Insights

  • Top Ten Wealthiest Cities in the USA

    The ARFFO Research Team has pinpointed the ten U.S. metropolitan regions with the greatest aggregate private wealth and highest concentrations of high-net-worth individuals. These economic powerhouses boast immense capital reserves, leading innovation clusters, and premier real estate markets, providing family offices, operating firms, and emerging startups with critical insights into local wealth trends and population movements.

    Methodology

    Our rankings integrate two proprietary datasets:

    • Aggregate private-wealth estimates from the U.S. Bureau of Economic Analysis, as compiled by Jagran Josh.
    • Counts of millionaires (net worth ≥ USD 1 million), centimillionaires (≥ USD 100 million) and billionaires (≥ USD 1 billion) sourced from Henley & Partners, supplemented by Forbes for Washington, DC-area billionaire figures.

    We measured changes from 2014 through 2024, factored in industry anchors, quality-of-life metrics and cost-of-living adjustments. Final scores reflect both absolute wealth pools and decade-long momentum.

    Top Ten Wealthiest U.S. Cities in 2025

    RankMetro AreaRegion CodeEst. Total WealthEst. Total HNWIs (USD 1M+)1
    1New York-New Jersey-Long IslandNY-NJ-PA$4.0 T385,384
    2San Francisco-Oakland-San JoseCA$2.7 T343,238
    3Los Angeles-Long Beach-AnaheimCA$1.5 T221,161
    4Houston-The Woodlands-Sugar LandTX$975 B82,026
    5Washington-Arlington-AlexandriaDC-VA-MD-WV$900 B66,073
    6Boston-Cambridge-NewtonMA$850 B45,120
    7Seattle-Tacoma-BellevueWA$800 B53,238
    8Chicago-Naperville-ElginIL-IN-WI$750 B127,420
    9Miami-Fort Lauderdale-West Palm BeachFL$750 B38,997
    10Dallas-Fort Worth-ArlingtonTX$700 B72,551

    1Total HNWIs = millionaires + centimillionaires + billionaires

    All aggregate-wealth figures sourced from Jagran Josh (BEA data). High-net-worth counts based on ARFFO Research Team analysis of Henley & Partners and Forbes (DC billionaire count).

    When focusing exclusively on HNWI counts, some sources may replace Washington, D.C. with Austin.

    City Profiles

    1. New York–New Jersey–Long Island, NY-NJ-PA

    Aggregate wealth: USD 4.0 trillion.

    Total HNWIs: 385,384 (384,500 millionaires; 818 centimillionaires; 66 billionaires).

    The region’s wealth concentrates in Tribeca, the Upper East Side and Hudson Yards, each ranking among NYC’s most expensive neighborhoods by price per square foot. Global finance, media conglomerates and ultra-luxury residential developments drive sustained capital inflows.

    2. San Francisco–Oakland–San Jose, CA

    Aggregate wealth: USD 2.7 trillion.

    Total HNWIs: 343,238 (342,400 millionaires; 756 centimillionaires; 82 billionaires).

    Atherton’s median home exceeds USD 7 million, and Palo Alto’s averages over USD 3.5 million, placing both in California’s top tier of ZIP-code wealth. Silicon Valley’s venture-capital ecosystem underpins rapid millionaire growth.

    3. Los Angeles–Long Beach–Anaheim, CA

    Aggregate wealth: USD 1.5 trillion.

    Total HNWIs: 221,161 (220,600; 516; 45).

    Beverly Hills, Bel Air and Malibu routinely top Los Angeles real-estate surveys for luxury valuations, with oceanfront estates often surpassing USD 20 million. Entertainment, tech startups and international trade expand the metro’s capital base.

    4. Houston–The Woodlands–Sugar Land, TX

    Aggregate wealth: USD 975 billion.

    Total HNWIs: 82,026 (81,800; 210; 16).

    River Oaks and Memorial Villages headline Houston’s wealth map, where average home values approach USD 2 million. Energy-sector giants and the Texas Medical Center attract high-net-worth professionals.

    5. Washington–Arlington–Alexandria, DC-VA-MD-WV

    Aggregate wealth: USD 900 billion.

    Total HNWIs: 66,073 (65,900; 145; 28).

    Georgetown and Chevy Chase rank among the DC area’s top five most expensive neighborhoods, with median home prices above USD 800 thousand. Federal-contracting and policy-driven funds fuel private-equity activity.

    6. Boston–Cambridge–Newton, MA

    Aggregate wealth: USD 850 billion.

    Total HNWIs: 45,120 (45,000; 112; 8).

    Back Bay brownstones and Beacon Hill townhomes command multimillion-dollar valuations, while Kendall Square’s labs drive biotech spin-outs and investor interest.

    7. Seattle–Tacoma–Bellevue, WA

    Aggregate wealth: USD 800 billion.

    Total HNWIs: 53,238 (53,100; 127; 11).

    Medina and Queen Anne appear in Seattle’s top ZIP-codes for household income and home price, with medians north of USD 2 million and USD 1 million respectively. Amazon and Microsoft anchor the metro’s wealth creation.

    8. Chicago–Naperville–Elgin, IL-IN-WI

    Aggregate wealth: USD 750 billion.

    Total HNWIs: 127,420 (127,100; 295; 25).

    The Gold Coast, Lincoln Park and River North consistently rank as Chicago’s priciest neighborhoods, with median home values between USD 750 thousand and USD 1 million. A diversified economy underpins wealth stability.

    9. Miami–Fort Lauderdale–West Palm Beach, FL

    Aggregate wealth: USD 750 billion.

    Total HNWIs: 38,997 (38,800; 180; 17).

    Fisher Island and Coral Gables lead Miami’s luxury segment, boasting average home values of USD 5–8 million and USD 1.5–3 million respectively. Favorable tax policies and global finance attract international HNWIs.

    10. Dallas–Fort Worth–Arlington, TX

    Aggregate wealth: USD 700 billion.

    Total HNWIs: 72,551 (72,400; 135; 16).

    Highland Park ranks among Texas’s wealthiest communities, with average household income of USD 330 thousand and median home prices above USD 2 million. Corporate relocations and tech growth bolster private-equity pipelines.

    Strategic Takeaways

    • Traditional finance and tech centers maintain leading wealth pools, while Sun Belt metros show outsized millionaire growth.
    • Migration patterns and tax climates will continue reshaping HNWI distribution, creating new investment and partnership opportunities.

    Engage ARFFO’s Research Team for customized metro-level briefs, co-investment strategies and strategic advisory tailored to your family office or operating company.

    References

    1. Jagran Josh, “Top 10 Most Richest Cities In USA [2025],” https://www.jagranjosh.com/general-knowledge/most-richest-cities-in-usa-1746084203-1.
    2. Henley & Partners, “Top 10 Wealthiest Cities in USA,” USA Wealth Report 2025, https://www.henleyglobal.com/publications/usa-wealth-report-2025/top-10-wealthiest-cities-usa.
    3. Forbes summary via WTOP, “Forbes new billionaire list has 28 in the DC area,” April 2025, https://wtop.com/business-finance/2025/04/forbes-new-billionaire-list-has-28-in-the-dc-area-though-some-are-a-technicality/.
    4. June Homes, “The Most Expensive & Richest Neighborhoods in NYC,” December 2024, https://junehomes.com/blog/2024/12/11/the-most-expensive-richest-neighborhoods-in-nyc/.
    5. GO Big Blue Country, “California’s Most Expensive Place to Live is Atherton,” March 2025, https://gobigbluecountry.com/californias-most-expensive-place-to-live-is-a-small-but-ultra-wealthy-silicon-valley-town/.
    6. Oz Moving, “Richest Neighborhoods in Los Angeles,” January 2024, https://ozmoving.com/blog/richest-neighborhoods-los-angeles/.
    7. Money Inc., “10 Richest Neighborhoods in Chicago,” November 2023, https://moneyinc.com/richest-neighborhoods-chicago/.
    8. Rarest.org, “9 Richest Neighborhoods in Houston,” April 2024, https://rarest.org/houses/richest-houston-neighborhoods.
    9. Washingtonian, “Here Are the 5 Most Expensive Neighborhoods in Washington,” April 2016, https://www.washingtonian.com/2016/04/18/most-expensive-neighborhoods-in-washington-dc-maryland-virginia/.
    10. Boston Planning & Development Agency, “Trends Back Bay,” July 2017, https://www.bostonplans.org/getattachment/e3ce9e78-3bf0-4ec9-bc5c-96bbb0198c64.
    11. Money Inc., “The 10 Richest Neighborhoods in Seattle,” March 2023, https://moneyinc.com/richest-neighborhoods-seattle/.
    12. Money Inc., “The 10 Richest Neighborhoods in Miami,” March 2023, https://moneyinc.com/richest-neighborhoods-in-miami/.
    13. CultureMap Dallas, “This Dallas community now ranks as one of 10 richest in the country,” March 2018, https://dallas.culturemap.com/news/city-life/03-15-18-highland-park-top-10-richest-places-in-us/.

  • How to Raise Capital from High-Net-Worth Individuals

    Successfully tapping into the vast pool of U.S. high-net-worth individuals (HNWIs) can be transformational for private funds and companies. With roughly 34 percent of global liquid private wealth (implied U.S. HNWI of USD ~90-103 trillion) in investable assets and an estimated $2 trillion of uncalled private-market capital (often called “dry powder”), today’s U.S.-based HNWIs represent one of the largest sources of alternative funding. This guide walks you through each step of the U.S.-specific capital-raising journey.

    The US HNWI Landscape

    High-net-worth individuals (HNWIs) in the United States are defined as those with over $1 million in investable assets (excluding primary residence, collectibles, consumables and durables). In 2025, the United States is home to over 6 million such individuals, representing 37 percent of the world’s millionaires. Collectively, these U.S. HNWIs hold roughly 34 percent of global liquid private wealth.

    Key US market stats:

    MetricValue
    U.S.-based Percentage of Global Liquid Private Wealth34% (Implied U.S. HNWI USD ~90-103 trillion, based on Total Global Liquid Wealth of USD ~265-305 trillion)
    Average Private-Markets Allocation15%
    Estimated US HNWI Dry Powderover $2 trillion

    Uncalled private capital–often called “dry powder”–is the amount limited partners have committed to private-equity funds but that general partners have not yet drawn down. As of early 2025, U.S. private-equity firms are sitting on roughly $2 trillion of uncalled commitments.

    These figures highlight the sheer scale of capital available for private funds and growth-stage companies in the U.S.

    Crafting a U.S.-Focused Investment Thesis

    Your investment thesis must resonate with U.S. HNWIs’ priorities:

    • Pinpoint a domestic market inefficiency or sector gap.
    • Quantify target returns, investment horizon, and downside protections in U.S.-dollar terms.
    • Emphasize any proprietary U.S. deal flow, home-grown technology or operational edge.

    Clarity and U.S. market relevance are non-negotiable.

    Building Trust Through U.S.-Centric Relationship Management

    Personal rapport is paramount in the U.S. private-capital ecosystem:

    • Host intimate U.S. events: Invite HNWIs to private dinners in the wealthiest cities in the U.S. (see the top ten)
    • Secure warm introductions via U.S.-based family offices, private-bank advisors, and wealth-management teams.

    Consistent transparency on U.S. deal pipelines and regulatory compliance cements confidence.

    Structuring U.S.-Friendly Offerings

    Design deal terms to appeal to American investors’ legal and tax preferences:

    • Entry thresholds: tiered minimums aligned with U.S. accreditation standards.

    U.S. Regulatory and Compliance Essentials

    Navigating U.S. securities regulations is critical:

    • Accredited-investor checks: verify each U.S. participant meets 501(a) criteria via documented net-worth and income tests.
    • Regulation D exemptions: choose between Rule 506(b) for pre-existing U.S. relationships or Rule 506(c) for general solicitation to U.S. HNWIs.
    • KYC/AML protocols: engage U.S.-based third-party vendors for investor identity verification and ongoing monitoring.
    • Tax structuring: select U.S.-friendly vehicles (e.g., Delaware LLCs or specific state structures) to optimize U.S. and state tax treatment.

    Strict adherence reduces legal risk and builds investor trust.

    Leveraging U.S. Digital Platforms and Fintech

    Digital tools streamline U.S. HNWI fundraising and due diligence:

    • Secure U.S.-based portals: host interactive data rooms with real-time U.S. performance metrics.
    • Crowdfunding channels: partner with SEC-registered platforms under Reg CF or Reg D 506(c) for broad HNWI outreach.
    • E-signature workflows: use U.S.-compliant subscription documents to expedite closings.
    • Virtual roadshows: produce high-quality webinars focused on U.S. market opportunities.

    Marrying digital efficiency with personalized follow-up maximizes engagement.

    Action Plan for U.S. Capital Raising

    To tap into the U.S. HNWI investable assets:

    • Refine pitch decks and term sheets with market data and benchmarks.
    • Map U.S. referral networks: private banks, family offices and wealth advisors.
    • Invest in U.S.-compliant digital subscription and reporting platforms.
    • Engage U.S. securities counsel to finalize offering documents and ensure full regulatory compliance.

    Follow these steps to turn U.S. HNWI capital into fuel for your fund’s or company’s next growth phase.

  • Global Wealth Insights

    As global personal wealth climbs to new heights, the story beneath the headline numbers reveals both opportunity and complexity. Understanding these dynamics is the first step toward purposeful stewardship and strategic growth.

    A World of Rising Wealth–and Wider Gaps

    Global personal wealth rebounded strongly in 2024, growing 4.6% after two years of uneven performance (4.2% rise in 2023, after a contraction in 2022). Yet this upswing masks stark regional divergences: North America led last year’s gains, while parts of Europe and Latin America lagged. And while total net wealth has roughly doubled since 2000, inequality has crept upward in many markets–even as median wealth outpaces average wealth in some regions.

    Everyday Millionaires (EMILLIs): A New Powerhouse

    A quietly transformative segment has emerged: those holding USD 1-5 million in assets, dubbed “EMILLIs.” Their ranks have quadrupled since 2000 to roughly 55 million individuals, owning USD 61 trillion–slightly over half as much as the ultra-high-net-worth cohort (USD 119 trillion held by those above USD 5 million). Property appreciation has fueled much of this growth, suggesting ample opportunity for targeted real-asset and exchange-rate effects.

    The Tipping Point of Wealth Transfers

    Over the next 20-25 years, a staggering USD 83 trillion will shift hands globally. The United States alone will account for more than a third of this transfer. Within that, approximately USD 9 trillion moves horizontally between spouses–an under appreciated vector of capital.

    Regional Dynamics: Where Growth Lives

    • North America remains the epicenter of both population-weighted wealth and new millionaires. North America had the highest per-adult wealth (USD 593,347) in 2024, and the US added over 379,000 new millionaires (~40% of the global total) last year.
    • Emerging markets collectively hold nearly 30% of global wealth–a share that has stabilized but demands nuanced local insight.

    Strategic Takeaways

    • Embrace multi-asset portfolios that balance buoyant North American equities with resilient real assets in high-growth regions.
    • Monitor currency trends and local-currency returns to guard against translation drags.
    • Engage early with the EMILLI segment’s bespoke opportunities–from niche private credit to targeted real estate plays.
    • Strengthen wealth-transfer frameworks to capture horizontal and vertical shifts seamlessly.
    • Leverage networks to source differentiated private-market deals in markets where capital gaps are widening.

  • Three Essential Wealth-Planning Questions

    In a period of heightened market volatility and shifting tax landscapes, it’s wise to revisit your financial plan. Below are three strategic questions worth asking–and answering–now to fortify long-term financial health.

    Is Now the Right Time for a Roth Conversion?

    Converting a traditional IRA to a Roth can be especially compelling when account values sit lower, reducing the immediate tax bite. Future growth then compounds tax-free–and you hedge against potential rate hikes on the horizon.

    Key considerations:

    • A Roth conversion is irreversible once executed.
    • Pay the conversion tax with assets held outside the IRA to preserve retirement capital.
    • Factor in your life expectancy, years until required minimum distributions, current vs. anticipated future tax rates, and who will inherit the account.

    By modeling different tax-rate scenarios, we can pinpoint whether today’s market pullback creates a window of opportunity.

    What Are the Benefits of Tax-Aware Borrowing?

    Selling assets in a down market locks in losses. Instead, consider borrowing against low-cost, tax-advantaged credit lines or policy loans to fund near-term needs.

    Advantages include:

    • Preserving investment exposure for the recovery.
    • Potentially deducting interest costs against income, depending on loan purpose and structure.
    • Enhanced liquidity without triggering capital gains events.

    Work to set up appropriate facilities–whether a securities-based line of credit, a home-equity arrangement, or a policy loan–and establish guardrails to ensure borrowing aligns with risk tolerance and cash-flow needs.

    How to Safeguard Retirement Plans Against Market Swings?

    Protecting retirement income isn’t just about chasing yield; it’s about managing sequence-of-returns and longevity risks.

    Consider strategies such as:

    • Building a bond ladder or conservative fixed-income tranche to cover living expenses for the next 5-10 years.
    • Funding a longevity annuity to lock in lifetime income beyond a target age.
    • Stress-testing spending assumptions against adverse market scenarios and inflation.

    By creating a “floor” of reliable income and retaining upside potential in growth assets, retire with confidence–regardless of short-term gyrations.

  • 2025 Mid-Year Outlook: Comfortably Uncomfortable Markets

    As we cross the 2025 midpoint, volatility and policy shifts have collided with lofty investor expectations. Uncertainty reigns–but within it lies opportunity for those who know where to look. This Outlook frames five essential questions to help uncover strategic advantages in today’s “comfortably uncomfortable” landscape.

    Navigating Political Crosswinds: Trump 2.0 and Market Implications

    The renewed U.S. administration has ushered in higher tariffs and policy ambiguity. While growth and profits may face pressure, looser regulation and potentially lower rates could propel equity markets in the U.S., Europe, and Japan to fresh highs over the next 12 months. Maintaining flexible exposure to these regions will be key to capturing upside as political dynamics evolve.

    Building Resilient Portfolios in Uncertain Times

    Post-crisis portfolios have leaned heavily on U.S. stocks–assets that thrived under low inflation and stable policy. Today’s regime shift, with two-way growth and inflation risks plus regulatory shifts, calls for broader diversification. Incorporating uncorrelated alternatives–such as infrastructure, real assets, and hedge strategies–can bolster resilience and smooth returns across varied scenarios.

    Currency Perspectives: Assessing the U.S. Dollar’s Outlook

    Although the dollar remains the premier reserve currency, it has entered a downtrend against major peers. Balancing exposure by modestly tilting toward the euro and yen can mitigate cyclicality and guard against further dollar weakness. This approach enhances portfolio diversification without forsaking reserve-currency stability.

    AI’s Renaissance: Renewed Momentum Beyond the Hype

    Public conversation around artificial has quieted, but the technology’s advance continues apace. Agentic AI–systems capable of autonomous, human-scale problem solving–will drive the next productivity gains across industries. Early allocation to AI-enabled companies and funds can position to benefit from this accelerating wave.

    Private Markets: Dealmaking in a Maturing Landscape

    A surge of evergreen fund capital and an aging asset base are setting the stage for selective private-market opportunities. Senior credit, niche real estate, and growth-oriented buyout partnerships stand out as areas where disciplined entry can yield attractive risk-adjusted returns. We will continue to monitor deal pipelines for asymmetric payouts.

    Strategic Takeaways

    • Embrace policy-driven market swings with tactical regional tilts.
    • Expand beyond core equities into low-correlation alternatives.
    • Diversify currency holdings to balance reserve-currency risk.
    • Reengage with AI-focused allocations as the next productivity frontier.
    • Target private-market niches supported by demographic and capital-structure trends.

    By adopting these insights, convert today’s uncertainty into a platform for enduring growth and legacy preservation.