3 US cities drawing more millionaires with lower taxes, cheaper homes, and shorter commutes

Number of millionaires: 14,500

Number of centi-millionaires (over $100 million): 63

Number of billionaires: 5

Millionaire growth from 2013 to 2023: 102%

Wealthy residents include: GoDaddy founder Bob Parsons, basketball legend Charles Barkley, and NASCAR driver Danica Patrick

Why it's booming: In Scottsdale, one in every 17 residents is a millionaire, according to Henley & Partners. Business Insider reporter Joey Hadden visited Scottsdale and found out why. The city offers a "luxury desert" experience, she said, with numerous golf courses, mansions with mountain views, and perfectly manicured landscapes.

The area has attracted Californians seeking an escape from pricey real estate and high taxes, but still looking for year-round sunny weather.

In fact, Maricopa County, where Scottsdale is located, welcomed an average of 1,127 residents a year from Santa Clara County in California, where Silicon Valley is located, between 2011 and 2015, according to census data. That number jumped 38% to 1,555 California-to-Arizona movers a year between 2016 and 2020.

Number of millionaires: 10,200

Number of centi-millionaires (over $100 million): 69

Number of billionaires: 9

Millionaire growth from 2013 to 2023: 93%

Wealthy residents include: Blackstone CEO Stephen Schwarzman, Fidelity CEO Abigail Johnson, and investor Charles Schwab

Why it's booming: Palm Beach has long been a bastion of old money popular with the golf-and-croquet set, but the recent uptick in migration of tech and finance companies, executives, and employees to Florida further bolstered its profile as a destination for the well-heeled. Motivations include lower taxes and better weather.

In 2022, tech tycoon Larry Ellison purchased a Palm Beach estate for $173 million, setting a state record for the most expensive home ever sold. Rumors are spreading that Citadel CEO Ken Griffin plans to build the most expensive home on earth in Palm Beach — a $1 billion compound built on properties he's snatched up over 27 acres, according to the New York Post.

Number of millionaires: 12,500

Number of centi-millionaires (over $100 million): 120

Number of billionaires: 10

Millionaire growth from 2013 to 2023: 84%

Wealthy residents include: Mets owner and hedge funder Steve Cohen, WWE's former CEO Vince McMahon, and Bridgewater founder Ray Dalio

Why it's booming: Many hedge funds relocated to Connecticut well before the pandemic to cut down on executives' and employees' commute times to New York City. But the pandemic-fueled remote-work boom, which accelerated the migration of wealthy Manhattan residents to the Connecticut suburbs, continues to reshape hubs of economic activity.

During the summer of 2020, Connecticut homes that were previously sitting on the market for months started to get snatched up overnight, sometimes sight unseen. Between 2013 and 2023, the millionaire population of Greenwich and Darien grew by 84%, to about 12,500, according to Henley & Partners.

According to Bloomberg, more financial-services and investment firms have set up shop in the "sleepy" town of Darien, about an hour by train from Midtown Manhattan. Meanwhile, some New York office towers sit empty.