Land of Wealth

Dallas breeds multimillionaires: No. 4 in U.S. for super-rich

Dallas breeds multimillionaires: No. 4 in U.S. for super-rich

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With the number of multimillionaires now living in Dallas, you might see more Teslas on the road. Photo by Kevin McCauley

If you've noticed a few more Teslas and Bentleys on the streets around Dallas in recent years, there's a good reason for that: According to a new study by New World Wealth, Dallas ranks fourth in the United States for multimillionaire population growth over the past 10 years.

Dallas has seen a 58 percent increase in people with a net worth of $10 million or more — from 1,750 in 2004 to 2,770 in 2014. Only Houston, Seattle and the San Jose area saw bigger increases. The San Francisco area rounded out the top five.

As a point of comparison, in the last decade, worldwide multimillionaire numbers have grown by 71 percent.

Speaking of the world, American cities are dwarfed by the increases seen in Asia and South America. Sixteen places in China have experienced astronomical growth in the number of multimillionaires; the lowest is 367 percent. In countries like Japan, Korea, Australia and Vietnam, several cities topped 300 percent growth.

Perhaps those multimillionaires could spread the wealth. According to the U.S. Census Bureau, the average household income in Dallas from 2009-2013 was just under $43,000 — $9,000 below the Texas average and $10,000 less than the national average.