{"id":528659,"date":"2026-03-11T08:10:18","date_gmt":"2026-03-11T08:10:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/528659\/"},"modified":"2026-03-11T08:10:18","modified_gmt":"2026-03-11T08:10:18","slug":"millionaires-are-moving-here-but-can-you-afford-it","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/528659\/","title":{"rendered":"Millionaires Are Moving Here\u2014But Can You Afford It?"},"content":{"rendered":"

\"Scottsdale <\/p>\n

\n DenisTangneyJr \/ Getty Images\/iStockphoto <\/p>\n

Commitment to Our Readers<\/p>\n

GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n

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As the leading firm in global residence and citizenship planning for high-net-worth clients, Henley & Partners knows where the wealthy are moving \u2014 and, interestingly, they\u2019re moving to a Southwestern city that barely makes it into the country\u2019s 100 largest metros<\/a>.<\/p>\n

According to the company\u2019s USA Wealth Report 2025<\/a>, Scottsdale, Arizona, saw its millionaire population grow<\/a> more dramatically over the last decade than any other place in the U.S.<\/p>\n

Here\u2019s why the rich have spent the last 10 years flocking to Scottsdale and what it costs to live there<\/a>.\u00a0\u00a0<\/p>\n<\/p>\n

Triple-Digit Growth for Scottsdale\u2019s Seven-Figure Club<\/p>\n

A city of roughly 246,000 people, Scottsdale<\/a> is home to 14,800 millionaires, 64 centi-millionaires and five billionaires. Its millionaire population grew by 125% between 2014 and 2024, making it America\u2019s fastest-growing wealth hub<\/a>.\u00a0<\/p>\n

Here\u2019s a look at the rest of the top five.\u00a0<\/p>\n

West Palm Beach: 112% growth (11,500 millionaires)
\nThe Bay Area: 98% growth (342,400 millionaires)
\nMiami: 94% growth ($38,800 millionaires)
\nWashington, D.C.: 92% growth ($28,900 millionaires)
\nCost of Living in Scottsdale<\/p>\n

According to Zillow<\/a>, the median home in Scottsdale sells for $832,749 \u2014 133% more than the $357,275<\/a> national average.\u00a0<\/p>\n

However, neighborhoods including Happy Valley Ranch, Sonoran Hills, Desert Highlands, Pima Acres, Pinnacle Peak Heights, DC Ranch, and Troon have median home prices of over $1 million<\/a> to $3 million or more.\u00a0\u00a0<\/p>\n

Sperling\u2019s BestPlaces<\/a> estimates the average individual needs $6,300 per month to live in Scottsdale, while the average family spends $11,520 monthly. Combined living costs in the Central Arizona city \u2014 including taxes, food, housing, childcare, health care, transportation and other necessities \u2014 are 13% higher than the national average.\u00a0<\/p>\n

The Wealth Migration to Scottsdale Explained<\/p>\n

Realtor.com<\/a> used its own data to supplement the Henley report\u2019s findings on why the wealthy elite are flocking to a fairly obscure desert city en masse.<\/p>\n

First, there are lifestyle considerations that are natural draws for wealthy families and retirees<\/a>, notably the city\u2019s dry, healthy climate and exclusive golf and lifestyle estates.<\/p>\n

However, economic shifts are also at play.\u00a0<\/p>\n

The city has welcomed an influx of rich and ultra-rich tech entrepreneurs from more prominent wealth centers, such as California\u2019s Bay Area. The Arizona Republic reports an overflow from Phoenix\u2019s expanding and flourishing tech sector is fueling the trend.<\/p>\n

However, Scottsdale\u2019s gravity has a nationwide pull.<\/p>\n

Realtor.com\u2019s highest-end home listings there drew the most interest from Los Angeles, Chicago and nearby Tucson \u2014 and Scottsdale\u2019s upscale housing market is on the high end of high-end.\u00a0<\/p>\n

The starting price for the city\u2019s luxury real estate market is over $4 million.<\/p>\n","protected":false},"excerpt":{"rendered":"DenisTangneyJr \/ Getty Images\/iStockphoto Commitment to Our Readers GOBankingRates’ editorial team is committed to bringing you unbiased reviews…\n","protected":false},"author":2,"featured_media":528660,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,133,11915,134,131,132,1822],"class_list":{"0":"post-528659","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-finance","12":"tag-gobankingrates","13":"tag-money","14":"tag-personal-finance","15":"tag-personalfinance","16":"tag-wealth"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/528659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=528659"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/528659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/528660"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=528659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=528659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=528659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}