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
| Rank | Metro Area | Region Code | Est. Total Wealth | Est. Total HNWIs (USD 1M+)1 |
|---|---|---|---|---|
| 1 | New York-New Jersey-Long Island | NY-NJ-PA | $4.0 T | 385,384 |
| 2 | San Francisco-Oakland-San Jose | CA | $2.7 T | 343,238 |
| 3 | Los Angeles-Long Beach-Anaheim | CA | $1.5 T | 221,161 |
| 4 | Houston-The Woodlands-Sugar Land | TX | $975 B | 82,026 |
| 5 | Washington-Arlington-Alexandria | DC-VA-MD-WV | $900 B | 66,073 |
| 6 | Boston-Cambridge-Newton | MA | $850 B | 45,120 |
| 7 | Seattle-Tacoma-Bellevue | WA | $800 B | 53,238 |
| 8 | Chicago-Naperville-Elgin | IL-IN-WI | $750 B | 127,420 |
| 9 | Miami-Fort Lauderdale-West Palm Beach | FL | $750 B | 38,997 |
| 10 | Dallas-Fort Worth-Arlington | TX | $700 B | 72,551 |
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
- Jagran Josh, “Top 10 Most Richest Cities In USA [2025],” https://www.jagranjosh.com/general-knowledge/most-richest-cities-in-usa-1746084203-1.
- 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.
- 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/.
- 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/.
- 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/.
- Oz Moving, “Richest Neighborhoods in Los Angeles,” January 2024, https://ozmoving.com/blog/richest-neighborhoods-los-angeles/.
- Money Inc., “10 Richest Neighborhoods in Chicago,” November 2023, https://moneyinc.com/richest-neighborhoods-chicago/.
- Rarest.org, “9 Richest Neighborhoods in Houston,” April 2024, https://rarest.org/houses/richest-houston-neighborhoods.
- 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/.
- Boston Planning & Development Agency, “Trends Back Bay,” July 2017, https://www.bostonplans.org/getattachment/e3ce9e78-3bf0-4ec9-bc5c-96bbb0198c64.
- Money Inc., “The 10 Richest Neighborhoods in Seattle,” March 2023, https://moneyinc.com/richest-neighborhoods-seattle/.
- Money Inc., “The 10 Richest Neighborhoods in Miami,” March 2023, https://moneyinc.com/richest-neighborhoods-in-miami/.
- 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/.
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