Scottsdale Surpasses Austin as Fastest-Growing Millionaire Hub

Austin, Texas, which previously led the U.S. in attracting millionaires during the pandemic, has lost its status as the fastest-growing wealth hub to Scottsdale, Arizona. Scottsdale has seen a 125% increase in its millionaire population from 2014 to 2024, surpassing Austin and other major cities due to its expanding tech sector and appeal as a luxury retirement destination. The decline in Austin's allure for the ultra-wealthy is attributed to a slowdown in its tech industry, rising climate-related risks, increasing home insurance premiums, and falling housing prices. Major tech companies like Tesla and Oracle, which initially boosted Austin's growth, have partly relocated or slowed expansion, while Scottsdale has attracted firms such as GoDaddy and Microchip Technologies. Experts link the shift to broader migration trends influenced by return-to-office policies and economic uncertainties within the tech sector. Consequently, Scottsdale now hosts around 14,800 millionaires, marking a significant rise in its status as a premier wealth hub.