Maui wowie! Can you believe it? Millionaires are flocking to these hotspots like seagulls to a french fry. According to a recent report, from 2012 to 2022, the number of individuals residing in these lavish locales with over $1 million worth of investable assets has increase by over 100 percent! That’s right, it’s a millionaire frenzy up in here.
At the end of last year, 30,400 people living in these regions qualified as millionaire status. And get this, 98 of them were centi-millionaires – whatever that may be – with assets worth over $100 million. Not too shabby! 12 of them even hit billionaire status. I don’t know about you, but my piggy bank isn’t even close to catching up.
Can you say, ni hao, cha-ching? Two of these millionaire magnets are located in China–shoutout to Shenzhen and Guangzhou! Shenzhen, coming in at third place on the list, saw a 98% increase in its wealthy citizens from 2012 to 2022, while Guangzhou, who came in seventh place, noted an 86% rise in the ultra-rich population.
The United States also takes the cake and eats it too with three of its cities in the top 10. These cities are so great, they occupy all of the top five spots! Austin, Texas, comes in at a solid second place with a 102% increase in its millionaire population. Florida’s West Palm Beach takes the fourth spot with a 90% increase, followed by Arizona’s Scottsdale with an impressive 88% rise.
According to Andrew Amoils, head of research at the fancy-schmancy wealth intelligence firm New World Wealth, there are various reasons for these geographic riches. Austin has seen some serious growth in the tech sector, which helps explain why major companies have moved their operations there. Scottsdale is rumored to be attractive to tech entrepreneurs and retirees alike, with its growing number of exclusive golf and lifestyle estates. West Palm Beach is a sought-after location for people who prefer to work from home in style.
It’s worth noting that none of Europe’s cities made it into the top 10. What gives, Europe? According to Amoils, the United States dominates the global tech sector, which could be why European cities are struggling to make the cut. That, and Asia’s fantastic success in these financial pressure cookers has thrown a wrench into Europe’s aspirations for millionaire central. Maybe next year, Europe. Maybe next year.
Serious News: cnbc
