WHERE THE OTHER HALF LIVES
Dallas sits pretty among world's top 20 cities with most mega-wealthy homeowners
The ultra rich are ultra attracted to Dallas. In a new report, Dallas ranks No. 14 in a list of the 20 cities worldwide with the highest number of ultra-high net worth individuals. Dallas lands just behind Paris as a location where the greatest number of ultra-wealthy people have primary or secondary homes.
The report by Altrata, an intelligence firm that creates data-based profiles on ultra-high net worth individuals (UHNWs), explores where the most individuals with a net worth of over $30 million choose to live.
While other recent reports highlighting North Texas focus on the 1% and the income required to attain that rank, this study investigates those with accumulated wealth.
New York leads the global list with 21,714 ultra-wealthy residents, while Dallas claims 4,686.
Just behind Dallas is Houston, at No. 15, which boasts 4,420 ultra-wealthy folks.
While Dallas and Houston are the only Texas cities on the list (how did billionaire-tech-mecca Austin not make it?), U.S. cities dominate the rankings with only four international cities in the top 10: London, Hong Kong, Beijing, and Singapore.
That Dallas and Houston rose to the top of this list shouldn't be surprising since both cities were also recognized recently among the biggest markets in Texas for sales of homes valued at $10 million or more. As evidenced by recent listings, mansions and extreme luxury homes are a notable part of the real estate market in Dallas.
"In a world of volatile politics, uncertain economic prospects and rapid social and technological change, the wealthy population’s preferences for how and where they live are constantly shifting. Yet the significance of ‘home’ for the wealthy — as a haven for family, a place of work or a vacation escape for personal wellbeing — remains as strong as ever," the authors of the report say. "Moreover, the allure of the city, whether for business, cultural, family or lifestyle reasons, remains strong, driving demand across the world’s luxury residential real estate market."
This report also investigated the cities with the most ultra-wealthy individuals per capita, with Monaco and Aspen topping that list. Cities where the most ultra-rich people have second homes include New York, Miami, and Los Angeles.
For the curious, or for those planning on moving on up, here's the full list of the top 20 cities where the rich (and famous?) live and how many ultra-wealthy residents each city has:
- New York: 21,714
- London: 15,907
- Hong Kong: 15,175
- Los Angeles: 13,194
- Miami: 10,831
- San Francisco: 9,221
- Beijing: 8,923
- Singapore: 7,471
- Chicago: 6,506
- Washington, D.C.: 5,732
- Boston: 5,722
- San Jose: 5,291
- Paris: 5,235
- Dallas: 4,686
- Houston: 4,420
- Seattle: 4,334
- Toronto: 3,742
- Atlanta: 3,420
- Denver: 3,134
- Phoenix: 2,969