Dallas millionaire population surges by 75% in decade, Dallas ranks 22nd globally for millionaires

Dallas, Texas – Henley & Partners, a private investment migration consultancy based in London, recently highlighted Dallas as one of the top 50 cities globally for millionaires. Over the decade from 2013 to 2023, the number of millionaires in Dallas increased by 75%. The city, ranking 22nd, now boasts 68,600 millionaires, 125 individuals with over $100 million, and 15 billionaires.

Notable billionaires in Dallas include Jerry Jones, the owner of the Dallas Cowboys; entrepreneur and TV personality Mark Cuban; and philanthropist Margot Perot. However, Houston outshines Dallas, ranking 17th worldwide with its 90,900 millionaires. Austin also made the list, placing 35th globally with 32,700 millionaires.

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According to AllNews102, the Dallas – Fort Worth area is leading the nation in population growth. Between 2017 and 2022, there was a notable increase in millionaire households in the area. Specifically, in the Dallas-Fort Worth-Arlington area, households earning over $1 million annually jumped to 2,648, making up 0.09% of the total households.

The changing makeup of wealthy households reveals a shift in the distribution of wealth. Previously dominated by baby boomers, Generation X now leads, forming 44.1% of millionaire homeowners in the area. Baby boomers are not far behind at 24.7%, with millennials making up 19.3%. Generation Z is also making its mark, accounting for 9.7% of these affluent homeowners.

This increase in millionaire homeowners is part of a larger trend of growing wealth across different income levels. Although economic disparities remain, there is a clear trend toward higher earnings, accompanied by a decrease in households making less than $75,000 a year.

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Dallas is notable for its wealth, but it’s not alone in the U.S. In 2022, Frisco was named the third richest city in the nation. Most residents in Frisco earn at least $100,000 a year, with the population just over 188,000. While this doesn’t quite reach millionaire status, Frisco remains a significant contender in terms of affluence.