How Many Millionaires Live in Seattle?
Discover how many millionaires call Seattle home, the economic forces driving this wealth, and how financial prosperity is measured in a major city.
The concentration of wealth in major urban centers like Seattle often sparks interest, offering insight into a city’s economic vitality and opportunities. Seattle has experienced significant economic growth, attracting many affluent individuals.
Seattle’s Millionaire Population
Seattle is a significant hub for wealth, ranking among top global cities for its millionaire population. According to Henley & Partners, Seattle had an estimated 54,200 millionaires in 2023. This placed Seattle as the 23rd wealthiest city globally and 7th wealthiest in the United States. The city’s millionaire count increased by 72% between 2013 and 2023. Approximately one in every 14 residents is a millionaire.
Economic Drivers of Wealth in Seattle
Seattle’s wealth concentration is largely due to its robust economic sectors. The technology industry is a primary contributor, with major corporations like Amazon, Microsoft, and Google having significant operations or headquarters. These companies attract a skilled workforce and offer high-paying jobs, fostering wealth accumulation. Venture capital and a thriving startup ecosystem further support innovation and new financial growth.
Beyond technology, Seattle’s economic prosperity is bolstered by other prominent industries. The aerospace sector, historically anchored by Boeing, contributes to the region’s economic strength. Companies like Starbucks and Costco, founded in Seattle, have grown into global entities, providing jobs and stimulating the local economy. The city’s strong real estate market also contributes to wealth creation, with high property values driven by job growth and resident influx. Healthcare, professional services, and global trade through the Port of Seattle are also important economic pillars.
Defining a Millionaire and Data Insights
Financial reports define a “millionaire” as someone whose net worth equals or exceeds one million units of currency, typically the U.S. dollar. Net worth is calculated by subtracting an individual’s total liabilities from their total assets. This calculation includes assets like cash, investments, retirement accounts, and real estate, including a primary residence. Some analyses might focus specifically on liquid investable assets, leading to slight variations in reported figures.
Prominent financial institutions and research firms publish global wealth reports, providing insights into worldwide wealth distribution. Key organizations include Henley & Partners, UBS (often with Credit Suisse), and EY Global Wealth Research. These entities use rigorous methodologies, though differences in definitions or data collection periods can result in minor discrepancies. Understanding these definitions provides context for interpreting millionaire statistics in cities like Seattle.