Scottsdale is cashing in as a magnet for millionaires, with stats lining up like luxury cars at a country club valet. A report from Phoenix Business Journal indicates the desert city's millionaire population has skyrocketed with an impressive 102% increase over the past decade. Those numbers are hot on the heels of Austin, Texas, which leads the pack at a 110% uptick in megabuck residents, but they paint the picture of an Arizona town on the upswing.
While the bustle and the business climate have played their parts in the affluence influx, it's the city's plush golf courses, and the sun-baked, tax-friendly environment that's prized by tech entrepreneurs and retirees alike, escapees from California's claws and for whom tax is but a trifling concern, according to Arizona's Family. But what's up with Scottsdale's sudden sparkle in the eyes of the elite? It's simple math: a flat 2.50% state income tax rate and no special treatment for capital gains make it a fiscal paradise.
Not just Scottsdale, but also Austin and West Palm Beach have analysts buzzing about their potential to stay leaders in wealth growth, and it's not just retirees and golden parachutes. The tally of 14,500 millionaires now includes a solid stable of 63 centi-millionaires and five crown jewels in Scottsdale's billionaire club, as per Andrew Amoils of the Henley & Partners' report, or so the Phoenix Business Journal noted.
The story isn't just about the numbers; it's also the lifestyle that's attracting money like a flame does moths - high-end shopping centers, foodie-coveted dining experiences and sun-soaked leisure living are making Scottsdale not just a hotspot but the hotspot for those with the cash to splash, and for them, it seems the desert sun is the new gold standard, as noted by Henley & Partners while they put out the stats that Scottsdale's riche-rich roster has ballooned by 88% since 2012, and they did this by comparing Scottsdale with the likes of New York City, LA, and the ever-primed Bay Area according to Arizona's Family.
The United States remains the world’s leader as a wealth hub, housing 37% of the globe's millionaires — New York City tops the list of metro areas cradling the most millionaires, boasting 349,500, while the Bay Area commands the billionaire count. The cozy but ritzy Scottsdale, however, is waving its flag with growing prominence in the millionaire growth rate category and is showing no signs of slowing down on the wealth track.
