According to The Palm Beach Post, West Palm Beach and Palm Beach have officially joined the ranks of the world’s fastest-growing wealth hubs, outranking global giants like Dubai and even Silicon Valley. A new report from Henley & Partners reveals that these two Palm Beach County cities skyrocketed into fourth place worldwide for millionaire growth, with an astonishing 112% increase in high-net-worth residents from 2014 to 2024.
This massive leap — from 11th place last year — reflects a dynamic shift that began during the pandemic and shows no sign of slowing down. Only Shenzhen, Scottsdale, and Bengaluru ranked higher, while Miami also made the top ten in eighth place.
The report tallied 11,500 millionaires now calling West Palm Beach and Palm Beach home, along with 78 centimillionaires (those with $100 million or more) and 10 billionaires. Broader estimates suggest there are 60 to 68 billionaires with strong ties to Palm Beach County — underscoring its growing reputation as a luxury powerhouse.
While West Palm Beach had already been on an upward trajectory prior to 2020, the pandemic served as a springboard. The area offered a rare mix of opportunity, sunshine, and business-friendly policies — all of which attracted waves of newcomers seeking space, flexibility, and a fresh start.
Fueling the boom has been a steady stream of influential financial firms choosing West Palm Beach for new offices, including Goldman Sachs, Citadel, Millennium Management, and Point 72 Asset Management. Other prominent companies like Edward D. Jones, Alvarez & Marsal, and Dycom Industries have followed suit, signing leases for high-profile downtown office spaces.
But the transformation isn’t just about finance. West Palm Beach is welcoming a new Cleveland Clinic hospital and a graduate business school from Vanderbilt University, signaling major long-term investment in education and healthcare.
The city’s skyline and culture are evolving too. A luxury condominium project, Alba Palm Beach, recently closed a sale for over $10 million. Additions like the estiatorio Milos restaurant have only heightened the appeal of West Palm as a lifestyle destination with world-class dining, culture, and waterfront living — all without the congestion of more saturated markets.
Even with its meteoric rise, West Palm Beach and Palm Beach remain relatively modest in terms of sheer millionaire population compared to global leaders like New York, the Bay Area, Tokyo, and Singapore. Still, what sets them apart is their “high growth potential,” especially among centimillionaires and billionaires.
As more international companies consider establishing U.S. outposts, Palm Beach County is increasingly on their radar. The region’s momentum continues to build, and all signs point to West Palm Beach and Palm Beach not just keeping pace — but leading the way in the next wave of global wealth migration.
source: palmbeachpost-fl.newsmemory.com
