Florida, Texas, and Utah are the fastest-growing hot spots for America's superrich

Core Insights - The report from Altrata indicates a significant increase in ultra-high-net-worth individuals in states like Florida, Texas, and Utah, with Florida leading at an annual growth rate of 8.8% through 2030 [1][7] - The overall trend shows a shift in America's wealth distribution, moving away from traditional hubs like New York and California towards southern and western states [3][8] Growth Projections - Florida is projected to have the highest growth in ultra-high-net-worth individuals, with an annual increase of 8.8% [1][7] - Utah follows closely with an 8.1% growth rate, attributed to its expanding business services sector and luxury winter sports appeal [2][7] - Texas rounds out the top three with a 7.9% growth rate, driven by Austin's tech industry and Houston's energy sector [2][7] Wealth Migration - The report highlights a broader trend of wealth migration towards states with lower taxes, warmer climates, and growing finance and tech sectors [4][8] - Florida and Texas have seen a notable influx of wealthy individuals and corporations, with Florida becoming a hub for hedge fund managers and crypto investors [4][5] - Utah is gaining recognition as a desirable location for both lifestyle and business, attracting entrepreneurs and established fortunes [5] Current Wealth Distribution - California remains the state with the largest number of ultra-high-net-worth individuals, currently at 28,647, but is projected to grow at a slower rate of 5.3% annually [6][7] - Texas is expected to rise to 27,383 ultrawealthy residents by 2030, indicating a competitive landscape for wealth concentration [6][7]