Florida, Texas, and Utah are the fastest-growing hot spots for America’s superrich

Florida is booming with the superrich, as Miami and other hubs outpace California’s old guard, per Altrata.

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Florida, Texas, and Utah are the fastest-growing hot spots for America’s multimillionaires.
California still leads in ultrawealthy residents but lags rivals in the pace of new growth.
Wealth intelligence firm Altrata says America’s wealth is drifting south and west.

The ranks of America’s ultrawealthy are surging — and the biggest winners aren’t New York or California.

A new report from wealth intelligence firm Altrata released on Tuesday shows that Florida, Texas, and Utah are set to experience the fastest growth in ultra-high-net-worth individuals — those worth more than $30 million — over the next five years.

Florida leads the pack, with its population of the superrich projected to grow 8.8% annually through 2030.

Utah, buoyed by Salt Lake City’s expanding business services sector and status as a luxury winter sports hub, is close behind with 8.1% growth.

Texas, powered by Austin’s booming tech industry and Houston’s energy wealth, rounds up the top three with 7.9% growth.

America’s wealth is drifting south and west

The findings highlight a broad shift underway in America’s wealth map.

While traditional hubs like New York and Los Angeles still dominate in absolute numbers, with 21,380 ultrawealthy residents in New York City and 11,680 in Los Angeles, an increasing share of fortunes is heading south and west.

Altrata’s report cited lower taxes, warmer climates, and expanding finance and tech clusters as helping these states attract both new wealth and families relocated from older centers of influence.

Florida and Texas, in particular, have seen an influx of wealthy individuals and corporations in recent years.

The Sunshine State has emerged as a magnet for hedge fund managers and crypto investors alike, while Miami has established itself as a luxury real estate powerhouse.

Texas has also attracted high-profile names: Elon Musk moved Tesla’s headquarters from California to Austin in 2021, followed by other executives eager to escape the West Coast’s higher costs.

Utah, though smaller in scale, is now gaining attention as a desirable combination of lifestyle and business hub, with Salt Lake City drawing in both entrepreneurs and established fortunes.

California still leads the pack — for now

California remains the largest state for the ultrawealthy by a wide margin, with a superrich population roughly 30% larger than Texas’s.

But the momentum is shifting.

The Altrata report — which bases its estimates on national economic data and a proprietary database of millions of wealthy individuals — suggests that while California is still projected to see “firm” growth in ultrawealthy numbers to 2030 and remain the US state with the biggest population of multimillionaires by far, Florida, Utah, and Texas are set to expand faster.

Florida, in particular, is growing at the fastest clip, while California’s growth lags, even as it continues to hold onto its lead.

For the country’s wealthiest individuals, Miami condos, Austin tech campuses, and ski chalets in Utah’s Wasatch Mountains are increasingly competing with Manhattan penthouses and Silicon Valley estates as the symbols of America’s new elite.

Read the original article on Business Insider

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