As a leading firm in global residence and citizenship planning for high-net-worth clients, Henley & Partners understands where the wealthy are moving, and interestingly, few of the Southwest cities they move to rank among the nation’s 100 largest metropolitan areas.
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Over the past decade, Scottsdale, Arizona’s millionaire population has grown faster than anywhere else in the U.S., according to the company’s 2025 U.S. Wealth Report
Here’s why wealthy people have flocked to Scottsdale over the past decade and what it costs to live there.
Scottsdale is a city of approximately 246,000 people and is home to 14,800 millionaires, 64 millionaires, and 5 billionaires. Its millionaire population grew by 125% between 2014 and 2024, making it the fastest-growing wealth center in the United States.
Here are the rest of the top five.
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West Palm Beach: 112% growth (11,500 millionaires)
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Bay Area: 98% growth (342,400 millionaires)
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Miami: 94% increase (millionaire $38,800)
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Washington, DC: 92% increase (millionaire $28,900)
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According to Zillow, the median sales price of a home in Scottsdale is $832,749, which is 133% higher than the national average of $357,275.
However, communities including Happy Valley Ranch, Sonoran Hills, Desert Highlands, Pima Acres, Pinnacle Peak Heights, DC Ranch and Troon have median home prices over $1 million to $3 million or more.
Sperling’s BestPlaces estimates that an individual living in Scottsdale will need an average of $6,300 per month, while families will spend an average of $11,520 per month. The central Arizona city’s combined cost of living — including taxes, food, housing, child care, health care, transportation and other necessities — is 13 percent higher than the national average.
Realtor.com used its own data to supplement the Henry Report’s findings on why wealthy elites are flocking en masse to a rather unremarkable desert city.
First, lifestyle considerations are naturally attractive to wealthy families and retirees, particularly the city’s dry, healthy climate and exclusive golf and lifestyle estates.
However, economic changes are also at play.
The city has welcomed an influx of wealthy and ultra-wealthy tech entrepreneurs from more prominent wealth hubs like California’s Bay Area. The Arizona Republic reports that spillover from Phoenix’s expanding and booming tech industry is driving this trend.