West Palm Beach, Palm Beach rank high in national list for growing affluence
West Palm Beach and Palm Beach came in second place in a ranking of fastest growing 'wealth hubs' nationwide as affluent households migrated to Palm Beach County following the pandemic, according to a new report from Henley and Partners.
The two cities combined came in runner up to Scottsdale, Arizona, and ahead of the northern California Bay Area, Miami and Washington, D.C. They ranked third in last year's ratings.
The USA Wealth Report 2025 released May 20 follows an April study from Henley and Partners that ranked West Palm Beach and Palm Beach fourth internationally for their growing affluence. Ahead of the two cities in the international survey was Shenzhen, China, Scottsdale, Arizona, and third place Bengaluru, India.
According to the studies, the two cities experienced a 112% increase in millionaires between 2014 and 2024.
'West Palm Beach (and Palm Beach) has become a coveted retirement destination for millionaires from New York and California,' the report notes. 'Furthermore, a growing number of affluent individuals — particularly from the hedge fund, media, and entertainment sectors — are choosing to live and operate from this area post-Covid.'
In sheer numbers, the wealth report found that West Palm Beach and Palm Beach combined have 11,500 millionaires, 78 centimillionaires (people with $100 million-plus) and 10 billionaires.
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The Business Development Board of Palm Beach County estimates there are 60 billionaires countywide, while an analysis of Forbes data by the Palm Beach Daily News found there are 68 billionaires with strong residential ties to the Town of Palm Beach.
While West Palm Beach and Palm Beach are ranked high for growing wealth, they are still lower on the list for the total number of affluent residents, ranking 15th nationally for the number of centimillionaires. New York City, the Bay Area and Los Angeles took the top three spots.
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Kimberly Miller is a journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate, weather, and the environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@pbpost.com. Help support our local journalism, subscribe today.
This article originally appeared on Palm Beach Post: West Palm Beach is growing millionaires but not as fast as this city
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