October 2, 2025

Texas on the Rise: A Hotspot for Ultra-Wealthy Individuals

News Summary

Texas is becoming increasingly attractive to ultra-high-net-worth individuals, with a projected growth rate of 7.9% through 2030. Factors such as a booming tech industry, lower taxes, and a desirable climate are drawing wealthy individuals, with Texas competing against traditional wealth hubs like New York and California. As wealth shifts towards Texas and other states like Florida and Utah, the future looks promising for the Lone Star State as a destination for the affluent.

Florida, Texas, and Utah are projected to experience the fastest growth in ultra-high-net-worth individuals—those with a net worth exceeding $30 million—over the next five years, according to a recent report by wealth intelligence firm Altrata. The report highlights that Florida is leading the charge, with an anticipated annual growth rate of 8.8%. Utah and Texas are not far behind, projecting rates of 8.1% and 7.9% respectively.

The surging growth in these states is attributed to various factors including lower tax rates, favorable climates, and a booming business environment, particularly in finance and technology. Florida, especially, has become an attractive hub for hedge fund managers and cryptocurrency investors. Miami is emerging as a leading luxury real estate market, appealing to the ultra-wealthy.

Meanwhile, Utah’s growth is largely attributed to the expansion of business services, particularly in Salt Lake City, which has become a magnet for high-flying entrepreneurs and wealthy individuals. The state is also known for its luxurious winter sports amenities, enhancing its attractiveness to affluent individuals seeking both lifestyle and business opportunities.

Texas ranks third in the projected growth of ultra-high-net-worth individuals due to its thriving tech industry in cities like Austin and the wealth generated from the energy sector in Houston. The state has also seen high-profile relocations, including the notable move of Elon Musk’s Tesla headquarters from California to Austin in 2021, which underscores the state’s growing importance as a destination for wealthy individuals and families.

Despite the projected growth of Florida, Texas, and Utah, traditional wealth centers like New York and California still dominate in terms of total numbers of ultra-high-net-worth individuals. New York currently houses 21,380 ultra-wealthy individuals, while California’s count stands at 11,680. While California remains the largest state for ultra-wealthy citizens, it is currently facing a strategic shift with a migration of wealth heading south to Florida and Texas.

According to the Altrata report, although California will likely see steady growth in ultra-wealthy residents, this growth is lagging behind the more robust rates predicted for Florida, Texas, and Utah. The contrast reflects changing dynamics in how the wealthy view ideal locations for residence and investment. Lower taxes and more favorable living conditions are likely encouraging this trend, with many wealthy individuals prioritizing lifestyle and financial incentives in their decision-making.

As the landscape of wealth in the United States evolves, new symbols of elite status are emerging. Miami condos, tech campuses in Austin, and ski chalets nestled in Utah’s Wasatch Mountains are now competing with iconic properties in Manhattan and Silicon Valley, marking a significant shift in where America’s elite choose to live and thrive.

The report draws on national economic data and a proprietary database to forecast changes in the demographics of ultra-high-net-worth individuals up to 2030. The implications of these shifts will likely have lasting effects on real estate, investment, and state economies across the country.

Deeper Dive: News & Info About This Topic

Author: STAFF HERE GEORGETOWN

The GEORGETOWN STAFF WRITER represents the experienced team at HEREgeorgetown.com, your go-to source for actionable local news and information in Georgetown, Williamson County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Red Poppy Festival, Georgetown Swirl, and Christmas Stroll. Our coverage extends to key organizations like the Georgetown Chamber of Commerce and the Downtown Georgetown Association, plus leading businesses in manufacturing and tourism that power the local economy such as local wineries and historic downtown shops. As part of the broader HERE network, including HEREaustin.com, HEREcollegestation.com, HEREdallas.com, HEREhouston.com, HEREgeorgetown.com, and HEREsanantonio.com, we provide comprehensive, credible insights into Texas's dynamic landscape.