US Home for 37% of World’s Millionaire Population

Home to over six million high-net-worth individuals (HNWIs) with investable wealth of $1 million or more, the US commands an extraordinary 34% of global liquid private wealth and houses 37% of the world’s millionaire population.

According to the USA Wealth Report 2025, published by international wealth and investment migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth, this wealth dominance extends across all brackets, with 36% of the world’s centi-millionaires (those with $100+ million) and 33% of its billionaires residing in the US.

While the US remains one of the top destinations for global wealth migration, an increasing number of affluent Americans are actively seeking alternative residence and citizenship options abroad.

So far in 2025, US citizens account for over 30% of all investment migration applications submitted through Henley & Partners, nearly double the combined total of the next five investor nationalities, which include Turkish, Indian, and, British.

Basil Mohr-Elzeki, Managing Partner at Henley & Partners North America, said that they were witnessing a new level of sophistication in how affluent Americans manage and diversify their wealth.

Securing alternative residences and citizenships is now a strategic form of risk management, a thoughtful ‘Plan B’ that enhances family resilience, unlocks global opportunities, and safeguards multigenerational legacies, Basil said.

Over the past 10 years, the US has surged ahead in wealth generation. From 2014 to 2024, the country’s millionaire population grew by 78%, slightly outpacing China’s 74%, and exceeding growth in other nations.

Top of the W10 (the 10 wealthiest countries in the world when ranked by resident millionaires), the US now boasts approximately 6,041,000 millionaires, 10,800 centi-millionaires, and over 850 billionaires.

China follows with around 827,900 millionaires, 2,250 centi-millionaires, and about 280 billionaires, significantly trailing when it comes to private wealth numbers despite its rapid growth.

In contrast, other major W10 economies have shown markedly slower growth. Germany’s millionaire population increased by just 10% over the past decade, Japan’s by 5%, and, that of UK shrank by -9%, suggesting significant millionaire flight and economic stagnation. Australia (+30%), Switzerland (+28%), Canada (+26%), and Italy (+20%) performed better, although they all lag far behind the US in absolute millionaire numbers and wealth growth rates.

Wealthiest Cities in US

The report also highlighted the continued dominance of traditional American wealth hubs alongside the rapid ascent of emerging urban centers. New York City remains the wealthiest in the US (and the world), with 384,500 millionaires, including 818 centi-millionaires and 66 billionaires.

The Bay Area, which includes the city of San Francisco and Silicon Valley, follows closely with 342,400 millionaires, including 756 centi-millionaires and the nation’s highest concentration of billionaires at 82. Between 2014 and 2024, the Bay Area’s millionaire population surged by 98% — the highest wealth growth among America’s Top 10 Wealthiest Cities.

Los Angeles ranked 3^rd with 220,600 millionaires, including 516 centi-millionaires and 45 billionaires, and a 35% growth rate over the past decade, while 4^th, 5^th, and 6^th placed Chicago, Houston, and Dallas all demonstrating robust expansion.

Dallas, in particular, saw an increase of 85%, while Houston experienced a 75% growth in its resident millionaire population. Further down the list, the likes of Seattle, Boston, Miami, and Austin are showing strong momentum. Miami and Austin, for instance, recorded 94% and 90% millionaire growth respectively.

Scottsdale Leads US Wealth Boom

Scottsdale has emerged as the fastest growing wealth hub in the US by millionaire population, with a remarkable 125% increase between 2014 and 2024, primarily driven by its rapidly expanding tech sector.

West Palm Beach followed closely with a 112% rise. These highlight broader demographic and economic shifts, driven by an influx of tech companies, skilled professionals, and favorable regulatory conditions that are redefining America’s geography.

Andrew Amoils, Head of Research at New World Wealth, said that America has been the undisputed world leader when it comes to high-growth tech sectors such as software, microchips, online retail, internet hosting, social media, search engines and AI.

“While the Bay Area remains the epicenter of this innovation ecosystem and the top global destination for wealthy tech entrepreneurs, we’re also seeing a broader migration trend. Trade tensions and shifting economic priorities are driving HNWIs towards more business-friendly environments, with cities like Tampa, Salt Lake City, Denver and Santa Fe emerging as attractive alternatives thanks to their affordability, lifestyle appeal, and investment potential,” Amoils said.

In 2024, the US recorded a net gain of approximately 3,800 HNWIs through migration — including 95 centi-millionaires and 10 billionaires. Many of these were founders, CEOs, and investors drawn to the nation’s innovation-driven economy and dynamic cities. Low-tax states like Florida and Texas are particularly attractive, while California continues to attract elite tech talent from around the globe.