This City Has the Most Mega-Millionaires in the World
Do you live in a mega-millionaire city? | iStock.com/Spotmatik
You’ve probably dreamed of living the millionaire life at one time or another. You likely get curious about what the rich do differently and how they live compared to the rest of us regular folks. Or maybe you’re lucky enough to be one of the millionaires. This is possible, given the number of ultra high net worth individuals around the globe has increased.
In 2016, the world’s ultra high net worth population — described as those who have a net worth of $30 million or more — grew by 3.5% to 226,450 people, according to a report by research institute Wealth-X. When taking a look at the global millionaire population, the United States comes out on top. The ultra high net worth population in the U.S. in 2016 was 73,110, with its combined wealth totaling more than $8 billion.
Have you ever wondered how the other half lives? The Wealth-X report gives a glimpse into where the world’s richest people reside. Here are 15 U.S. cities with the most mega-millionaires. Is your city on the list?
15. Detroit metro area
There has been growth in home values in Detroit. | iStock.com/Steven_Kriemadis
Ultra high net worth individuals: 1,150
This part of the United States might not come to mind when you think of wealthy people, but it is becoming one of the fastest growing areas for the well-heeled. The Detroit metro area has seen the largest rise in the number of ultra high net worth individuals. It rose to 1,150 in 2016, according to Wealth-X, an increase of 9.5% from the year before.
This area has a population of 4.3 million and a median household income of $53,628, according to Data USA. Property values have also experienced significant growth in this part of the country. There has been a 10.7% growth in home values from 2014 to 2015, and the median property value is roughly $151,000.
14. Minneapolis metro area
Property values have risen in the Minneapolis metro area. | iStock.com/RudyBalasko
Ultra high net worth individuals: 1,230
The number of ultra high net worth individuals in the Minneapolis was at 1,230 in 2016, according to Wealth-X, an increase of 7.9% from the year before. Data USA reports this area has a population of 3.52 million and a median household income of $71,008. Property values have also risen. There has been a 7.12% growth in home values, and the median property value is roughly $231,800.
13. San Jose metro area
The San Jose area has high median household incomes. | iStock.com
Ultra high net worth individuals: 1,390
The number of ultra wealthy individuals in the San Jose metro area has risen, with a total of 1,390 in 2016. This is an increase of 7.8% from the year before. This area has a population of 1.98 million and a median household income of $101,980, one of the highest on this list. Property values have also risen in this part of the country. There has been a 12% growth in home values from 2014 to 2015, and the median property value is roughly $823,700.
12. Miami metro area
Property values have seen a significant increase in Miami. | iStock.com/wmiami
Ultra high net worth individuals: 1,450
The number of ultra wealthy individuals in the Miami metro area has risen, with a total of 1,450 in 2016. This is an increase of 9% from the year before. This area has a population of 6.01 million and a median household income of $50,441. Property values have seen a significant increase in the Miami metro area. There has been a 15.1% growth in home values, and the median property value is roughly $241,700.
11. Atlanta metro area
Property values have seen growth in Atlanta. | iStock.com/Sean Pavone
Ultra high net worth individuals: 1,590
The number of ultra high net worth individuals in the Atlanta metro area has seen an increase, with a total of 1,590 in 2016. This is an increase of 8.2% from the year before. This area has a population of 5.71 million and a median household income of $60,219. Property values have seen some growth in this part of the country. There has been a 9.4% rise in home values. The median property value is roughly $186,300.
10. Seattle metro area
Property values grew 8.01% from 2014 to 2015 in Seattle. | iStock.com/welcomia
Ultra high net worth individuals: 1,660
The Seattle metro area has seen an increase in the number of ultra high net worth individuals, with a total of 1,660 in 2016. This is an increase of 8.5% from the year before. This area has a population of 3.73 million and a median household income of $75,331. Property values grew 8.01% from 2014 to 2015, and the median property value is at roughly $361,500.
9. Philadelphia metro area
The median property value is at roughly $240,900 in Philadelphia. | iStock.com
Ultra high net worth individuals: 2,020
Although the Philadelphia metro area doesn’t receive as much attention as places, such as New York and Los Angeles, when it comes to discussions about wealth, it is one of the locations where the world’s wealthiest choose to live. There were about 2,020 ultra high net worth individuals in this area in 2016, an 8.6% increase from the year before. The median household income in the Philadelphia metro is roughly $65,123, and the area has a population of 6.07 million. There has been a 2.77% growth in home values. The median property value is at roughly $240,900.
8. Boston metro area
There has been a 4.74% growth in home values from 2014 to 2015 in Boston. | iStock.com/GrandviewGraphics
Ultra high net worth individuals: 2,090
The Boston metro area has seen an increase in the number of ultra high net worth individuals, with a total of 2,090 in 2016. This is an increase of 8.9% from the year before. This area has a population of 4.77 million and a median household income of $78,800. Property values have also seen some growth in this part of the country. There has been a 4.74% growth in home values. The median property value is at roughly $393,000.
7. Houston metro area
The number of ultra high net worth individuals in Houston has actually declined. | iStock.com
Ultra high net worth individuals: 2,290
The number of ultra high net worth individuals has slightly declined in the Houston metro area, with a total of 2,290 in 2016. This is a decrease of 3.4% from the year before. This area has a population of 6.66 million and a median household income of $61,465. There has been a 9.9% growth in home values. The median property value is roughly $168,300.
6. San Francisco metro area
The median property value is roughly $718,400 in San Francisco. | iStock.com/kropic
Ultra high net worth individuals: 2,310
The San Francisco metro area has seen an increase in the number of ultra high net worth individuals, with a total of 2,310 in 2016. This is an increase of 6% from the year before. This area has a population of 4.66 million and a median household income of $88,518. There has been a 9.3% growth in home values. The median property value is roughly $718,400.
5. Dallas metro area
There has been a 7.41% growth in home values. The median property value is now at roughly $172,500. | iStock.com/f11photo
Ultra high net worth individuals: 2,330
The Dallas metro area has seen an increase in the number of ultra high net worth individuals, with a total of 2,330 in 2016. This is an increase of 5.4% from the year before. This area has a population of 7.1 million and a median household income of $61,644. Property values have also seen some growth. There has been a 7.41% growth in home values. The median property value is at roughly $172,500.
4. Washington, D.C., metro area
The median property value is at roughly $401,500 in Washington, D.C. | iStock.com
Ultra high net worth individuals: 2,570
The Washington, D.C., metro area has seen an increase in the number of ultra high net worth individuals, with a total of 2,570 in 2016. This is an increase of 8.9% from the year before. This area has a population of 6.1 million and a median household income of $93,294. There has been a 3.77% growth in home values. The median property value is at roughly $401,500.
3. Chicago metro area
Property values have risen around Chicago. | Scott Olson/Getty Images
Ultra high net worth individuals: 3,110
The number of ultra high net worth individuals has risen in the Chicago metro area, with a total of 3,110 in 2016, an increase of 7.6% from the year before. This area has a population of 9.6 million and a median household income of $63,153. Property values have also risen in this part of the country. There has been a 5.9% growth in home values. The median property value is at roughly $224,300.
2. Los Angeles metro area
The median property value in the Los Angeles metro area is roughly $540,600. | David McNew/Getty Images
Ultra high net worth individuals: 4,600
When you think of America’s wealthy, Los Angeles is likely one of the first places to come to mind. The Los Angeles metro area had 4,600 ultra high net worth individuals in 2016. This is an increase of 8% from the year before. This area has a population of 13.3 million and a median household income of $62,544. Property values have seen some gains. There has been a 9.2% growth in home values. The median property value in the Los Angeles metro area is roughly $540,600.
1. New York metro area
The median property value in the New York metro area is roughly $414,000. | iStock.com/AndreyKrav
Ultra high net worth individuals: 8,350
The New York metropolitan area takes the No. 1 spot for having the most ultra high net worth individuals in 2016. The number of ultra millionaires is roughly 8,350. This is a 9% increase from the year before. The New York metro area continues to attract the world’s wealthiest people because it remains the financial center of the world and is the largest regional economy in the United States. This area has a population of about 20.2 million and a median household income of $68,743. Property values have seen a 4.36% growth. The median property value in the New York metro area is roughly $414,000.
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