When the world shut down, a large transfer of wealth occurred as millions of new millionaires were minted in the wake of the pandemic. In the years since 2020, lots of new money has entered the chat and it’s showing up in some interesting new places. Historically, wealth has been centered in the most populous metropolitan areas like New York, London, and Los Angeles. But a new pattern of millionaire migration has started to emerge since 2020 as more high-net-worth individuals flee expensive cities for greener pastures and better tax incentives.
A recent study conducted by Seeking.com analyzed data on over 5.4M millionaires who joined between 2014 and July 2023 and discovered some rather interesting patterns of millionaire migration of our own. So where are the best places for millionaire dating in 2023? Well, the answer is a little complicated.
While global capitals like New York and London have always been the places to see and be seen, the number of new millionaire profiles in many major cities has been declining year over year since 2020. However, there are more active millionaires dating on Seeking.com in 2023 than in any other period in our history. So where have all the good men gone? Florida and Texas would like a word.
Our study reveals that many cities are seeing a significant increase in the number of new millionaire profiles joining since the pandemic. Cities like Nashville would not have even cracked the top 50 a decade ago but have become the fastest-growing millionaire dating hotspot in 2023. This should come as no surprise to those who recognize that the top migration cities also happen to be in some of the states with the most financial incentive. Florida, Texas, Washington, and Nevada are just a few of a handful of states that have no state income tax for example.
Multiple sources tracking the movements of the world’s elite have shown a pattern of high-net-worth individuals migrating to alternative locations for their permanent residence that offer competitive tax rates, strong economies, and offshore opportunities. So while New York and Los Angeles will likely always be great centers of wealth, the dating pool is starting to become more elite in cities like Miami, Austin, Nashville, and Las Vegas.
Not only is Seeking.com headquartered in Las Vegas, but it is also where Brandon Wade, our Founder and CEO (also a multi-millionaire), has chosen to call home. Las Vegas has always attracted a certain amount of wealth due to its lower cost of living and tax incentives for businesses and individuals. But since 2020, everything in Vegas is booming and a record number of wealthy California residents migrated to Sin City. It’s safe to say we were not shocked to see that Las Vegas continues to be one of the top cities for luxury dating.
The millionaire migration trend is not unique to North America. Check out the other new Millionaire dating hotspots globally in the infographics below.
The trend of moving away from traditional financial centers to more diversified, economical destinations reflects a global shift in the definition of success and happiness. What we want, as people, is about more than just the image of financial success, but is also about the quality of life and making your dollars go further. Remember, unlike traditional dating apps, you aren’t restricted to dating in your location only on Seeking. In fact, Premium users can add up to 3 profile locations. So keep this in mind as you consider your luxury dating strategy. You are now free to move about the planet.
For more information on this study, please reach out to [email protected].