The United States is home to a staggering 5.5 million millionaires, defined as those holding over $1 million in liquid assets. That is 37 percent of all the Million Club members in the world.
Inside the U.S., New York City, the San Francisco Bay Area, and Los Angeles have for decades had the most millionaires. But the Sun Belt is quickly gaining on those centers, driven by the rise of remote work capability, good weather and, of course, states with zero or low income taxes and friendly job-creation policies.
Miami, Dallas, and Houston have each seen the number of millionaires living there jump by more than 70 percent in just the last decade. Scottsdale, Arizona, has seen a 102 percent increase, followed closely by Florida’s Palm Beach, which saw a jump of 93 percent over the past decade.
We find it astonishing that cities once known for their appeal to people of all income groups have given up so much of their competitive advantage. People in the Blue States are voting with their feet for better living and earning conditions, but their political leaders seem content to preside over a shrinking economic pie that leaves everyone worse off, except members of the Governmental-Industrial-