Here’s how many millionaires live in Houston, Dallas and Austin

Houston is among the richest cities in the world, and the number of millionaire residents has exploded over the past decade, according to a new analysis.

There are 90,900 millionaire residents in Houston, according to an annual report from Henley & Partners, a London-based investment migration consultancy. By this measure, Houston is the fifth richest city in the United States and 17th in the world, just above the canton of Zurich, Switzerland.

Houston is also home to 258 centimillionaires — those with a net worth of at least $100 million — and 18 billionaires, according to Henley & Partners. The consultancy advises high net worth individuals on migration decisions.

New York City and the San Francisco Bay Area lead the world in collecting millionaires, with approximately 350,000 in New York and 306,000 in the Bay Area. Tokyo comes in third, with around 298,000 millionaires.

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Tokyo is among many cities around the world where the number of millionaires has declined over the past decade, the report notes. But their numbers have soared in many Sun Belt cities. Houston saw a 70% increase in the number of local millionaires between 2013 and 2023, Dallas saw a 75% increase, and in Austin the number of millionaires more than doubled to 32,700, according to the report. The capital of Texas is the first American city in terms of growth of millionaires.

“Taxes are pretty low in states like Texas and Florida, so that’s likely a major driver of the recent growth of millionaires in those states,” said Andrew Amoils, head of research at New World Wealth and contributor reporting.

He added that Houston could continue to attract and create more millionaires within the city limits.

“Strong growth in high-value sectors such as high-tech, tourism, green tech, fintech, wealth management, family offices and engineering will be key,” he said. “Furthermore, if Houston could convince more Fortune 500 companies to move their headquarters to the city, it would significantly increase the wealth held in the city.”

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Despite making Henley & Partners’ list of richest cities, Houston is not on the list of the world’s most expensive cities, a striking dynamic that has helped fuel the region’s population growth, according to the experts. The median income in Houston is about $60,000 a year, compared to a national median of about $75,000.

Henley & Partners’ rankings are drawn from its internal database of more than 150,000 high-net-worth individuals, as well as public databases and other sources. The company does not disclose the names of people in its database.

“For the purposes of this report, ‘wealth’ refers to an individual’s investable liquid wealth, which includes only listed company holdings, cash holdings and debt-free residential real estate holdings,” said Sarah Nicklin, PR manager at Henley & Partners. .