VIDEO: Dallas Home to 68,600 Millionaires

City of Dallas
City of Dallas | Image by Sean Pavone/Shutterstock

Dallas has been crowned one of America’s wealthiest cities.

A recent report by consulting firm Henley & Partners found that Dallas is home to 68,600 millionaires, ranking it the sixth wealthiest city in America.

The number of those with a net worth of $1 million or more in Dallas has swelled 75% in the past decade — ranking Dallas No.4, behind Austin (110%), The Bay Area (82%), and Miami (78%). In addition to those who have reached millionaire status, Dallas is home to 125 centi-millionaires and 15 billionaires.

In 2023, a report by London-based intelligence firm Altrata found Dallas to be 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, as previously covered by The Dallas Express.

The number of UHNW individuals who live in Dallas was 4,686 at the time of the 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 Altrata report.

According to the Henley & Partners report, the top wealthiest city in the USA remains New York City, with 349,500 millionaires calling the Big Apple home. Rounding out the top five cities are The Bay Area (305,700), Los Angeles (212,100), Chicago (120,500), and Houston (90,900).

Just a bit further south, Texas’s capital, Austin, has had the biggest wealth growth over the past decade, with a 110% increase in the millionaire population between 2013 and 2023, largely attributed to the pop-up of tech companies and startups sprawling around the city.

Overall, the U.S. ranks first globally, home to 37% of the world’s millionaires, with “some 5.5 million high-net-worth individuals who hold over $1 million in liquid investable assets. This number has risen by an impressive 62% over the past decade, well ahead of the worldwide growth rate of 38%,” according to the report.

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