Where Do Billionaires Live in the US? Here Are the Top Cities | Entrepreneur (2024)

FAQs

Where Do Billionaires Live in the US? Here Are the Top Cities | Entrepreneur? ›

Three of the four biggest clusters of billionaires in the world are classic US destinations for the uberwealthy: New York City, Los Angeles, and the Bay Area, which includes the neighboring tech hubs of San Francisco and Silicon Valley. Nearly 163 billionaires reside in those three hot spots alone.

New York City topped the list with 136 billionaires in 2022. The city's uber-rich population lost two people from 2021 to 2022, but it's still the global billionaire capital.

New York City wears the crown as the world's top city with the most millionaires in 2023.

Who is the richest man in the world? As of June 1, 2023, the richest man in the world is Bernard Arnault, the CEO and chairman of LVMH of France; he's worth $215 billion. He moved into the number one spot after Elon Musk's fortune fell in late 2022 as shares of electric carmaker Tesla fell.

According to the 2022 Knight Frank Wealth Report, the cities of New York, Tokyo and Paris have become the most popular places to live for billionaires. London and Los Angeles are next. The capital of Great Britain is also recognized as the best city for life and investment.

Three of the four biggest clusters of billionaires in the world are classic US destinations for the uberwealthy: New York City, Los Angeles, and the Bay Area, which includes the neighboring tech hubs of San Francisco and Silicon Valley. Nearly 163 billionaires reside in those three hot spots alone.

New York City came in at no. 1 on the list. The report found that from 2012 to 2022, the city had a 40% growth in its population of high-net-worth individuals. According to Henley & Partner's report, NYC is home to 340,000 individuals worth over $1 million, 724 centi-millionaires, and 58 billionaires.

1. Atherton, CA. The richest city in the US is Atherton, California. It has a median household income of $450,690, which is almost seven times higher than the average American household income of $69,021.

New York is the richest state in the US, with a GDP per capita at $96,5k. This means that New York is responsible for around 9% of America's entire economic output, the highest percentage amongst the 50 states.

New York City was atop the list of the world's wealthiest cities with 340,000 millionaires. San Francisco's Bay Area beat NYC in the list of billionaires with 63.

What profession has the most billionaires? ›

In broader terms, the finance and investment profession has the most millionaires. It also has the most billionaires, with 371. Here's a list of the seven best careers if you want to be a millionaire.

Luxury Mogul Takes Top Spot. The world's richest person is France's Bernard Arnault, the chief executive of LVMH. With 75 brands, the luxury conglomerate owns Louis Vuitton, Christian Dior, and Tiffany.

Here is the full ranking of the richest countries in 2023, according to their per capita GDP. Luxembourg, one of the smallest countries in the EU has a population of 634,000 and is the richest country in this ranking with a per capita GDP of nearly $130,000.

New York is the world's most popular place for the super rich to own a property, according to a new report by data firm Altrata. A total of 21,714 ultra-high-net-worth (UHNW) individuals — those worth over $30 million — own either a primary or secondary residence in the city, the study found.

Cash equivalents are financial instruments that are almost as liquid as cash and are popular investments for millionaires. Examples of cash equivalents are money market mutual funds, certificates of deposit, commercial paper and Treasury bills. Some millionaires keep their cash in Treasury bills.

They live in 42 of the 50 states. The only states where you won't find a billionaire are Alabama, Alaska, Delaware, New Hampshire, New Mexico, North Dakota, Vermont, and West Virginia.

According to estimates, in the middle of 2021 there were 56 million people worldwide whose assets exceeded one million US dollars, of whom nearly 40% lived in the United States. The total net worth of all millionaires stood at around $158.261 trillion.

What is the richest city in the Bible? ›

Ophir (/ˈoʊfər/; Hebrew: אוֹפִיר‎, Modern: ʼŌfīr, Tiberian: ʼŌp̄īr) is a port or region mentioned in the Bible, famous for its wealth.

So, who is the richest family in the world? The title currently goes to the Walton family with a net worth of $224.5 billion. Keep reading to find out what other families made the list of the top 10 richest families in the world.

Its 2022 ranking for the best places to live looked at five metrics: job market, value, quality of life, desirability, and net migration. The best place to live in America is Huntsville, Alabama, followed by Colorado Springs, Colorado.

1: Atherton, Calif. (94027)

Miami has also seen a millionaire growth rate of 75% from 2012 to 2022. According to the report, in December 2022, the city was home to 38,000 millionaires, 160 centi-millionaires, and 12 billionaires. The second town on the list is The Hamptons, New York.

Mississippi. Mississippi tops the list as the poorest state in the US, with an alarming poverty rate of 18.70%. Despite its rich history and cultural heritage, the state faces numerous economic challenges, including limited job opportunities, low wages, and a high percentage of residents living below the poverty line.

Agriculture is one of the prominent elements of the state's economy: California leads the nation in the production of fruits, vegetables, wines and nuts. The state's most valuable crops are cannabis, nuts, grapes, cotton, flowers, and oranges. California produces the major share of U.S. domestic wine.

The financial news website says high educational attainment and a large number of advanced, high-paying jobs have likely contributed to a high concentration of wealth in Connecticut. The report found that 38.6 percent of adults in Connecticut have a bachelor's degree, which is the fourth highest of any state.

by state U.S. 2020. In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets.

Comparing all US states across a range of factors, we can reveal that the best place to live if you want to become a millionaire is New Hampshire. With an overall index score of 80.733, you're more likely to hit a seven-digit net worth here than in any other US region.

What are the 5 richest cities in America? ›

And the number one most loved billionaire in the world, who's adored in 37 countries. is Bill Gates.

Among 100 of the world's top billionaires, approximately 30% inherited or worked for family businesses, 53% worked for other businesses, and 17% actually started their own businesses. Around 75% obtained a college degree, with the mostly commonly pursued academic path being engineering (22%).

Where Do Millionaires Put Their Money? Many high-net-worth individuals choose to put their money in checking accounts offered by major banks. But instead of opting for the standard checking account, these millionaires have access to private banking opportunities tailored to their money management needs.

The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP.

The country is one of the largest exporters of pharmaceuticals, medical devices, and software-related goods and services. Today, the Irish economy is diversified, and even in the COVID crisis, its economy was still resilient and continued growing.

Do rich people pay mortgage? ›

Most have paid off their mortgages. In 2020, 58% of the state's equity millionaires owned their homes free and clear. Statewide, there has been a dramatic rise in the number of Californians who have paid off their mortgages, from 1.6 million households in 2000 to 2.4 million in 2020.

Famous and Famously Expensive

The Chartwell Estate, located in Beverly Hills, California, is owned by the late head of Univision, Jerry Perenchi. Built in 1933, the French neoclassical home encompasses 25,000 square feet of land. It is situated on a 10-acre expanse of manicured lawns and gardens.

Key points. Most people take out mortgages because they can't afford to pay cash for a home. Some wealthy people could easily buy houses outright without borrowing. Rich people often still take out home loans anyway even though they could pay cash.

Despite the fact that many wealthy people could afford to buy a home outright, they often get mortgage loans anyway.

The short answer is that they don't take a traditional income and most of their wealth is in highly appreciated assets – like shares in the company they founded. They don't need to sell stocks, which would trigger capital gains taxes. Instead, they can take loans against their shares.

Generational Wealth Lasts Forever

A staggering 70 percent of wealthy families lose their wealth by the next generation, with 90 percent losing it the generation after that.

Some of the most popular banks for millionaires and billionaires include JPMorgan Chase, Bank of America, and UBS. Other examples of banks that may be popular among the ultra-rich include: Private banks: Private banks are banks that offer specialized financial services to high net worth individuals and families.

Where to safely keep cash at home. Just like any other piece of paper, cash can get lost, wet or burned. Consider buying a fireproof and waterproof safe for your home. It's also useful for storing other valuables in your home such as jewelry and important personal documents.

Millionaires tend to turn to private banks for a variety of reasons. Since they offer a wide range of financial products, services, and expertise under one roof, the element of convenience can be very enticing. There are also several perks and more favorable options and rates, making the bank very attractive.

With 186 billionaires, California leads the country with the most ultra-wealthy residents. These billionaires mainly come from the technology and entertainment industries. California's wealthiest resident in 2022 was Larry Page.

How many billionaires are in LA? ›

Los Angeles has 480 centi-millionaires — individuals worth more than $100 million — and 42 billionaires. New York City again leads the list of centi-millionaires with 724.

In broader terms, the finance and investment profession has the most millionaires. It also has the most billionaires, with 371. Here's a list of the seven best careers if you want to be a millionaire.

1. Engineering. Coming in at the top is engineering - which might surprise you, but the scope of engineering is huge and widening all of the time. 22% of the world's top 100 billionaires studied some kind of engineering.

The Golden State boasts the largest economy in the U.S., with a gross state product of about $3 trillion. And with roughly 40 million residents, it's also the most populous state in the country. The largest economic sectors in California are agriculture, media, tourism, and technology.

Atherton, CA

The richest city in the US is Atherton, California. It has a median household income of $450,690, which is almost seven times higher than the average American household income of $69,021. With a relatively low population of 6,950 residents, Atherton is a town known for its exclusivity and wealth.