New York remains the wealthiest city in the US and globally. It has the highest number of millionaires and billionaires. The city’s millionaire population has grown by 48% over the past decade. The San Francisco Bay Area ranks second in terms of wealth, surpassing New York in the number of billionaires. It has over 305,000 millionaires and 68 billionaires. The Bay Area’s millionaire population has grown by 82% in the past 10 years. Austin, Texas has more than doubled its millionaire population to nearly 33,000, making it the fastest-growing city for the ultra-wealthy in the top 10. Miami has also seen significant growth in millionaires, but still lags behind New York. The wealth hubs in the US, particularly New York and the Bay Area, are expected to maintain their status as the wealthiest cities for many more decades, despite wealth migration to the Sun Belt and lower-tax states.
