In the last decade, South Florida has seen a significant uptick in its wealthy population, with West Palm Beach and Palm Beach securing spots among the top five cities in the United States experiencing the fastest growth in millionaire residents. This trend, detailed in the latest Henley & Partners USA Wealth Report, highlights a 93% increase in millionaires in these two cities from 2013 to 2023, placing them third in the ranking. Despite dropping from second place in previous years, the surge in wealth is notable, with experts pointing to the pandemic era as a catalyst for the influx of financial services firms and affluent individuals from less business-friendly states. Austin, Texas, and Scottsdale, Arizona, lead the list, showcasing even higher growth rates.
West Palm Beach and Palm Beach have 10,200 millionaires, 69 centi-millionaires (people with $100 million-plus) and nine billionaires, with over 47 billionaires across the county. This growth spurt has earned West Palm Beach the nickname “Wall Street South,” attracting major financial players and reinforcing its economic stature. The movement of people from restrictive urban centers in the northeast, combined with favorable conditions like low interest rates, has accelerated relocation plans for many, enhancing local communities with highly educated and affluent new residents.
Miami, previously ranked 4th and 5th in past years, dropped from the top 5 in the latest rankings. In its place, the Connecticut towns of Greenwich and Darien secured the 4th position in the 2024 report, while the California Bay Area took the 5th spot.
Experts have varying opinions on the pandemic's role in this wealth boom, but the consensus recognizes the positive impact of this demographic shift on the county. The influx of wealth promises increased philanthropic contributions and calls for investments in education and affordable housing. As the region adapts to its growing affluent population, strategies shift towards ensuring long-term satisfaction for these newcomers, focusing on enhancing transportation and housing infrastructure.
Sign up for Florida of Tomorrow's free newsletter below to receive the latest real estate and new business information shaping the Florida of Tomorrow.
