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Where Do Billionaires Live in the US? Here Are the Top Cities

Bynewsmagzines

Apr 20, 2023
Where Do Billionaires Live in the US? Here Are the Top Cities

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This article originally appeared on Business Insider.

About 770 billionaires live in the United States, according to a new report on the world’s wealthiest cities from London-based consulting firm Henley & Partners.

There are just a handful of cities they love to call home — or at least park their private jets when they’re in town.

Three of the four biggest clusters of billionaires in the world are classic US destinations for the uberwealthy: New York City, Los Angeles, and the Bay Area, which includes the neighboring tech hubs of San Francisco and Silicon Valley. Nearly 163 billionaires reside in those three hot spots alone.

Some of America’s richest residents, though, choose quieter cities for their home bases.

Comparably smaller Seattle, Washington boasts 10 billionaire residents, while Boston, Massachusetts claims eight.

And one of America’s fastest-growing cities — Austin, Texas — has emerged as a relatively new billionaire hot spot, counting nine as residents. Henley & Partners said that “no state income tax and ample space” helps make the Texas capital a prime destination, especially as tech titans like Elon Musk descend on the city.

Check out the full list of the US cities where the most billionaires live.

9. Boston, Massachusetts

Boston skyline at sunset with yellow and red autumn trees

Boston, Massachusetts. DenisTangneyJr/Getty Images

The CEO of biotech and vaccine giant Moderna, Stéphane Bancel, and founder of online furniture company Wayfair, Niraj Shah, reside in Beantown, according to Boston Magazine.

Population: 675,647

Number of billionaires: 8

Number of high-net-worth individuals with wealth over $1 million: 41,700

Increase in millionaires and billionaires from 2012 to 2022: 50%

8. Austin, Texas

Sunset over a state capitol building rotunda butting against a downtown skyline

Austin, Texas. dszc/Getty Images

Electric-car billionaire Elon Musk, who is a recent transplant to the Texas capital, said on a podcast that his new hometown will be “the biggest boomtown America has seen in 50 years.”

Population: 961,855

Number of billionaires: 9

Number of high-net-worth individuals with wealth over $1 million: 30, 500

Increase in millionaires and billionaires from 2012 to 2022: 102%

7. Seattle, Washington

Seattle, Washington

Seattle, Washington. Sean Pavone/Getty Images

Starbucks CEO Howard Schultz calls the “Rainy City” home.

Population: 737,015

Number of billionaires: 10

Number of high-net-worth individuals with wealth over $1 million: 50,500

Increase in millionaires and billionaires from 2012 to 2022: 68%

6. Miami, Florida

Miami Beach

Miami Beach at night. Buena Vista Images

During the COVID-19 pandemic, Florida as a whole — and Miami in particular — lured finance and tech elites away from worse weather and higher taxes in northern cities. Take billionaire hedge-funder Ken Griffin, who moved himself and his hedge fund Citadel to the Magic City from Chicago.

Population: 442,241

Number of billionaires: 12

Number of high-net-worth individuals with wealth over $1 million: 38,000

Increase in millionaires and billionaires from 2012 to 2022: 75%

5. Houston, Texas

Traffic on a freeway in Houston, Texas in 2017.

Houston, Texas. Justin Sullivan/Getty Images

People with fortunes buoyed by oil and pipeline companies, including Jeffery Hildebrand and Richard Kinder, dominate Houston’s billionaire scene, according to the Houston ABC affiliate.

Population: 2,304,580

Number of billionaires: 20

Number of high-net-worth individuals with wealth over $1 million: 98,500

Increase in millionaires and billionaires from 2012 to 2022: 65%

4. Chicago, Illinois

A view from Montrose Harbor over Lake Michigan and Chicago skyline. Chicago, Illinois, United States, on October 14, 2022.

A bicyclist rides near Lake Michigan with the Chicago skyline in the background. Beata Zawrzel/Getty Images

The chairman of Hyatt Hotels, Thomas J. Pritzker, and a grandson of the Walmart founder, Lukas Walton, call the Windy City home, according to Chicago TV station WGN.

Population: 2,746,388

Number of billionaires: 24

Number of high-net-worth individuals with wealth over $1 million: 124,000

Increase in millionaires and billionaires from 2012 to 2022: 24%

3. Los Angeles, California

Los Angeles at night

The downtown LA skyline. halbergman/Getty Images

California is home to the most billionaires — not just in the US, but in the world, according to Forbes. Los Angeles, in particular, is a hot spot. Some billionaires there have names that light up Hollywood marquees, like director Steven Spielberg. Others prefer to fly under the radar, like reclusive In-N-Out heiress Lyndsi Snyder.

Population: 10,014,009

Number of billionaires: 42

Number of high-net-worth individuals with wealth over $1 million: 205,400

Increase in millionaires and billionaires from 2012 to 2022: 35%

2. New York City

Manhattan skyline from New Jersey at sunset, New York

The Manhattan skyline, with One World Trade Center at the center. Getty Images

Former mayor and one-time presidential candidate Michael Bloomberg and Blackstone CEO Stephen Schwartzman are two notable billionaire New Yorkers.

Population: 8,804,190

Number of billionaires: 58

Number of high-net-worth individuals with wealth over $1 million: 340,000

Increase in millionaires and billionaires from 2012 to 2022: 40%

1. The Bay Area, made up of San Francisco and Silicon Valley

San Francisco.

The downtown San Francisco skyline. Alexander Spatari/Getty Images

Tech’s explosion has made San Francisco and nearby Silicon Valley the largest cluster of billionaires in the US and the world. Meta’s Mark Zuckerberg, Alphabet’s Larry Page, and Airbnb’s Brian Chesky all call the region home.

Population: 7.7 million, according to the San Francisco Chronicle

Number of billionaires: 63

Number of high-net-worth individuals with wealth over $1 million: 285,000

Increase in millionaires and billionaires from 2012 to 2022: 68%

All population data is from the US Census’ 2020 survey except where otherwise noted.

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