The New Luxury Migration: 5 Unexpected Cities Attracting Ultra-Wealthy Buyers

For decades, America’s wealthiest individuals gravitated toward traditional power centers like New York City and Los Angeles. But a new trend is emerging—high-net-worth buyers are migrating to less conventional markets, reshaping the landscape of luxury real estate.

According to the USA Wealth Report 2024 by Henley & Partners, these five cities have experienced the fastest millionaire growth over the past decade. For developers and investors, understanding the driving forces behind these shifts presents lucrative opportunities.

1. Austin, TX: The New Silicon Hills

• Millionaire Growth (2013-2023): 110%

• Luxury Market Entry Point: $2.1M

Austin has transitioned from an artsy cultural hub into a major tech powerhouse. With corporate giants like Tesla, Oracle, Chevron, and Hewlett Packard Enterprise relocating, the influx of high-income professionals has fueled demand for luxury homes.

Realtor.com® recently moved its headquarters from California to Austin, further solidifying the city’s status as an economic magnet. High-end properties are in demand, particularly from buyers in Dallas, Chicago, and San Antonio. For investors, Austin offers a compelling mix of high appreciation potential and strong rental demand in the executive housing market.

2. Scottsdale, AZ: The Golf & Tech Magnet

• Millionaire Growth: 102%

• Luxury Market Entry Point: $4.06M

Long known for its desert beauty and world-class golf, Scottsdale has emerged as a top destination for tech entrepreneurs and wealthy retirees. Many executives working in the booming Greater Phoenix tech scene prefer to live in Scottsdale or Paradise Valley, creating a robust high-end housing market.

Luxury properties here receive strong interest from Chicago, Los Angeles, and Tucson buyers. The city’s combination of business-friendly policies, tax advantages, and desirable climate makes it a prime market for developers focused on high-end lifestyle communities.

3. Palm Beach & West Palm Beach, FL: The Billionaire’s Playground

• Millionaire Growth: 93%

• Luxury Market Entry Point: $2.9M+ (Palm Beach)

Palm Beach has become a post-pandemic luxury powerhouse, attracting an influx of finance executives, celebrities, and investors. The ultra-exclusive Billionaires’ Row has seen land sales topping $100M, with demand far outstripping supply.

West Palm Beach, just across the bridge, is benefiting from spillover demand, offering more development opportunities. The bulk of luxury buyers are coming from New York, Boston, and Chicago, reinforcing Florida’s appeal as a tax-friendly haven.

4. Greenwich & Darien, CT: Wall Street’s Suburban Oasis

• Millionaire Growth: 84%

• Luxury Market Entry Point: $15.35M (Greenwich)

Connecticut’s Gold Coast, particularly Greenwich and Darien, has seen a surge of investment bankers, hedge fund managers, and finance executives relocating from Manhattan. With top-tier private schools, safety, and proximity to NYC (one-hour commute), these towns are ideal for affluent families.

Luxury listings here attract high viewership from New York and Boston buyers, signaling continued strength in the high-end market. For investors, this region remains one of the most exclusive and resilient luxury markets in the country.

Emerging Luxury Hotspots: What’s Next?

Beyond these five cities, several up-and-coming markets are poised for significant wealth migration:

• Salt Lake City, UT: A rising hub for tech startups and financial firms, boosted by proximity to Park City’s luxury second-home market.

• Tampa, FL: Strong growth in finance, tech, and healthcare, coupled with relatively affordable luxury home prices.

• Naples, FL: A premier retirement and second-home destination with pristine beaches, high-end shopping, and top golf courses.

Key Takeaway for Investors & Developers

Luxury migration is no longer confined to traditional elite markets. Affluent buyers are prioritizing lifestyle, tax advantages, and economic opportunity—and they’re willing to move for it.

For developers, the demand for high-end homes, exclusive communities, and luxury rental properties in these second-tier markets presents high-yield opportunities. Whether through new construction, strategic acquisitions, or premium rental investments, capitalizing on these trends can position investors for long-term gains.