The newly released USA Wealth Report 2025 by global investment migration firm Henley & Partners offers a comprehensive look at where America’s wealthiest live—and where they’re heading next. While established financial powerhouses like New York City and the San Francisco Bay Area continue to dominate, the data reveals an accelerating trend of wealth migration to smaller, high-quality-of-life cities like Scottsdale, Arizona.
New York City Retains Its Crown
New York City remains the world’s leading wealth center, home to an estimated 384,500 millionaires, including 818 centi-millionaires (those worth over $100 million) and 66 billionaires. The report estimates the total resident wealth in the city exceeds $5 trillion, making it more financially concentrated than many national economies.
This enduring dominance is underpinned by the city’s deep-rooted financial infrastructure, global connectivity, and status as a center for business, luxury real estate, and international commerce. Despite rising costs of living and taxation concerns, New York continues to attract and retain a vast concentration of high-net-worth individuals.
Bay Area’s Tech Wealth Continues to Climb
The San Francisco Bay Area, which includes Silicon Valley, ranks second in the nation with 342,400 millionaires, 756 centi-millionaires, and 82 billionaires. Over the last decade, the region has seen a 98% growth in its millionaire population, the fastest among the top 10 U.S. cities.
This extraordinary growth is attributed largely to the tech sector, which has seen an explosion in wealth through IPOs, stock appreciation, venture capital, and recent advancements in AI and other emerging technologies. The Bay Area’s economic momentum shows no signs of slowing, despite recent discussions around tech layoffs and high housing costs.
Los Angeles and Chicago Maintain Strong Positions
Los Angeles continues to climb, now ranking third with 220,600 millionaires. The city also boasts 516 centi-millionaires and 45 billionaires, reflecting steady growth of 35% over the past ten years. Its diverse economic base, which spans entertainment, healthcare, finance, and real estate, has helped it maintain broad appeal among affluent residents.
Chicago follows with 120,500 millionaires, anchored by strong performance in financial services, healthcare, industrial manufacturing, and professional services. The Windy City remains a critical center for wealth in the Midwest and continues to attract both old money and new entrepreneurial wealth.
Scottsdale, Arizona: A New Magnet for the Wealthy
Perhaps the most surprising finding in this year’s report is the meteoric rise of Scottsdale, Arizona. Over the past decade, the city has experienced a 102% increase in its millionaire population, making it the fastest-growing wealth hub in the country.
This rapid ascent reflects a larger trend of affluent individuals relocating to smaller cities that offer lower taxes, strong lifestyle appeal, and growing economic opportunities. Scottsdale, with its warm climate, luxury real estate, and emerging tech and healthcare sectors, fits this profile perfectly.
While it doesn’t yet rival the raw numbers of wealth seen in traditional metros, Scottsdale’s growth signals a geographic shift that may shape future investment flows and urban development patterns across the country.
U.S. Still Leading as a Global Wealth Destination
Despite geopolitical uncertainty and recent shifts in domestic policy, the United States remains the world’s top destination for wealth creation and long-term investment. The country’s legal stability, innovative economy, and global financial influence continue to attract high-net-worth individuals both domestically and from abroad.
David K. Young of the Committee for Economic Development explained this enduring appeal, stating:
“Despite a wave of policy changes and their subsequent implications around the world, the relative political stability, rule of law, economic prospects, culture of innovation—not to mention the US dollar remaining the global reserve currency—have squarely positioned the USA as an environment in which to do business and to invest.”
The report emphasizes that while cities like New York and San Francisco maintain their global importance, wealth is becoming more geographically diverse. As remote work, lifestyle preferences, and tax considerations play a larger role in decision-making, smaller cities with favorable conditions could continue to rise on future lists.
A Shifting Wealth Landscape
The USA Wealth Report 2025 not only highlights where wealth is currently concentrated but also points toward future trends in residential and economic migration. As the definition of opportunity evolves, so too does the geography of wealth in the United States.
While legacy cities like New York and San Francisco retain their dominance, new contenders such as Scottsdale and potentially others like Austin, Miami, or Raleigh are becoming increasingly attractive to those seeking both prosperity and quality of life. This shift may continue to redefine America’s urban wealth map in the years to come.
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