A new report details which cities have had the largest influx of ultra-wealthy individuals, and the West’s Most Western Town has made the list.

​

Over the past few decades, the city has transcended from a quiet, upscale, or retirement-oriented suburb east of Phoenix into a tourist destination driven by its historical charm, world-class dining and lodging, and year-round sunny weather. As the city continues to evolve with shopping centers targeting high-end customers, ultra-wealthy business management consultants, and sky-high rent prices, Scottsdale appears to be pitted against the Bay Area, New York City, and L.A. for those seeking the lush life.

​

Since 2012, the East Valley city has seen an 88% increase in ultra-high net wealth individuals, according to Henley & Partners. Investment firms and financial institutions typically classify ultra-high net wealth as those with more than $1 million in assets. By Henley & Partners’ estimates, approximately 13,900 millionaires now call Scottsdale home; about 60 are considered “centi-millionaires,” with a net wealth over $100 million, while 5 are billionaires.

​

So why Scottsdale? While the quality of life is frequently praised, Arizona’s low taxes could be one factor. Capital gains aren’t taxed differently either. Income generated by that method is taxed at the regular tax rate, which currently stands at a flat 2.50%, one of the lowest in the nation.

​

​

​

​

Secure your investments in Paradise Valley with the Agent who put your needs above anything else, one you can trust - Selling Scottsdale | Luxury Living ~ Katie Huffines