In California, the number of very large fortunes has risen 158% in just two years. In 2021, the Golden State had 288,000 millionaire residents. Today, it has more than 110 billionaires.
From 2019 to 2021, the number of wealthy residents in California jumped 158%, according to Bloomberg. At the end of 2021, there were 3,182 ultra-rich Californians, up from 1,231 at the beginning of 2019.
“We have never seen an absolute growth in the number of millionaires like this,” said Cristobal Young, a professor at Cornell University who studied wealth migration. “California is a great place to make money“.
In addition to this significant increase, California saw more than 288,000 residents report more than $1 million in revenue in 2021. It is possible to compare that with the 80,000 millionaires in New York City to get an opinion.
And this Californian wealth keeps increasing year after year. Looking at data from the Bloomberg Billionaires Index, the Golden State’s 113 billionaires cumulated and reported $270 billion, between January and July.
This growth has occurred, despite the departure of some major billionaires like Elon Musk and Larry Ellison. Nevertheless, other great fortunes and industries cannot resign themselves to leaving all that California can offer them, such as Hollywood, Silicon Valley, prestigious schools and sandy beaches. For many of them, these advantages take precedence over disadvantages like the very high tax rate of the state.
The proliferation of ultra-rich residents has led to an influx of businesses destined for this elite. For example, the Core members club will open in San Francisco next year. With an introductory fee of $15,000 to $100,000 and annual dues per thousand, the space will offer a private bar, restaurant, gym and more, All of this despite recent headlines about hotels and residents leaving the San Francisco Bay Area.
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