A glimpse at one of the more impressive homes that have sprung up in the hills of Austin. ARNOLD WELLS / ABJ

Austin Business Journal shares, "Austin’s millionaire population has grown by 110% over the past decade.

London-based investment consultancy Henley & Partners has determined that roughly 32,700 millionaires now call Austin home, rising from about 15,500 in 2013.

The Texas capital has seen the largest leap in wealth than any other city in the nation, according to the company's 2024 USA Wealth Report that relied on data from New World Wealth, a global wealth intelligence firm based in South Africa.

Henley & Partners found Austin, which ranked 10th in its total population of millionaires, is home to 92 centi-millionaires — people with a net worth of more than $100 million. That would include billionaires such as Tesla Inc. CEO Elon Musk and Dell Technologies Inc. founder and CEO Michael Dell.

Exactly how many billionaires reside in Central Texas is a sticky question. Forbes, which tracks publicly available data such as stock holdings, put 10 locals on its most recent list of American billionaires. But that only counted the top 400 U.S. billionaires. Anyone with a net worth of $2.9 billion wasn't identified — and there are a handful flying under the radar in the hills of Austin, like Dimensional Funds Advisors Chairman and CEO David Booth. ABJ profiled him years ago, chronicling things such as his $4.3 million purchase of two pieces of paper that contained the originally written rules of basketball.

The 110% increase of millionaires in the past decade is a massive boost for the Texas capital but also a little grounding: While Austin has a reported 32,700 millionaires, the same report states that New York City has about 349,500. Houston has about 90,900, and Dallas has about 68,600.

On a percentage basis, Silicon Hills is on the level of Arizona’s Scottsdale and Florida’s Palm Beach and West Palm Beach, which have also seen a big jump in millionaires with an increase of 102% and 93%, respectively.

Austin's affluence is certainly on display. Nearly 30 Austin ZIP codes require a six-figure income to be a homeowner. The most expensive of those areas in 2023 was West Lake Hills’ 78746 ZIP code, where the median home value is $1.7 million.

The recent report determined the U.S. is home to 37% of the world’s millionaires, or about 5.5 million high-net-worth individuals who hold more than $1 million in liquid, investable assets.

The total number of U.S. millionaires has risen by 62% in the past 10 years, surpassing the worldwide growth rate of 38%, according to the report."


Source: Austin Business Journal

Written by: Mike Christen

Published: March 27, 2024

Posted by Grossman & Jones Group on


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