The number of people with a net worth of $1 million or more has increased by 75% in the past 10 years.
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The number of billionaires in Dallas has increased by 75% over the past decade as wealth continues to accumulate in the fastest growing region in the United States.
That's according to a report by consulting firm Henley & Partners Holdings, which ranked Big D fourth in billionaire growth from 2013 to 2023. Dallas tied with Washington, D.C., trailing only Austin on San Francisco Bay. Area and Miami.
This concentration of wealth has a profound effect on a wide range of people in North Texas, from financial advisors and other service providers to government leaders and nonprofit executives.
Dallas has the sixth-highest number of billionaires in the nation at 68,600, according to Henley & Partners, which specializes in residence and citizenship by investment.
In New York, 349,500 people continue to wear the millionaire crown. The Bay Area ranked him second, followed by Los Angeles, Chicago and Houston.
However, the Bay Area, which has a thriving high-tech industry, ranked first in the nation with 68 billionaires. New York City came in second with 60, followed by Los Angeles with 43. Dallas was sixth with 15 billionaires.
Dallas' increase in wealth coincided with an economic boom. The Dallas-Fort Worth metropolitan area has led the nation in population growth in recent years, adding an estimated 152,598 people from mid-2022 to mid-2023, more than any other metro in the nation, according to new data from the U.S. Census Bureau. This was the largest increase. . The region's population has grown to over 8 million people.
The Metroplex has added a number of corporate headquarters in recent years, including Charles Schwab Co., Caterpillar Inc., and CBRE Group Inc.
The allure of wealth has contributed to DFW's status as America's financial center, with hundreds of asset management companies choosing to relocate or expand to the region. In December 2020, DFW surpassed metro Los Angeles to become the nation's second-largest hub for financial workers, behind New York, according to data from the U.S. Bureau of Labor Statistics.
Dallas isn't the only city in Texas experiencing rising wealth. A report from Henley & Partners named Austin as the fastest growing billionaire hub, with an increase of 110% over the past 10 years.
Other parts of the country expected to see an increase in the number of wealthy people over the next decade include Salt Lake City, Tampa, Florida, and Naples, according to the report.
Nationally, the number of billionaires increased by 62% from 2013 to 2023, significantly outpacing the global growth rate of 38%, according to a report from Henley & Partners. The United States ranks first in investable liquid assets of $67 trillion, number of billionaires (5.5 million), and number of millionaires (788). However, America's per capita wealth is $201,497, ranking it sixth in the world behind Monaco, Luxembourg, Switzerland, Australia, and Singapore.
