San Francisco has long sat in the shadow of our neighbors to the south, the flashy entertainment capital Los Angeles, when it comes to having a lot of very, very rich people. However, this year that all changed according the the Wealth-X Special Report on America's Ultra Wealthy Population. The report looks at "ultra high net worth individuals" with assets of more than $30 million. California is easily the state with the most very, very rich people, with 13,455 high rollers. And now San Francisco is on top in California, with 5,460 to LA's 5,135.
San Francisco's share of ultra-high-net-worth individuals soared up 12 percent last year, while LA's increased by only 4 percent. (We're both still well behind New York City, where there are 8,655 super-richies). Unsurprisingly, San Francisco's rapid growth was fueled by the tech industry. Over one quarter of the city's UHNW population is in tech, but the tech boom is also fueling sectors like real estate and finance.