California, New York Host Majority of U.S. Billionaires in 2025

In 2025, the United States continues to concentrate billionaire wealth predominantly in California, New York, Florida, and Texas, which together host more than 60 percent of the nation's billionaires. California leads with around 186 to 199 billionaires, driven by tech magnates in the Bay Area and biotech clusters, while New York follows with about 135 to 136 billionaires mainly from finance and investments. Florida and Texas have seen gains in billionaire residents due to favorable tax policies and lifestyle advantages attracting wealthy migrants. Globally, the UAE has become the top destination for relocating millionaires, drawing approximately 9,800 millionaires with $63 billion in investable wealth, thanks to its zero-income tax regime, geopolitical stability, and efficient government systems. Meanwhile, the U.S. is the world's second favorite destination for emigrating millionaires, expected to welcome about 7,500 in 2025. These trends highlight a shifting landscape of wealth migration influenced by tax incentives, quality of life, and economic opportunity.