Land of Wealth

Texas cities lead nation in multimillionaire population growth

Texas cities lead nation in multimillionaire population growth

With the number of multimillionaires now living in Dallas, you might see more Teslas on the road. Photo by Kevin McCauley

If you've noticed a few more Teslas and Bentleys on the streets of Texas, there's a good reason for that: According to a new study by New World Wealth, Texas is home to two of the top five cities in the United States for multimillionaire population growth over the past 10 years.

Houston ranks No. 1 in America. The results shows 1,420 multimillionaires (people earning $10 million or more per year) were added to the Houston area over the last decade, bringing the city's multimillionaire population to 3,690 in 2014. This indicates a growth of 63 percent. 

Dallas ranks fourth in the United States. It has seen a 58 percent increase in multimillionaires — from 1,750 in 2004 to 2,770 in 2014. Seattle, San Jose and the San Francisco area rounded out the top five.

As a point of comparison, in the last decade, worldwide multimillionaire numbers have grown by 71 percent.

Speaking of the world, American cities are dwarfed by the increases seen in Asia and South America. Sixteen places in China have experienced astronomical growth in the number of multimillionaires; the lowest is 367 percent. In countries like Japan, Korea, Australia and Vietnam, several cities topped 300 percent growth.