Month: October 2025

• Florida, Texas, and Utah are the fastest-growing hot spots for America’s multimillionaires.
• California still leads in ultrawealthy residents but lags rivals in the pace of new growth.
• Wealth intelligence firm Altrata says America’s wealth is drifting south and west.

The ranks of America’s ultrawealthy are surging — and the biggest winners aren’t New York or California.

A new report from wealth intelligence firm Altrata released on Tuesday shows that Florida, Texas, and Utah are set to experience the fastest growth in ultra-high-net-worth individuals — those worth more than $30 million — over the next five years.

Florida leads the pack, with its population of the superrich projected to grow 8.8% annually through 2030.

Utah, buoyed by Salt Lake City’s expanding business services sector and status as a luxury winter sports hub, is close behind with 8.1% growth.

Texas, powered by Austin’s booming tech industry and Houston’s energy wealth, rounds up the top three with 7.9% growth.

America’s wealth is drifting south and west

The findings highlight a broad shift underway in America’s wealth map.

While traditional hubs like New York and Los Angeles still dominate in absolute numbers, with 21,380 ultrawealthy residents in New York City and 11,680 in Los Angeles, an increasing share of fortunes is heading south and west.

Altrata’s report cited lower taxes, warmer climates, and expanding finance and tech clusters as helping these states attract both new wealth and families relocated from older centers of influence.

Florida and Texas, in particular, have seen an influx of wealthy individuals and corporations in recent years.

The Sunshine State has emerged as a magnet for hedge fund managers and crypto investors alike, while Miami has established itself as a luxury real estate powerhouse.

Texas has also attracted high-profile names: Elon Musk moved Tesla’s headquarters from California to Austin in 2021, followed by other executives eager to escape the West Coast’s higher costs.

Utah, though smaller in scale, is now gaining attention as a desirable combination of lifestyle and business hub, with Salt Lake City drawing in both entrepreneurs and established fortunes.

California still leads the pack — for now

California remains the largest state for the ultrawealthy by a wide margin, with a superrich population roughly 30% larger than Texas’s.

But the momentum is shifting.

The Altrata report — which bases its estimates on national economic data and a proprietary database of millions of wealthy individuals — suggests that while California is still projected to see “firm” growth in ultrawealthy numbers to 2030 and remain the US state with the biggest population of multimillionaires by far, Florida, Utah, and Texas are set to expand faster.

Florida, in particular, is growing at the fastest clip, while California’s growth lags, even as it continues to hold onto its lead.

For the country’s wealthiest individuals, Miami condos, Austin tech campuses, and ski chalets in Utah’s Wasatch Mountains are increasingly competing with Manhattan penthouses and Silicon Valley estates as the symbols of America’s new elite.

• Ford CEO Jim Farley expects AI to disrupt blue-collar jobs in both positive and negative ways.
• For example, AI-powered augmented reality is making truck repairs much simpler for technicians.
• Farley’s remarks come as the automotive industry faces a severe shortage of skilled workers.

Artificial intelligence’s impact so far has largely been in the office, but Ford CEO Jim Farley says changes are coming for the service bay, too.

Farley said Tuesday that he expects the disruption to blue-collar jobs to be a mix of “negatives and positives” and that it ultimately depends on how companies manage the shift.

One example: “If you’re repairing a Super Duty,” he said, referring to one of Ford’s pro-grade pickup trucks, “augmented reality AI is a game changer. Just ask my team, they’ll tell you. We need to use AI to make those repairs much simpler for people.”

Farley said diesel technician roles can pay more than $100,000 a year and require at least five years of training.

Farley’s comments came as the automaker convened a summit of CEOs in Detroit to address the widespread shortage of labor in the skilled trades in the US. Automotive trade group Tech Force estimates the US needs more than 100,000 new technician jobs a year to satisfy new demand and replace workers leaving the industry — a figure far higher than the number of people currently preparing for careers in the field.

Farley also said automation and AI will likely cause jobs to disappear across all sectors of the economy, echoing Walmart CEO Doug McMillon’s comments last week.

“It’s very clear that AI is going to change literally every job,” McMillon said at a company workforce event at Walmart’s headquarters in Arkansas, The Wall Street Journal reported.

McMillon and other Walmart executives have said repeatedly that automation would enable the company to grow its sales more quickly on a relatively flat head count.

Farley also said tech companies have an opportunity to help bridge the blue-collar gap.

“When I look at the AI solutions that get pitched to Ford, they’re all about white collar efficiency,” he said. “Very few AI companies come to us and say, ‘We want to dramatically help your efficiency repairing cars or your factory workers.'”

Most of the tech being introduced is intended to eliminate jobs, he said. “Right now, I don’t see a huge focus in the technology sector, on the essential economy, and AI as a tool.”

• Secretary of Defense Pete Hegseth gave a speech on Tuesday emphasizing stricter military standards.
• He encouraged those not on board with the changes, including updates to fitness and grooming standards, to resign.
• Some of the speech’s themes echoed recent hardcore stances of corporate leaders, including AT&T CEO John Stankey.

Corporate America and the military are converging around the same tough cultural playbook — and telling reports to get in line.

Secretary of Defense Pete Hegseth addressed hundreds of generals and admirals Tuesday morning, saying that the country’s armed forces will “restore a ruthless, dispassionate, and common-sense application of standards.” That includes changing expectations about physical fitness and grooming. Anyone not on board, he added, “should do the honorable thing and resign.”

If this sounds familiar, perhaps it’s because AT&T CEO John Stankey shared a similar sentiment in a memo to employees in August, saying the telecommunications company would be “moving away from an orientation on hierarchy and familial cultural norms and towards a more externally focused and competitive market-based culture.” Stankey said those who don’t want to comply ought to leave.

Hegseth and Stankey’s remarks reflect a changing workplace dynamic. Many employers are now prioritizing performance metrics over tenure and showing less tolerance for dissent. They’re also enforcing stricter policies around attendance, work hours, and — at least in the case of the military — physical appearance.

Hegseth said in his speech that the Department of Defense, or what the Trump administration is now calling the Department of War, will no longer tolerate overweight troops or beards. What’s more, how the military defines terms such as toxic leadership, bullying, and hazing may need overhauling, Hegseth added.

“The definition of toxic has been turned upside down, and we’re correcting that,” he said. “Setting, achieving, and maintaining high standards is what you all do. And if that makes me toxic, then so be it.”

Since he became President Donald Trump’s secretary of defense, Hegseth has focused on defining troops solely as warfighters. In Tuesday’s address, the emphasis was on standards by which to evaluate them against that definition, such as physical-training regularity, fitness, and adherence to regulations. He told the officers in the crowd that if that is “making your heart sink,” they could leave.

A shifting pendulum

The military is famous for long-standing values not usually seen in the corporate world, like brotherhood and belonging. Hegseth’s comments put less weight on these values and emphasized performance metrics, with a zero-tolerance approach to disagreement.

Driving the shift in tone is the souring of the job market, Tom Gimbel, founder of staffing firm LaSalle Network, told Business Insider. There are more job seekers than job openings in the US, which means employers have the upper hand.

“When unemployment was still low, CEOs were afraid of losing people, and so they couldn’t say what they really wanted to say,” said Gimbel.

At the same time, corporate workers were taking advantage of the remote and flexible scheduling opportunities born out of the pandemic, he added. They began focusing more on their careers and personal lives, and became less deferential to their employers’ needs.

“You had employees saying, whether it was literally or figuratively, ‘I’m going to do what’s best for me,'” Gimbel said.

That’s no longer the case. These days, CEOs are saying “you’ve got to go by our rules because you can’t leave,” he said. “Where are you going to go?”

Leaning into a hardcore culture

One sign of employers flexing their upper hand is the increasing number of companies cracking down on remote work. Some companies, such as Amazon and Dell, are requiring workers to return to the office five days a week, while others are gradually increasing the number of days staff need to come in.

Leaders are pressuring workers to conform because they believe a more hardcore culture will strengthen their organizations, said Ian McCulloh, a professor at Johns Hopkins University who previously served for 20 years in the US Army.

“It is a recognition that without collaboration, teamwork, and interpersonal relationships, organizations are less competitive,” McCulloh said. “Leaders are taking advantage of the current economic and political environment to pivot back toward an environment that worked better.”