DALLAS — Editor's note: This article was originally published in the Dallas Business Journal here.
The number of millionaires in Dallas has increased 75% over the past decade as wealth continues to accumulate in the fastest-growing region in the United States.
That's according to a report by consulting firm Henley & Partners Holdings Ltd., which ranked Big D fourth for the percentage increase in the number of millionaires from 2013 to 2023. Dallas tied with Washington, D.C., and trailed only Austin, the San Francisco Bay Area and Miami.
That concentration of wealth has big implications for a wide swath of North Texans, from financial advisers and other service providers to government leaders and nonprofit bosses.
Overall, Dallas has the sixth-most millionaires in the country with 68,600, according to Henley & Partners, which says it specializes in residence and citizenship by investment.
New York continues to wear the millionaires crown with 349,500. The Bay Area ranked second, followed by Los Angeles, Chicago and Houston.
But the tech-fueled Bay Area ranked No. 1 for the most billionaires in the country with 68. New York City ranked second with 60, followed by Los Angeles with 43. Dallas ranked sixth with 15 billionaires.
The increase of wealth in Dallas has coincided with an economic boom. The Dallas-Fort Worth Metroplex's population growth has led the nation in recent years — it added an estimated 152,598 people from mid-2022 to mid-2023, the largest increase of any metro in the nation, according to new data from the U.S. Census Bureau. The region has grown to more than 8 million residents.
The Metroplex has also added a large number of corporate headquarters in recent years, including those for Charles Schwab Corp., Caterpillar Inc. and CBRE Group Inc.
The attraction of wealth has helped contribute to DFW's ascendance as a U.S. financial center with hundreds of money managers choosing to move to or expand in the region. In December 2020, DFW surpassed the Los Angeles metro as the second-largest hub of financial workers in the U.S., trailing only New York, according to data from the U.S. Bureau of Labor Statistics.
Dallas isn't alone in Texas for its increased wealth. The Henley & Partners report tabbed Austin as the fastest-growing millionaire hub, with a 110% increase in the past decade.
Elsewhere in the country, Salt Lake City and Florida's Tampa and Naples are expected to attract rising numbers of wealthy individuals over the next decade, according to the report.
Nationally, the number of millionaires grew 62% from 2013 to 2023, significantly higher than the global rate of 38%, according to the Henley & Partners report. The U.S. ranks first in liquid investable wealth at $67 trillion, the number of millionaires (5.5 million) and the number of billionaires (788). However, America's per capita wealth of $201,497 ranks sixth globally behind Monaco, Luxembourg, Switzerland, Australia and Singapore.
