The American cities with the fastest growing populations of millionaires - is your hometown on the list?

While New York City is still home to the most millionaires in the US, cities like Austin and Scottsdale are drawing in increasing numbers of wealthy Americans. 

Wealthy Americans moving around the country - plus more affluent people migrating from overseas - are creating a so-called 'millionaire remix'. 

According to a new report from consultancy Henley & Partners, the Texas state capital of Austin is home to the fastest-growing population of millionaires.

In the last decade, the number of millionaires in the city has grown by 110 percent to 32,700. 

Several major tech companies, including Tesla and Oracle, have moved their headquarters to the city in the past few years, and low taxes attracted an influx of well-paid workers during the pandemic. 

According to a new report from consultancy Henley & Partners, Austin is home to the fastest-growing population of millionaires in the US

The US has the world's biggest millionaire population, at about 5.5 million, according to the report.

It is also home to nearly 10,000 people worth more than $100 million and almost 800 billionaires, investment-migration consultancy Henley & Partners found.

'Sensationalist headlines occasionally crop up about an impending millionaire exodus from America due to higher taxes, crime, or other domestic concerns,' Mehdi Kadiri, head of North America at the firm, wrote in its USA Wealth Report 2024.

'However, the data shows net inflows remaining sturdily positive over any multi-year period. Rather than wholesale fleeing, what we observe today is more of a "millionaire remix" within America.' 

Tesla moved its headquarters to Austin, Texas, in the last few years (Pictured: CEO Elon Musk)

The Arizona desert city of Scottsdale is home to the second fastest-growing population of millionaires in the US, the report found.

Between 2013 and 2023, the millionaire population has boomed by 102 percent to around 14,500.

'Rather than wholesale fleeing, what we observe today is more of a "millionaire remix" within America,' said Mehdi Kadiri, head of North America at Henley & Partners

The city, which is close to Arizona's capital of Phoenix, is home to a growing number of exclusive golf clubs and is attracting large numbers of tech entrepreneurs from California as well as wealthy retirees, the report said. 

Third on the list is Palm Beach and West Palm Beach, Florida. 

The number of millionaires in the area - which is home to one of Donald Trump's golf courses and his Mar-a-Lago property - has grown 93 percent in the last 10 years. 

The coastal area has long been a major retirement hub for wealthy New Yorkers and Californians. 

But this migration accelerated further during the Covid-19 pandemic as increasing numbers of remote and flexible workers went in search of warmer weather and a lower tax burden. 

The places with the fourth fastest-growing millionaire population, according to the report, are the neighboring towns of Greenwich and Darien on Connecticut's affluent Gold Coast. 

The towns are 'seeing a large influx of resident investment bankers, hedge fund managers, and wealthy financiers, contributing to their healthy millionaire growth of 84 percent over the past 10 years,' it said. 

The Arizona desert city of Scottsdale is home to the second fastest-growing population of millionaires in the US, the report found, while Palm Beach is the third fastest-growing place

The places with the fourth fastest-growing millionaire population, according to the report, are the neighboring towns of Greenwich and Darien on Connecticut's affluent Gold Coast

Fifth on the list, meanwhile, is North California's Bay Area, which takes in San Francisco and Silicon Valley. 

In the last decade, the area has seen a millionaire population growth of 82 percent, the report found, mostly due to the tech boom and migration to affluent towns such as Atherton, Los Altos Hills and Palo Alto. 

Most of the world's top tech firms are based in the area, including the likes of Apple, Alphabet, Meta, Intel, Nvidia, Uber, Airbnb, and Netflix - attracting large numbers of wealthy tech entrepreneurs.

Over the next decade, the report forecast that Austin, Scottsdale and West Palm Beach would continue to lead the pack in terms of both millionaire and general wealth growth. 

It also predicted Salt Lake City, Tampa, and Naples would attract rising numbers of high-net-worth residents. 

'Known for its beautiful mountain backdrop, Salt Lake City in Utah is rising in popularity as a base for tech and financial start-ups,' it read.

'Tampa and Naples are both located on Florida's booming west coast. A key business center, Tampa is also an emerging tech hub, while Naples is an increasingly popular retirement destination that is known for its top-end golf courses, beautiful beaches, and world-class shopping.'