinser, a contractor, community developer, and real estate expert who co-founded Virginia Builders, a small business focused on custom construction solutions.
“Yet, it remains relatively affordable compared to other major cities, making it more accessible for those seeking proximity to the affluent.”
Ranking in the top 20 of the Henley report, Houston has even more millionaires than Austin — 90,900, to be exact, not to mention 258 centi-millionaires and 18 billionaires. The number of millionaires among the population grew by 70% in the last decade.
But despite all that wealth, the average home value is just $271,943, confirming Kinser’s point that Houston is one of the most accessible millionaire enclaves in America.
Seattle
Like Austin, the biggest city in Washington has also cultivated a high concentration of wealthy residents through the dual draws of culture and the tech economy.
According to Choate, “Seattle’s growth, driven by tech giants like Amazon and Microsoft, has similarly created a dense population of millionaires.”
With 54,200 millionaires, 130 centi-millionaires and 11 billionaires, Seattle is just over midway on the Henley top 50 list — it increased its millionaire population by 72% between 2013 and 2023.
The average Seattle home value is not quite $1 million — but it is $886,253 and rising.
Miami
Miami isn’t just a playground for the world’s rich and famous — for many of them, it’s home.
“Miami’s appeal lies in its tax advantages and luxury lifestyle, attracting wealthy individuals from the finance and entertainment sectors,” said Choate.
Miami boasts 35,300 millionaires, putting it seven spots behind Seattle, just ahead of Perth, Australia, and just behind Madrid, Spain. It’s also home to 164 centi-millionaires and 15 billionaires.
Even though Miami has long been a magnet for the rich, its millionaire population soared by 78% over the last decade — and the average home value there has risen to $575,859.
All average home values are from Zillow and are accurate as of June 2024.
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