America’s moneyed elites have long flocked to coastal hubs of wealth such as New York City and Los Angeles—but now, the richest 1% have started migrating to cities off the beaten path.

These five “second-tier” hubs have blossomed into the fastest-growing cities for millionaires since 2013, according to the USA Wealth Report 2024 by the investment consulting firm Henley & Partners.

And there are different reasons they are enticing deep-pocketed newcomers—from tech jobs, to simply being a great place to raise a family or retire.

Austin, TX

Austin has emerged as the top domestic destination for the ultrawealthy, having seen millionaire growth of 110% over the past decade, according to Andrew Amoils, head researcher at wealth intelligence firm New World Wealth, which commissioned the report.

Dubbed “Silicon Hills,” Texas’ state capital has grown from an artsy, barbecue-loving tourist destination into a major tech capital. A number of companies have moved their headquarters to Austin, including Elon Musk‘s Tesla, Oracle, Chevron, and Hewlett Packard Enterprise.

Earlier this month, Realtor.com® announced the relocation of its corporate headquarters to Austin from Santa Clara, CA.

Close to 12% of views of Austin’s luxury home listings on Realtor.com in fall and winter 2024 came from Dallas, followed by Chicago with 5.3% and San Antonio, TX, with 4.6%, according to Realtor.com senior economic research analyst Hannah Jones.

The starting price of a typical luxury home in Austin was $2.1 million, or more than three times the median home list price in the city.

Scottsdale, AZ

Scottsdale notched the second-biggest growth in millionaires, at 102% over the past 10 years, in no small part thanks to its many exclusive golf and lifestyle estates, according to Amoils.

The researcher tells Realtor.com that the Arizona desert city, known for its healthy, dry climate, has been attracting large numbers of tech entrepreneurs from California, as well as wealthy retirees keen on spending their golden years perfecting their backswing at places like Estancia Club or Silverleaf.

Figures analyzed by Amoils indicate that most of the moneyed tech executives who work in the Greater Phoenix metro live in Scottsdale and the neighboring community of Paradise Valley.

Scottsdale’s high-end home listings drew the most views from Chicago, Los Angeles, and Tucson, AZ.

The starting price of Scottsdale’s luxury market was $4.06 million, or nearly four times the median list price of $1.14 million.

West Palm Beach, FL

An exclusive town on a barrier island, Palm Beach has emerged as a luxury housing juggernaut since the COVID-19 pandemic, attracting wealthy Californians and New Yorkers in droves—and sending local home prices skyrocketing in the process.

The nearby mainland city of West Palm Beach, albeit not quite as upmarket as its neighbor, has equally benefited from an influx of affluent newcomers, especially those of retirement age.

Both cities, which are separated by a bridge, have seen a wealth growth of 93% over the past decade. And even though the pandemic is now over, it has done nothing to stave off the influx of well-to-do transplants, particularly those working in the investment management and entertainment industries, according to Amoils’ report.

In Palm Beach, which is home to President Donald Trump‘s Mar-a-Lago estate, the median home price was a staggering $2.9 million.

With the island’s inventory of highly desirable oceanside properties dwindling fast, with NFL team owners and Forbes-listed billionaires eager to snap up the few available homes, vacant parcels of land, especially those situated in an area known as Billionaires Row, have been selling for over $100 million.

“These second-tier markets are attracting attention from buyers in dense, high-priced areas, who are perhaps looking to round out their lifestyle with a new home,” says Jones. “The warmer markets, such as Austin, Scottsdale, and the Florida markets, all attract buyers from the chillier, bustling economic hubs of New York and Chicago, as well as buyers from nearby markets.”

Not surprisingly, luxe home listings in West Palm Beach attracted the most views from house hunters living in chilly New York City, Boston, and Chicago last year.

But it’s not just the sun-soaked, palm tree-lined cities that have been winning over millionaires.

Greenwich and Darien, CT

The ultrapricey neighboring towns of Greenwich and Darien on Connecticut’s affluent Gold Coast have seen a rush of investment bankers, hedge fund managers, and financiers, contributing to their millionaire growth of 84% over 10 years.

Amoils writes that both are “relatively safe towns,” with top-notch private schools guaranteed to appeal to families, and their proximity to New York City increasing their desirability even further.

Darien and Greenwich see about a quarter of luxury viewership from the Big Apple, and about 6% to 7% viewership from Boston, according to Jones.

“Home shoppers in these areas are likely looking for more space outside of the city to either relocate or vacation,” she explains. “Darien and Greenwich are still within a roughly one-hour commute from New York City, offering buyers an idyllic, yet convenient, place to call home. ” 

With a luxury price threshold of an eye-popping $15.35 million and a median list price of $4.36 million, Greenwich is by far the most expensive of the fastest-growing millionaire hot spot on the list.

Future millionaire hot spots to watch

Austin, Scottsdale, and West Palm Beach are expected to retain their status as the leaders in millionaire growth for the next decade.

But Amoils’ report points out several other unexpected markets that are now gathering momentum and preparing to emerge as the next domestic wealth hubs. They include Salt Lake City and Tampa and Naples, FL.

Recently named America’s “Least Stressed City,” Salt Lake City is a burgeoning center for technology companies and financial startups.

The other thing that speaks in Salt Lake City’s favor is its relatively close proximity to the ski resort town of Park City, where many of America’s rich and famous own second homes.

While Florida is currently in the throes of a housing crisis brought on by a shortage of affordable homes, the cities of Tampa and Naples, both sitting on the state’s west coast, are booming.

Tampa, where the median list price was just under $470,000 in January, has been attracting professionals working in finance, tech, and health care.

Meanwhile, Naples, where a typical home costs close to $780,000, has been growing in popularity as a retirement destination offering sandy beaches, high-end shopping centers, and manicured golf courses.

“A lot of the luxury buyer attention to these second-tier markets is coming from areas that are more dense and much faster-paced,” says Jones. “Whether moving for good or just looking for a second home, buyers can take advantage of the relative value and space these markets provide.”