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, 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
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. 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 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
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 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
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
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
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.
As an expert in urban wealth distribution and the geographical preferences of billionaires, I can confidently delve into the details provided in the article. My extensive knowledge in this field allows me to highlight and expand upon the concepts mentioned in the text.
Firstly, the article discusses the concentration of billionaires in the United States, with a focus on specific cities that serve as major hubs for the ultra-wealthy. The data is sourced from a report by Henley & Partners, a reputable London-based consulting firm, indicating the credibility of the information presented.
The three primary cities discussed in the article—New York City, Los Angeles, and the Bay Area—are identified as the largest clusters of billionaires in the world. The Bay Area encompasses San Francisco and Silicon Valley, known for their prominence in the technology sector. Notably, the article provides insights into the reasons behind Austin, Texas, emerging as a new billionaire hotspot, citing factors such as no state income tax and ample space, especially attractive to tech titans like Elon Musk.
The list of cities with the most billionaires is then detailed, starting from the ninth position with Boston, Massachusetts. The article provides population figures, the number of billionaires, and the increase in millionaires and billionaires from 2012 to 2022 for each city. This data helps paint a comprehensive picture of the wealth landscape in these urban centers.
In terms of specific cities, notable individuals and their connections to the locations are highlighted. For instance, Moderna's CEO, Stéphane Bancel, and Wayfair's founder, Niraj Shah, are mentioned as residents of Boston. Similarly, Elon Musk's recent move to Austin, Texas, is emphasized, with his prediction that the city will experience significant growth.
The article also touches upon the impact of external factors on the distribution of wealth. For example, the COVID-19 pandemic prompted a migration of finance and tech elites to places like Miami, Florida, due to better weather and lower taxes. The article cites billionaire hedge-funder Ken Griffin as an example of someone relocating from Chicago to Miami during this period.
In summary, my expertise allows me to contextualize and elaborate on the concepts covered in the article, offering a deeper understanding of the geographical preferences and factors influencing the residential choices of billionaires in the United States.
