The 15 Fastest Growing US Cities for High Net Worth Individuals
Where do advisors go to find potential wealthy clients?
Big cities have always attracted a higher percentage of affluent individuals, but for advisors looking to enter the ground floor with such clients, so to speak, it may be best to target a smaller but growing community. growth, rather than trying to break into a bigger, more established one.
The third quarter Henley Global Citizens report from investment advisory firm Henley & Partners, a leader in international residency and citizenship, offers insight into where HNW clients are headed.
Using proprietary data from global wealth intelligence firm New World Wealth, the study identifies Austin as the fastest growing US city for HNWIs (14% year-to-date), followed by Houston ( 6%) and West Palm Beach, Florida (6%). Surprisingly, traditional bastions of wealth, such as New York (-12%) and Los Angeles (-6%) populate the bottom portion of the top 15, losing a sizable segment of their HNWIs to other cities across the country. and abroad.
According to Dr. José Caballero, senior economist at the IMD World Competitiveness Center in Switzerland, quality of life is a fundamental driver of global mobility, and for business leaders, a high standard of living and efficient institutions are important assets. .
“Seeing these cities and regions through the lens of IMD-SUTD Smart City Index (SCI) 2021 data while focusing on relevant aspects of quality of life, such as governance, inclusiveness, talent development, entrepreneurship, public safety, health care, the environment, and cultural and recreational activities, provides fascinating insights into where they succeed and what might entice investors to come together in some metropolises.
Here are the top 15 US cities gaining and losing the most HNWIs.