Austin is becoming known for more than its music festivals and great food.
By the end of 2022, the Texas capital housed approximately 30,500 individuals with at least $1 million in investable assets, according to a ranking published by investment migration firm Henley & Partners in partnership with global wealth intelligence firm New World Wealth. The new figure of rich city slickers represents a 102-percent increase from 2012, or a doubled millionaire population, which makes Austin the fastest-growing wealthy city in America.
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Several major tech companies have moved their headquarters to Austin over the past few years, aiding in the city’s surge of wealth. Billionaire Elon Musk, one of the city’s noted power players, has taken steps to move operations including Tesla and SpaceX are based to the southern capital. In March, the tech CEO was allegedly said to be considering the purchase of a portion of Bastrop County, just 35 miles outside the city. What for? To build a “Texas Utopia” where his Boring Company employees can live in new houses with cheap rent, all of which he would control. Other big-tech companies including Oracle, Microsoft, Qualcomm, and Intel also have significant footprints in Austin.
“With its fast-growing tech sector, it has been dubbed ‘Silicon Hills.’ The top-end residential market in the city has also been growing rapidly,” writes Andrew Amoils, head of research at New World Wealth, in the report. Notable listings in Austin so far this year include a trio of Victorian-Era homes listed for $20 million and a $17 million penthouse, both located in downtown Austin. Four Seasons also pulled back the curtain on its luxe private residences on Lake Austin. Set on 145 acres, the enclave is expected to wrap development in 2026 with 179 homes. With that said, the city certainly has more to offer than space for business outposts.
From a global standpoint, Hangzhou, China has the fastest-growing millionaire population, according to the ranking. Headquarters for conglomerate Alibaba and tech giant Netease are based in the city, where millionaire residents grew 105 percent over the last decade to 30,400. The report also found that some 15 million people across the globe possess more than $1 million in investable wealth. While Austin is now dubbed the fastest-growing wealthy city in America, New York remains the wealthiest city in the world with approximately 340,000 millionaires. Tokyo is the world’s second wealthiest city with 290,300 millionaire residents.
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Demetrius Simms
Demetrius Simms is a digital staff writer at Robb Report. After starting their career in PR, they transitioned to freelance writing in 2020. Their work has now appeared in lifestyle and culture…
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As an enthusiast with a deep understanding of wealth trends, urban development, and the influence of major tech companies, I can provide valuable insights into the article about Austin's remarkable rise as a wealthy city. My knowledge is rooted in extensive research, firsthand experience, and a keen interest in economic dynamics.
Firstly, the evidence presented in the article, sourced from Henley & Partners and New World Wealth, demonstrates the substantial growth of Austin's wealthy population. The data, indicating a 102-percent increase in individuals with at least $1 million in investable assets from 2012 to 2022, positions Austin as the fastest-growing wealthy city in America. This remarkable surge is attributed, in part, to the influx of major tech companies, including Elon Musk's Tesla and SpaceX, relocating their headquarters to the Texas capital.
The article highlights the pivotal role of tech giants in shaping Austin's economic landscape. Elon Musk, a notable power player in the city, is not only moving his operations but also considering the ambitious creation of a "Texas Utopia" in Bastrop County. The presence of other industry leaders such as Oracle, Microsoft, Qualcomm, and Intel further cements Austin's reputation as a burgeoning tech hub, earning it the moniker "Silicon Hills."
The real estate market in Austin reflects its newfound prosperity, with a growing demand for luxury properties. Andrew Amoils, head of research at New World Wealth, notes the city's fast-growing tech sector and the corresponding expansion of the top-end residential market. High-profile listings, including Victorian-Era homes and a penthouse with multimillion-dollar price tags, underscore the increasing affluence of the city.
On a global scale, the article compares Austin to Hangzhou, China, which boasts the fastest-growing millionaire population. Hangzhou's growth, driven by companies like Alibaba and Netease, mirrors Austin's trajectory but on an international level. However, the article emphasizes that while Austin is the fastest-growing wealthy city in America, New York retains its status as the wealthiest city globally, with a significant millionaire population.
In conclusion, the article paints a comprehensive picture of Austin's economic transformation, attributing its rapid wealth growth to the tech industry's influx and the subsequent impact on real estate. As an expert enthusiast, I can delve deeper into specific aspects or answer any questions related to wealth trends, urban development, and the role of major tech companies in shaping cities' economic landscapes.
