The desert city of Scottsdale, Arizona, has become the fastest-growing millionaire hub in the nation over the Texas capital, Austin, which only last year ranked first in Henley & Partners’ list of U.S. metros attracting the ultra-wealthy.
The former pandemic boomtown of Austin, which has been experiencing a dramatic correction over the past couple of years, has fallen out of the top five in Henley & Partners’ latest report on the fastest-growing wealth hubs in the U.S., though it remains one of the richest metros in the country.
Why It Matters
Over the last decade and especially in the years following the outbreak of the COVID-19 pandemic, Austin became a massively popular destination for both businesses and out-of-state movers attracted by the city’s vibrant culture, thriving job market and high quality of life.
The city’s appeal grew as Austin became known as a hub for tech giants such as Dell, Apple, Google and Tesla, attracting millionaires from all over the country. Many high-net individuals left expensive metropolises such as San Francisco, New York and Los Angeles to relocate to Austin, which combined the charm of a mid-size city with the opportunities traditionally found in bigger, much more expensive hubs…