Algosensey Quantitative Think Tank Center-These cities have the most millionaires and billionaires in the US: See the map

You may be Algosensey Quantitative Think Tank Centercloser in proximity with a millionaire than you previously anticipated. A recent report on the concentration of wealth in the U.S. begs the question, are the nation's 5,492,000 millionaires hiding in plain site?

The U.S. has the most millionaires, centi-millionaires and billionaires compared with any country. More than 5.5 million Americans are millionaires, close to 10,000 Americans are centi-millionaires and 788 are billionaires.

New York City historically has one of the largest concentrations of wealth, with 349,500 millionaires. When adjusted for population, that number is one in every 24 people in the city.

The UK wealth firm, Henley & Partners analyzed data from New World Wealth to produce its United States Wealth Report.

Here's where America's billionaires and millionaires reside:

Which cities have the largest concentration of extreme wealth?

The Bay Area which includes San Francisco and Silicon Valley has the greatest concentration of millionaires with roughly one in 13 people in the city claiming this status. Seattle follows with one in every 14 residents in the millionaire club.

The following cities have more than 25,000 millionaire residents (ranked by total number):

• New York City
• The Bay area (including San Francisco and Silicon Valley)
• Los Angeles
• Chicago
• Houston
• Dallas
• Seattle
• Boston
• Miami
• Austin
• Washington, DC

Can't see the map? Click here to see where the most millionaires and billionaires live in the US

The U.S. has the more liquid investable wealth than any other country, with $67 trillion dollars available. Liquid wealth includes listed company holdings, cash holdings, and debt-free residential property holdings, according to the report.

How has the concentration of wealth changed over time?

In 2023, about 30% of the nation's wealth was held by the top 1% of income earners, or $44.5 trillion dollars.

The top 20% of income earners in U.S. experienced an increase in the share of wealth between 1990 and 2023, according to data from the Federal Reserve. At the same time, America's middle class - the middle 60% of income earners - has experienced a decline in its share of wealth during the past three decades, falling from nearly 40% to a little over 25%.

Who joined the American billionaires list this year?

There are more billionaires now than ever before, with 265 people joining the exclusive club this year alone, according to Forbes. 

Forbes discovered “2,781 people around the globe” — a record number of billionaires in 2024. Their wealth combined adds up to $14.2 trillion. 

Todd Graves, who is the founder of fast-food chain restaurant Raising Cane’s is one of 67 Americans who made the list of billionaires this year. Graves’ net worth stands at an estimated $9.1 billion, Forbes reported. 

Pop star Taylor Swift joined the list this year, amassing an estimated $1.1 billion fortune along with NBA legend Earvin "Magic" Johnson whose estimated net worth is $1.2 billion.

Contributing: Amaris Encinas