3 of America’s Wealthiest Cities Are in Texas
The thriving business climate in Texas has helped many Texans grab onto the American dream and earn significant wealth. The state was well represented on a recent list from Henley & Partners ranking America’s wealthiest cities by their number of millionaire and billionaire residents. Texas cities secured three spots in the rankings – more than any other state.
Here’s a snapshot of the wealthiest cities in Texas and what’s driven their success:
Houston
Texas’s most populous city also has its highest population of millionaires and ranks #5 on Henley & Partners’ list of wealthiest cities in the nation. The number of millionaires in Houston has grown by 70% over the last decade.
Port Houston, situated on the Gulf of Mexico, is a major driver of Houston business opportunities as a superhighway of crude oil and chemical trade.
In addition to its strong healthcare, manufacturing, and aviation sectors, Houston is famously a center of spaceflight innovation. Though NASA employs more than 11,000 people in the area, the agency doesn’t hold a monopoly on the space industry. Private companies such as Intuitive Machines and Collins Aerospace are also developing space system technology. A new tower within the Houston Airport System even has dedicated mission control facilities for commercial space flights.
Dallas
As the transportation hub of North Texas, it’s no wonder that the Dallas-Fort Worth metropolitan area is the beating financial heart of the state. Ranked #6 on the list of America’s wealthiest cities, Dallas has long been associated with luxury and high-stakes business, thanks in part to the iconic 1980s primetime soap that shared its name. While Texas’ natural resources have created wealth for many citizens, oil is only the beginning of business opportunities available in Dallas. In the past decade, the city saw a 75% increase in residents with millionaire status.
Four interstate highways converge in the area and the Dallas Fort Worth International Airport is the third busiest in the world. It’s home to the headquarters of 24 Fortune 500 companies, including healthcare giant McKesson, AT&T, American Airlines, and Texas Instruments.
The 2023 U.S. census also identified the Dallas-Fort Worth area as the fastest growing metro area in the nation. Diverse work opportunities and the high quality of life in Texas are expected to continue attracting new citizens.
Austin
At #10, Austin might be ranked lowest out of the three Texas cities that made the list, but other stats show how impressive the rise of this quirky locale has truly been. In the decade between 2013 to 2023, Texas’ capital city saw a whopping 110% growth in millionaire residents.
Tech advancements are at the center of the recent boom in Austin business opportunities. The “Silicon Valley of the South” is home to legacy giants like Dell Technologies as well as newer transplants like Tesla. The South by Southwest (SXSW) festival merges art with cutting-edge technology and cultural conversation, drawing hundreds of thousands of people to the area each year.
Austin borders Texas’ picturesque Hill Country, offering urban residents many nearby recreational opportunities and getaways. Hill Country explorers can find mysterious caverns, luxurious vineyards, dazzling wildflowers, and more.
Move Your Company to Texas and Add Another Millionaire to Our Ranks
Being home to three of America’s wealthiest cities is just one of the many indicators of the economic strength of Texas. As the state continues to grow with pro-business policies and strategic workforce development, it’s a perfect time to move your company here or take a leap with a new venture. Subscribe to the Texas Economic Development Corporation’s E-Newsletter to stay connected to business news.
