How Many Millionaires Live in Austin
As of the newest available public data, Austin has roughly 50,000 to 60,000 millionaire households, making it one of the fastest-growing millionaire clusters in the United States. The metro area ranks among the top 20 U.S. cities by millionaire household count, driven by tech, venture capital, and corporate relocations. Austin's millionaire density continues to rise as high earners from California and other high-tax states move to Texas for lower taxes and strong job growth.
The city's millionaire population is concentrated in neighborhoods such as Westlake, Hyde Park, Tarrytown, Circle C, and the Central Austin hills. These areas feature higher median home values and a concentration of executive and founder households tied to local and relocated companies. Austin's millionaire households are younger on average than in legacy wealth centers, with many tied to startup exits, equity compensation, and scaling businesses.
Key Drivers of Austin's Millionaire Population
Major employers and startups have expanded Austin's high-income base, including Tesla, SpaceX, Oracle, and Dell Technologies. Tesla's Gigafactory Texas and SpaceX's Starbase-adjacent operations have drawn engineering executives and founder wealth into the Austin area. Oracle's relocation of its U.S. headquarters to Austin added thousands of high-paying roles, accelerating the inflow of millionaire households.
Venture capital activity and startup exits have also boosted Austin's millionaire count, with firms and founders based in the Austin metro. According to PitchBook and CBRE data, Austin consistently ranks among the top U.S. cities for venture investment per capita, creating a steady stream of new wealth. The combination of low state taxes, a strong talent pipeline, and pro-business policy has made Austin a magnet for both existing and newly created millionaire households.
How Austin Compares to Other Major U.S. Cities
In millionaire household rankings, Austin typically sits behind New York, Los Angeles, San Francisco, and Chicago, but ahead of many legacy financial centers. Austin's growth rate in millionaire households often outpaces older wealth hubs, reflecting its younger demographic and tech-driven economy. The metro's share of millionaire households relative to total households is higher than the national average and rising.
Compared with cities like Seattle, Denver, and Nashville, Austin stands out for its combination of corporate HQs, startup density, and population growth. Forbes and other outlets regularly highlight Austin as a top destination for wealthy transplants, especially from California and New York. The city's millionaire ecosystem is closely tied to companies such as Tesla and SpaceX, whose presence has concentrated executive and founder wealth in the Austin metro.