Austin, Step Aside. Scottsdale, Arizona Is America's Fastest-Growing Millionaire Metropolis
If you want to know where America's wealthiest people are heading, go to Scottsdale, Arizona. The towny desert city is hot in more ways than its scorching temperature. According to investment consulting firm Henley & Partners' USA Wealth Report 2025, it is the nation's fastest-growing metro for millionaires.
The sun-baked city, known for its chic restaurants and upscale golf clubs, saw its millionaire demographic soar by 125% in a decade — from 2014 to 2024, outstripping Austin, Texas, which formerly held the top spot. 'Scottsdale has grabbed the attention of high-earning households over the last decade as luxury buyers flock to the area in search of sunshine and access to the area's amenities, such as golf courses and resorts,' Hannah Jones, a senior economic research analyst at Realtor.com said.
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The USA Wealth Report 2025 puts much of the city's rapid growth down to its tech sector. Companies with offices in Scottsdale include Yelp (NYSE:YELP), Indeed and Weebly. A host of other tech companies are based in nearby Phoenix, which has become a hub for semiconductor manufacturing and the development of autonomous vehicles, including self-driving cars and drones, CNBC reports.
Anne Hoecker, global head of technology at Bain Global, told CNBC that Phoenix's 'favorable business environment,' the 'ecosystem of other companies,' and its 'close proximity to a university that has a strong engineering program' make it ideally suited to be a leading tech city. The University in question is Arizona State, whose SkySong, The Scottsdale Innovation Center, has helped to launch over 100 startups since its founding in 2008, according to the city's economic development website, Choose Scottsdale.
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One of the biggest drivers of big money in the area has been the presence of global tech powerhouses Intel (NASDAQ:INTC), Google and Taiwan Semiconductor Manufacturing Co. (NYSE:TSM). TMSC pledged to invest $65 billion in the greater Phoenix area by the end of the decade as part of an overall $165 billion U.S. investment package. As part of the investment, the company agreed to build a science and technology park, which, once complete, is expected to create 62,000 jobs, CNBC says.
'They're basically duplicating the science park concept that was pioneered in Taiwan,' Rick Cassidy, chairman of TSMC Arizona, told the outlet. 'It solves lots of problems for our smaller suppliers. They can actually rent space and just plug in.'
Wealthy tech executives working in the greater Phoenix area have chosen to settle in Scottsdale and nearby Paradise Valley. According to the Henley & Partners report, as of 2024, 14,800 millionaires, 64 centimillionaires, and five billionaires resided in the Scottsdale area, making it one of the wealthiest small cities in the U.S. To put this into context, according to Henley & Partners, 36% of the world's centi-millionaires, with a net worth of $100 million or more, and 33% of its billionaires reside in America.'The luxury housing market in Scottsdale has boomed as buyers, particularly from California, take advantage of the area's appealing standard of living,' Realtor.com's Jones says. 'Significant investment in the area has only heightened Scottsdale's appeal as builders and developers cater to these new movers.'
According to Zillow, the average home price in Paradise Valley's 85253 zip code is over $3 million, with a median price of $4.4 million, representing a 10% increase over the last 12 months.
'It's a different world here now,' Cheryl Anderson, a real estate agent with Russ Lyon Sotheby's International Realty, told The Wall Street Journal in January 2024 after witnessing a decade of rapid growth. 'Real estate prices have gone crazy.'
Read Next: Here's what Americans think you need to be considered wealthy.
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This article Austin, Step Aside. Scottsdale, Arizona Is America's Fastest-Growing Millionaire Metropolis originally appeared on Benzinga.com
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