Dallas is the 22nd richest city in the world, with the number of billionaire residents increasing by 75% over the past decade.
The city is home to 68,600 billionaires in the midst of an economic boom, according to a report by Henley & Partners, a private investment and migration consultancy based in London. It is her sixth richest city in the United States, ranking behind stiff competition such as New York City, Los Angeles, and Chicago.
Texas cities aren't the only ones on the list. Houston surpasses Dallas as the fifth-wealthiest city in the nation with 90,900 billionaires, and Austin ranks 10th in the nation with 32,700 billionaires.
Billionaires aren't the only ones contributing to their wealth. Centimillionaires (individuals with a net worth of over $100 million) are prominent in Dallas, with 125 of them living in the city. The city is home to 15 millionaires, including oilman Ray Hunt, philanthropist Margot Perrault, Dallas Cowboys owner Jerry Jones, and Dallas Mavericks minority owner Mark Cuban. The elders also live there.
Dallas is also home to 11 Fortune 500 companies, including telecommunications giant AT&T, Southwest Airlines, and pipeline transportation giant Energy Transfer.
Ray Perryman, CEO of Waco-based research firm Perryman Group, said these companies are part of Dallas' special sauce for attracting people with deep pockets. .
“Dallas has long been the economic center of the Sunbelt for trade, transportation, finance and other areas,” he said. “In recent decades, it has also become a major center for technology. It also has a significant concentration of Fortune 500 company headquarters, and although it is not a producing region, it has traditionally been associated with Texas' vast oil and It has attracted a lot of people regarding ownership of gas reserves.”
Beyond the region's traditional businesses, the city is attracting the attention of private equity firms from neighboring states and other countries.
But the work is not done yet. The city recently passed a bond package that includes Proposition G. This is a $72.3 million package aimed at promoting economic development through incentives and grants. It's a key part of the city's bond package, giving lawmakers an additional tool to attract companies to Dallas as a new home for their headquarters.
The package also guarantees that $36.6 million of that money will go toward mixed-income housing, helping businesses make Dallas a national contender as the battle to relocate businesses continues. That's an important factor, said District 14 City Councilman Paul Ridley.
“It will have the long-term effect of increasing the supply of affordable housing in Dallas,” he says. “That in itself can attract businesses here. They realize that the housing market is cheaper than where they relocated from and that there are places where employees of all income levels can find housing.” I am thinking of doing so.”
Perryman said the city's dynamic culture and strong businesses mean its long-term wealth trajectory remains in the right direction.
“It's no surprise that leaders in these fields tend to live in the area for generations of their families,” he says. “Additionally, the region's excellent cultural, entertainment, sports, and other opportunities make it an attractive place to live. All of these factors combine to make Dallas a great choice for successful individuals and families. It’s a natural landing spot.”
