Wealth watch

Dallas added more of these millionaires than any other place in the world last year

Dallas added more of these millionaires than any other place last year

 Jerry Jones and Mark Cuban
Jerry Jones and Mark Cuban are the richest of the rich in Dallas. Usatoday.com

The rich appear to be getting richer in Dallas-Fort Worth. A new report shows that from 2018 to 2019, DFW saw the biggest jump in people with a net worth of $5 million to $30 million among any of the world’s top hubs for millionaires.

In that one-year period, the number of DFW residents in the very-high-net-worth category — defined as $5 million to $30 million — grew 17.5 percent, according to the report, released February 12 by data provider Wealth-X LLC.

As of 2019, DFW was home to an estimated 33,350 people worth $5 million to $30 million, the report says. That’s slightly more people than the current population of Southlake.

According to a 2019 survey by financial services provider Charles Schwab, Dallas-Fort Worth residents think it takes an average net worth of $2.1 million to be considered wealthy in North Texas. More than half of DFW residents believe they’ll reach the “wealthy” threshold at some point in their lives — the future Alice Waltons, Jerry Joneses, and Mark Cubans of DFW.

In 2018, per-capita personal income in DFW totaled $55,886, according to the U.S. Bureau of Economic Analysis. That’s a little over one percent of the lowest rung ($5 million) on the very-high-net-worth ladder.

Of the five other U.S. metro areas among the world’s top 10 regions for people worth $5 million to $30 million, San Francisco experienced a 17.4 percent year-to-year spike in this segment of the rich, followed by New York City (16.9 percent), Los Angeles (16.8 percent), Chicago (16.7 percent) and Washington, D.C. (16.5 percent).

Here’s the Wealth-X ranking of the top 10 global regions for the population of very-high-net-worth individuals:

  1. New York City
  2. Tokyo
  3. Hong Kong
  4. Los Angeles
  5. London
  6. Paris
  7. Chicago
  8. San Francisco
  9. Washington, D.C.
  10. Dallas-Fort Worth

Around the world, the number of people with a net worth of $5 million to $30 million rose more than 10 percent from 2018 to 2019, according to Wealth-X. Their combined net worth also climbed more than 10 percent, to $26.6 trillion. The majority of these wealthy people are self-made millionaires.

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