Austin, Texas has become a home for the rich

 Austin American-Statesman:

Austin has topped the list of the fastest-growing metro areas in the country for years. In a parallel trend, it's now in the top echelon nationally for the growth of its millionaire population.

According to the latest data from New World Wealth and Henley & Partners, Austin ranks 10th among U.S. cities for most millionaire residents, with 32,700. Whether it be homegrown wealth like Michael Dell's or Texas transplants like Elon Musk, Austin is becoming a popular address for high-net-worth individuals.

The list is based on net worth and includes data up to 2023.

Austin rebranded itself as a southern tech hub over the last decade and with that new reputation came unprecedented wealth flowing into the city.

From 2013 to 2023, Austin’s millionaire population grew 110%, which is 30 percentage points more than in the original Silicon Valley in California during the same 10-year-span.

Speaking of the Bay Area, it is the second fastest-growing on the list and has the second-largest number of millionaires in the country at 305,700 — only topped by New York’s 349,500.

Austin is home to 92 individuals with wealth totaling more than $100 million, or centi-millionaires, and 10 individuals worth more than $1 billion.

Houston and Dallas are the only other Texas cities included on the list, slotting in at fifth and sixth, respectively. Houston is currently home to 90,900 millionaires, 258 centi-millionaires and 18 billionaires. Dallas has 68,600 millionaires, 125 centi-millionaires and 15 billionaires.

When I was an undergraduate at the University of Texas the population of Austin was around 250,000.  By the time I graduated from law school, it had grown more.  Now the Austin metro area is over a million people.  Unfortunately, many of them are liberals.


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