According to the latest private wealth data featured in the 2023 USA Wealth Report, America is the world’s largest wealth market by a substantial margin, accounting for an extraordinary 32% of global wealth and 36% of the world’s dollar millionaires.
The USA is also home to the two largest stock markets in the world (the NYSE and the Nasdaq) as well as hosting nine of the top ten largest companies globally by market cap. The wealth held in New York City alone outstrips that of most G20 countries.
By comparison, although its economic rival China ranks only marginally behind the USA in nominal GDP terms, when it comes to private wealth and the high-net-worth population, America is in a league of its own, with treble the total wealth of China and seven times as many dollar millionaires (as of December 2022). Perhaps most importantly, wealth per capita levels in the USA are 12 times higher than in China.
New York City takes the crown as the wealthiest city in the US (and the world) with 340,000 millionaires, followed by the Bay Area (285,000), Los Angeles (205,400), Chicago (124,000) and Houston (98,500).
When it comes to America’s fastest growing wealth hubs, five cities have experienced millionaire growth of more than 70% in the decade from 2012 to 2022. Frontrunner Austin’s millionaire population shot up by 102% in that time, and the city now boasts 30,500 resident high-net-worth individuals worth USD 1 million or more. West Palm Beach grew by 90% (home to 9,400 millionaires), Scottsdale by 88% (with 13,900 millionaires), Miami by 75% (with 38,000 millionaires), and Greenwich & Darien by 72% (with 11,900 millionaires).
Second home hotspots for the super-rich
Beachfront areas feature prominently in the list of top holiday home hotspots for American centi-millionaires (each worth USD 100 million or more), as do Rocky Mountain towns. According to the latest stats in the 2023 USA Wealth Report, Miami is the hottest spot in the US with 160 centi-millionaires making it their permanent residence — a number that swells to over 800 super-rich in season.
In the Hamptons, the centi-millionaire population mushrooms from 25 to over 700 in the peak vacation period, while in West Palm Beach, where 64 centi-millionaires live permanently, over 400 take up residence during the season. More than 200 centi-millionaires can be found in Napa, Aspen, Santa Barbara & Montecito, and San Diego in peak holiday months.
However, Founder of Real Estate of the Future, Nikki Greenberg, says the 2023 outlook for prime residential real estate in the USA is precarious and unpredictable. “There’s a significant slowdown in the quantity of homes for sale and prices paid for prime real estate in the USA. As the luxury market heads for a likely slump, the appetite for high-net-worth individuals to purchase properties overseas where they can get more value is expected to continue throughout 2023 as Americans take advantage of their strong currency. In countries where there are attractive residence rights and perks linked with acquiring a property overseas, there is an additional advantage for investors and their families.”
Kadiri says the most sought-after investment migration option for US citizens is the Portugal Golden Residence Permit Program followed by Malta’s investment offering, which allows for the granting of citizenship by a certificate of naturalization to foreign individuals and their families who contribute to the country’s economic development.
