Big Money

Houston ranks No. 1 in America in millionaire population growth: This is the city where people hit it rich

Houston ranks No. 1 in America in multi-millionaire population growth

Houston, skyline, downtown
A new study shows that multi-millionaires are moving to Houston in record numbers. Courtesy of Greater Houston Convention and Visitors Bureau

Houston has been receiving a lot of press for showing impressive growth, including being recently named America's Fastest-Growing City by Forbes

Now, a new study sheds light on one specific aspect of Houston's population that's breaking records for growth. New World Wealth, which provides information on the global wealth sector, found that Houston is the No. 1 U.S. city in terms of multi-millionaire population growth over the past 10 years, beating out cities like Seattle, San Jose, Dallas and San Francisco for the rich honor.

The results shows 1,420 multi-millionaires were added to the Houston area over the last decade, bringing the city's multi-millionaire population to 3,690 in 2014. This indicates a growth of 63 percent. While that's very impressive, it doesn't even compare to locations in South America and Asia, where multi-millionaire growth reached above 400 percent in a number of cities.

Although the super-rich may be flocking to the city in record numbers, the average Houstonian is living very differently. The U.S. Census Bureau reported that the average household income in Houston was $42,877 in 2011, nearly $8,000 below the national average.

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