The rich appear to be getting richer in Dallas-Fort Worth. A new report shows that from 2018 to 2019, DFW saw the biggest jump in people with a net worth of $5 million to $30 million among any of the world’s top hubs for millionaires.
In that one-year period, the number of DFW residents in the very-high-net-worth category — defined as $5 million to $30 million — grew 17.5 percent, according to the report, released February 12 by data provider Wealth-X LLC.
As of 2019, DFW was home to an estimated 33,350 people worth $5 million to $30 million, the report says. That’s slightly more people than the current population of Southlake.
According to a 2019 survey by financial services provider Charles Schwab, Dallas-Fort Worth residents think it takes an average net worth of $2.1 million to be considered wealthy in North Texas. More than half of DFW residents believe they’ll reach the “wealthy” threshold at some point in their lives — the future Alice Waltons, Jerry Joneses, and Mark Cubans of DFW.
In 2018, per-capita personal income in DFW totaled $55,886, according to the U.S. Bureau of Economic Analysis. That’s a little over one percent of the lowest rung ($5 million) on the very-high-net-worth ladder.
Of the five other U.S. metro areas among the world’s top 10 regions for people worth $5 million to $30 million, San Francisco experienced a 17.4 percent year-to-year spike in this segment of the rich, followed by New York City (16.9 percent), Los Angeles (16.8 percent), Chicago (16.7 percent) and Washington, D.C. (16.5 percent).
Here’s the Wealth-X ranking of the top 10 global regions for the population of very-high-net-worth individuals:
- New York City
- Hong Kong
- Los Angeles
- San Francisco
- Washington, D.C.
- Dallas-Fort Worth
Around the world, the number of people with a net worth of $5 million to $30 million rose more than 10 percent from 2018 to 2019, according to Wealth-X. Their combined net worth also climbed more than 10 percent, to $26.6 trillion. The majority of these wealthy people are self-made millionaires.