Looking for Millionaires? Try These U.S. Cities.
Moneyed Americans are multiplying around Houston, Dallas and San Jose, Calif.
Fueled by the vibrant energy and technology sectors, those three metropolitan areas saw some of the fastest growth over the past five years in the number of residents with at least $1 million in investible assets (not counting a primary residence), according to a new report on U.S. wealth by RBC Wealth Management, a unit of Royal Bank of Canada, and Capgemini, a Paris-based consulting firm.
The report points to the diminished stature of Wall Street and the finance industry among the rich. Though New York City remains home to the largest number of high-net-worth individuals by far, with 894,000 people with at least $1 million to invest as of last year, growth of the wealthy population in Gotham hasn’t kept pace with other markets.
Houston’s high-net-worth population of 131,000 in 2013 was up 92% from 2008 and up 18% from 2012, the report says. Dallas’s rich population of 113,000 was up 79% and 20%, respectively. San Jose, near Silicon Valley, counted 122,000 millionaires in 2013, up 77% and 14%, respectively.