Business Where do billionaires live in the US? Here...

Where do billionaires live in the US? Here are the best cities

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This article originally appeared on Business Insider.

About 770 billionaires live in the United States a new report on the richest cities in the world from London-based consultancy Henley & Partners.

There are only a handful of cities that like to call home – or at least park their private jets when they’re in town.

Three of the world’s four largest clusters of billionaires are classic American destinations for the wealthy: New York City, Los Angeles and the Bay Area, with the neighboring tech hubs of San Francisco and Silicon Valley. Almost 163 billionaires live in those three hotspots alone.

However, some of America’s wealthiest residents choose quieter cities as their home base.

Comparatively smaller Seattle, Washington has 10 billionaire residents, while Boston, Massachusetts claims eight.

And one of America’s fastest growing cities – Austin, Texas – has emerged as a relatively new hotspot for billionaires, with nine residents. Henley & Partners said “no income taxes and plenty of space” are helping the Texas capital become a top destination, especially as tech giants like Elon Musk descends into town.

Check out the full list of the US cities that are home to the most billionaires.

9. Boston, Mass

Boston skyline at sunset with yellow and red autumn trees

Boston, Massachusetts. Denis Tangney Jr/Getty Images

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

Population: 675,647

Number of billionaires: 8

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

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

8.Austin, Texas

Sunset over a roundabout jutting out against the downtown skyline

Austin, Texas. dszc/Getty Images

Electric car billionaire Elon Musk, who recently transferred to the Texas capital, said on a podcast that his new hometown is “the biggest boomtown America has seen in 50 years.

Population: 961,855

Number of billionaires: 9

Number of high net worth individuals with assets 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 assets 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 technology elites away from worse weather and higher taxes in northern cities. Take billionaire hedge financier Ken Griffin, who moved herself And his hedge fund Citadel to the magical city of Chicago.

Population: 442,241

Number of billionaires: 12

Number of high net worth individuals with assets 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 backed 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 assets 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 the Chicago skyline.  Chicago, Illinois, United States, on October 14, 2022.

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

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

Population: 2,746,388

Number of billionaires: 24

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

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

3. Los Angeles, California

Los Angeles at night

The skyline of downtown LA. 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 hotspot. Some billionaires out there have names that light up Hollywood marquees, like director Steven Spielberg. Others prefer to fly under the radar, like it reclusive In-N-Out heiress Lyndsi Snyder.

Population: 10,014,009

Number of billionaires: 42

Number of high net worth individuals with assets 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 in the center. Getty Images

Former mayor and former 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 assets over $1 million: 340,000

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

1. The Bay Area, comprising San Francisco and Silicon Valley

San Francisco.

The skyline of downtown San Francisco. Alexander Spatari/Getty Images

The explosion of technology has made San Francisco and nearby Silicon Valley the largest cluster of billionaires in the US and the world. Metas Mark ZuckerbergAlphabet Larry pageand that of Airbnb Brian Chesky they 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 assets over $1 million: 285,000

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

All population data is from the 2020 US Census survey unless otherwise noted.

Shreya Christinahttp://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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