How Many Millionaires Live in Houston?
Uncover Houston's millionaire population. Learn how wealth is defined, what drives its economy, and how it ranks among major cities.
The concentration of affluent individuals in a city like Houston offers insights into its economic health and attractiveness for high-net-worth residents. This article explores the number of millionaires residing in Houston, delving into their definition, the economic factors driving wealth, and Houston’s standing compared to other major urban areas.
Current Millionaire Population in Houston
Houston is home to a significant number of millionaires, underscoring its status as a robust economic hub. As of December 2024, the city had an estimated 81,800 millionaires, positioning it as a prominent center for wealth accumulation in the United States. This count also includes 210 centi-millionaires (individuals with $100 million or more in investable assets) and 16 billionaires. While the number of millionaires saw a slight decrease from 90,900 in 2024, the city has experienced substantial wealth growth over the past decade.
Understanding the Definition of a Millionaire
In wealth reports, a “millionaire” refers to an individual with liquid investable wealth of $1 million or more. This definition primarily includes assets easily converted to cash and invested, such as cash holdings, stocks, bonds, and cryptocurrencies. It generally excludes non-liquid assets like primary residences, collectibles, or vehicles. Wealth intelligence firms compile this data by tracking high-net-worth individuals. This approach focuses on financial agility rather than total net worth, which encompasses all assets minus liabilities.
Key Economic Drivers of Wealth in Houston
Houston’s economic landscape is diverse, with several sectors contributing to wealth creation and accumulation. The city is a leading center for the energy industry, particularly oil and gas, with over 4,600 energy-related firms operating in the region. This sector supports a substantial number of jobs and contributes billions to the local Gross Domestic Product (GDP).
Beyond energy, Houston boasts a healthcare sector, anchored by the Texas Medical Center, one of the world’s largest medical complexes. The aerospace industry and advanced manufacturing also play important roles in the city’s economic strength. Houston benefits from a lower cost of living compared to many other major U.S. cities, which can enhance the purchasing power and wealth accumulation of its residents.
Houston’s Position Among Major Cities
Houston consistently ranks among the top U.S. cities for its millionaire population. It currently holds the fifth position nationally and 17th globally among the world’s wealthiest cities. While Houston’s millionaire count saw a slight decline in 2024, its wealthy population has grown by an impressive 75% over the past decade. This long-term growth indicates the city’s enduring appeal for affluent individuals. In Texas, Houston leads in millionaire numbers, followed by Dallas (72,400) and Austin (32,000), both of which have also seen substantial wealth growth.