Houston Sees Decline in Millionaires but Remains a Global Wealth Hub

Houston's skyline representing its status as a wealth hub.

News Summary

Houston has reported a decrease in millionaires, now totaling 81,800 according to Henley & Partners. Despite this decline, Houston maintains its status as the 17th city globally for wealthy residents, outpacing Dubai. The local economy has seen growth in millionaire numbers over the past decade, though factors like the global energy sector slowdown and relocations to Florida are contributing to the decline. Houston is still recognized for its wealth creation potential and is home to notable billionaires.

Houston Sees Decline in Millionaires but Remains a Global Wealth Hub

The number of millionaires in Houston has decreased over the past year, now totaling 81,800 millionaires, according to an annual report by Henley & Partners and New World Wealth. Despite this drop, the city retains its position as the 17th city globally in terms of wealthy residents, slightly ahead of Dubai, which has 81,200 millionaires.

Houston is home to 210 centimillionaires, individuals with at least $100 million in assets. Although the count has dropped from 90,900 millionaires in 2024, the city has experienced a notable increase in millionaires over the last decade, rising by 75%.

Factors Behind the Decline

The decline in Houston’s millionaire population has been linked to a slowdown in the global energy sector and the trend of high-net-worth individuals relocating, particularly to Florida. These trends have contributed significantly to the shifting landscape of wealth in the region.

Houston is part of a broader list where 11 out of 50 cities with the most millionaires are located in the United States. Leading the U.S. cities is New York, boasting 384,500 millionaires, followed by the San Francisco Bay Area with 342,400 and Tokyo with 292,300. Other Texas cities also rank on the millionaire list, with Dallas at 72,400 and Austin at 32,000.

Investable Wealth Insights

The report focuses primarily on liquid investable wealth, which includes cash, bonds, stocks, and cryptocurrencies, while excluding real estate assets. This aspect is crucial for understanding the financial landscape of millionaire populations in global cities.

Recognition Amid Changes

Despite the fluctuations in millionaire demographics, Houston is set to maintain its status as one of the wealthiest cities. The report identifies characteristics of thriving cities, such as strong legal frameworks, advanced financial infrastructure, and investor-friendly migration policies.

Houston’s Billionaires

Among Houston’s notable billionaires are Tilman Fertitta, with a net worth of $11.3 billion and ranked 220th globally, and Richard Kinder, whose net worth stands at $10.6 billion, placing him at 248th. Kathy Britton, the executive chair of Perry Homes, has recently entered the billionaire ranks with a net worth of $2.6 billion, securing the 1,408th position worldwide.

Conclusion

Even with the recent drop in the number of millionaires, Houston continues to experience significant growth in wealth creation over the past decade. Its diverse economy and welcoming environment for investments ensure that it remains a key player in the global financial landscape.