America's wealthy, once concentrated in coastal cities like NYC and Los Angeles, are moving to emerging 'second-tier' cities. Austin leads this trend, boasting a 110% growth in millionaires since 2013, largely due to its booming tech sector and appeal as a family-friendly city. Following closely is Scottsdale, AZ, with a 102% increase, driven by its luxury lifestyle choices and favorable climate. These cities offer appealing alternatives for affluent individuals looking for investment opportunities and quality living environments, reshaping the landscape of wealth distribution in the U.S.
Austin has emerged as the top domestic destination for the ultrawealthy, having seen millionaire growth of 110% over the past decade according to New World Wealth.
Scottsdale notched the second-biggest growth in millionaires, at 102% over the past 10 years, thanks to its many exclusive golf and lifestyle estates.
The starting price of a typical luxury home in Austin was $2.1 million, more than three times the median home list price in the city.
Many elite newcomers are attracted to 'second-tier' cities for various reasons, including tech jobs or as great places to raise a family.
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