Dallas ranks among the top 20 global cities with ultra-wealthy homeowners.
The City of Dallas is considered one of the leading markets in the world among the ultra-wealthy, ranking No.14 out of 20 for its share of ultra-high net worth (UHNW) homeowners, according to a new report by London-based intelligence firm Altrata using data from Wealth-X, which covers 4 million of the wealthiest people in the world from over 175 countries.
“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,” Altrata said in its report.
“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,” Altrata said.
The number of UHNW individuals that live in Dallas was 4,686 at the time of Altrata’s 2023 report. This placed Dallas’ luxury home market slightly behind Paris’ (5,235) but ahead of Houston’s (4,420) – the only other city in Texas to make the list.
“Demand for luxury real estate is, and will continue to be, driven by the offer of prestige, status, and lifestyle, as well as an attraction to unique and one-of-a-kind properties,” Beqo Hoti, founder and CEO of Shaza Luxury Real Estate, said in the report.
The No.1 market for the ultra-wealthy was found in New York City, with a total of 21,714 UHNW individuals, roughly 5,000 more than in London, which was ranked No.2 with 15,907.
Los Angeles and Miami came in at rank No.4 and No.5, respectively, with each city having a UHNW footprint of over 10,000, according to the report. The luxury home market in Phoenix placed at the bottom, ranking No.20, with 2,969 UHNW residents.
“One dramatic effect of the pandemic was that many UHNW buyers shifted their focus to larger residences that enable them to be close to family and pursue their businesses and passions all in one location,” which was the primary appeal of New York, said Dan Tubb, senior director of sales at The Towers of the Waldorf Astoria Residences.
Besides ranking No.14, the report did not provide further detail about Dallas’ home market and how it stacked up compared to other top 20 cities.
Still, while the lion’s share of UHNW individuals chose homes in New York, Dallas is not entirely without its share of luxury New York-style properties.
More recently, New York-based condo developer James Pereira completed major top-town renovations on the penthouse of The Residences at W Dallas, as reported by The Dallas Express. The goal, according to Pereira, was to give the Dallas market a taste of what living in a New York-style condominium is like.
The complete list of the top 20 cities can be found here.