The Las Vegas Valley has experienced a significant increase in millionaire households, rising to approximately 879 in 2023, a 166% jump from the 331 households recorded in 2019, according to a study by Rent Cafe. Surprisingly, the proportion of millionaire renters has decreased in Las Vegas, contrary to trends in other major cities like Houston, Dallas, Miami, and Atlanta.
The influx of wealthy individuals to Las Vegas is attributed to the relocation of California residents seeking better cost of living, fewer pandemic restrictions, and political differences. Ivan Sher, a luxury real estate broker, noted the transformation of Las Vegas into a hub for high-net-worth individuals seeking more space and an evolving urban environment.
The trend of Californians moving to Nevada has been longstanding, with Los Angeles consistently ranking high in relocation surveys since the pandemic. In 2024, the number of Californians moving to Nevada increased to 38,970 from 36,507 in 2023, although it is still below the peak of 47,376 in 2021.
Prominent business figures, such as Andrew Cherng of Panda Express and David Chao of DCM, have also relocated to Las Vegas, underscoring the trend of affluent individuals moving to the area. Despite a legislative setback involving a failed bill to attract Hollywood studios, Las Vegas continues to expand its sports and entertainment sectors, with developments involving major events and leagues like F1, the NFL, and the Super Bowl. Sher emphasized that the city remains poised for significant growth and opportunity.