Millionaire, demi-billionaire growth boosts Texas real estate

BRENHAM – An unprecedented increase in millionaires and demi-billionaires in the United States has given rise to the purchase of new properties in Texas.

"There has been an uptick in the numbers of listings and sales of multimillion-dollar properties because of the increase in the wealthy migrating to our area," said Kelli Brennan, vice president of Coldwell Banker Properties Unlimited. "Many millionaires and demi-billionaires in the market are buying their second or third homes, and Texas is one of their desired destinations."

Nationwide, there are now 32 million millionaires, defined as those with a net worth of $1 million or greater, and there are approximately 2,000 demi-billionaires (those with more than $500 million in assets), which is a sharp increase since the 1980s.

Two of the top 15 locations in the U.S. for the ultra wealthy are Dallas-Fort Worth-Arlington and Houston-The Woodlands-Sugar Land.

For more on the high-end home market in Texas, read "Livin’ Large: Texas’ Robust Luxury Home Market," by Center Senior Data Analyst Joshua Roberson.