London-based private investment migration consultancy firm Henley & Partners recently named Dallas among the top 50 cities in the world for millionaires. From 2013 to 2023, Dallas grew 75% in those reaching millionaire status.
Dallas, which ranked 22nd on the list, is home to 68,600 millionaires and 125 centi-millionaires (those with a net worth over $100 million). But the city is also home to 15 billionaires.
Included in the list of billionaires is Dallas Cowboys owner, Jerry Jones; American businessman and television personality Mark Cuban; and philanthropist Margot Perot.
Houston surpassed Dallas in wealth, claiming the 17th position among the wealthiest cities in the world., boasting 90,900 millionaires. Meanwhile, Austin secures the 35th spot worldwide, with a respectable count of 32,700 millionaires.
Local Profile previously reported that Dallas also ranked among the top 10 list of millionaire homeowners. From 2017 to 2022 an increase in households with millionaire homeowners emerged in the city. Specifically in the Dallas-Fort Worth-Arlington region, the count of households earning over $1 million annually skyrocketed to 2,648, constituting 0.09% of total households.
The demographic composition of these prosperous households illustrates a noticeable evolution in wealth distribution patterns. Where baby boomers once dominated, Generation X has taken the lead, comprising 44.1% of millionaire homeowners in the region. Baby boomers closely trail at 24.7%, while millennials follow at 19.3%. Additionally, Generation Z asserts its presence, accounting for 9.7% of millionaire homeowners.
In terms of sheer numbers, the rise of millionaire homeowners underscores a broader trend of increasing affluence across various income brackets. While disparities persist, the data suggests a notable shift towards higher incomes, with a corresponding decline in households earning less than $75,000 annually.
But Dallas isn’t the only wealthy city in the U.S. In 2022, Frisco was named as the third richest city in the country. The study showed that most people who live in Frisco make at least $100,000 annually with the population sitting just above 188,000. Not quite millionaire status, but still a strong competitor.
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