If earning a $100,000 salary is more in Houston than most major American cities, imagine how far $30 million can go in Houston.
A new report released by data firm Altrata tracks the number of “ultra-wealthy” residents living in cities around the world. The report defines an ultra-wealthy resident as someone with a net worth of at least $30 million.
According to the report, the US is home to the wealthiest individuals listed in the top 20 cities.
Houston ranks 15th on the list, with 4,420 ultra-wealthy people with primary or secondary residence in the city.
Dallas made the list right above Houston at 14, with 4,686 “ultra-wealthy” individuals.
Even as the world is changing rapidly, the “‘meaning of ‘home’ for the wealthy – as a family retreat, place of work or vacation for personal well-being – remains as strong as ever,” the report reads.
This is the second edition of Altrata’s “Spotlight on the World’s Leading Markets for the Wealthy” report. He says the report is significant because “any type of luxury residential presence is an opportunity for organizations seeking to engage with high net worth individuals around the world.”
“Organizations classify the position of an affluent individual in different ways, usually based on their business or nonprofit goals and focusing on their primary residence address,” the report reads. “While these approaches avoid the complications caused by double counting, they do not take into account that wealthy individuals often have multiple homes and business interests in multiple locations. This ratio measures the presence of the wealthy in cities without double counting bias.”