Florida, Texas, and Utah Top Destinations for Ultra-Wealthy in Coming Years
Altrata, a global wealth management firm, has identified Florida, Texas, and Utah as the top destinations for ultra-high-net-worth individuals (UHNWIs) in the coming years. These states offer attractive economic conditions, tax benefits, and growing job markets that are projected to drive significant growth in the number of ultra-rich residents.
Altrata's report highlights the projected growth rates for UHNWIs in these states. Utah is expected to see an annual growth rate of 8.1% through 2030, while Florida and Texas are projected to grow at rates of 8.8% and 7.9% respectively. This trend reflects a broader shift of wealth towards the southern and western regions of the United States, driven by factors such as lower taxes, warmer climates, and expanding finance and tech clusters.
While traditional wealth hubs like New York and Los Angeles still dominate in absolute numbers of ultra-wealthy residents, the growth rates in Florida, Utah, and Texas indicate a significant shift in the distribution of wealth. Florida and Texas have already seen an influx of wealthy individuals and corporations in recent years, and this trend is expected to continue. Although California remains the largest state for the ultrawealthy by a wide margin, the projected growth rates in the other states suggest that the distribution of wealth may become more diverse in the coming years.
Altrata's analysis underscores the attractiveness of Florida, Texas, and Utah for ultra-high-net-worth individuals. As these states continue to offer favorable economic conditions and tax benefits, they are poised to experience significant growth in their ultra-rich populations. This trend has important implications for the distribution of wealth and the economic landscape of the United States.
