14 Small Towns Where Millionaires Flock

What is it about a town that makes it appeal to the wealthy? Perhaps it has a beautiful setting, perfect for a relaxing vacation. Maybe it offers a great climate, coveted schools, or a quiet refuge, just off the beaten path. For whatever reason, these 14 small towns attract more than their fair share of millionaires. 

It doesn’t get much smaller than Philipsburg, Montana. Originally an ore smelting town, Philipsburg has experienced a renaissance over the past few decades, thanks to its rehabbed historic downtown. The millionaire crowd heads to Philipsburg to unwind in the great outdoors at The Ranch at Rock Creek, a luxury dude ranch on 6,600 acres.

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Millionaires love natural beauty and quaint, historic towns, and Telluride, Colorado, nestled in the San Juan Mountains, delivers on both counts. Telluride was founded in the late 1800s as a mining camp, but it was practically a ghost town by the time the first ski lift opened in 1972. With the mining industry a thing of the past, adventure seekers quickly discovered Colorado’s hidden gem and its spectacular slopes. These days, millionaires flock to the area year-round to pursue outdoor adventures of all kinds and enjoy its packed festival calendar.

Who wouldn’t love to spend a little quality time on Hawaii’s sixth-largest island? In 2012 Larry Ellison, founder and chairman of Oracle, purchased 98 percent of this tropical paradise with an eye toward sustainable tourism and environmentally friendly agriculture. The well-heeled enjoy pristine beaches, world-class golf, lush gardens, and luxury accommodations at two Four Seasons resorts.

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When millionaires want to rub elbows with hardworking locals, they go to Kennebunkport. The town has been a peaceful seaside retreat for northeastern city dwellers since at least the 1870s. Lobstermen and fishermen still ply the trades that built this town, even as wealthy vacationers enjoy local shopping, music, festivals, and the beautiful scenery.

This small town on the island of Martha’s Vineyard is home to Vineyard Haven, where summer homes and year-round residences of millionaires abound. Vineyard Haven conveniently serves as the main point of entry to the island—the port—and its thriving business and cultural community.

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Breckenridge is the second historic Colorado mining town turned ski resort on our list. Its Rocky Mountain scenery and outdoor recreation are hard to beat, but the town also boasts a wealth of cultural offerings, including the Breckenridge Arts District, the National Repertory Orchestra, the Breck Film Festival, and the International Snow Sculpture Championships.

Big Sur is a coastal California icon that is impossible to resist. The natural beauty of its rocky coastline, secluded sandy beaches, verdant meadows, and misty redwood forests is there for all to appreciate—but millionaires can also enjoy an exclusive luxury experience at the upscale Post Ranch Inn and Ventana Big Sur.

Millionaires can also be found in a few out-of-the-way locales in America’s heartland. The town of Spirit Lake, set in the center of the Iowa Great Lakes, is a place that millionaires love to call home. Outdoor activities abound, including boating, fishing, and hunting, as do opportunities for fine dining and shopping.

Named the Richest Small Town in America in 2017, Summit Park lies in northeastern Utah. Only 25 minutes away from Salt Lake City and 20 minutes from Park City, it is ideally positioned for both an easy commute and quick access to world-class skiing and other entertainments. It’s no wonder that so many millionaires call Summit Park home.

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Aspen is yet another old mining town that has found a second life as a resort destination. The ski and tourism industry began in Aspen in the late 1940s. In the ’70s, John Denver’s songs helped to popularize the area as the perfect place to live out the counterculture dream. Fifty years later, billionaires call it home, and millionaires come to play in America’s most expensive ski town.

Perched on an island and surrounded by mountains, picturesque Ketchikan is one of the southernmost towns in Alaska. Its prominent position on the Inside Passage and proximity to the Tongass National Forest make it a hot spot for Alaskan cruises. In fact, tourism and commercial fishing are the engines of the local economy. Ketchikan has one of the highest densities of millionaires in the United States.

Unlike many of the other towns on this list, Palm Beach is quite close to larger population centers. It’s the island home of 30 billionaires, and it’s also a favorite with millionaires. With such a concentration of wealth, it’s no surprise that there’s plenty to do in Palm Beach, such as world-class golf, scuba diving, museums, shows, fine dining, and top-of-the-line accommodations.

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This cowboy town is close to both Grand Teton and Yellowstone National Parks as well as numerous ski destinations. It offers stunning beauty, wide-open spaces, and a range of outdoor pursuits—a perfect combination for the well-off who want to get away from it all. Add to those attractions a vibrant local culture and luxury amenities, and it’s clear why Jackson is a magnet for millionaires. 

Nantucket is neither a cheap nor easy destination for a mainlander, which may be in part why this tiny island off the Massachusetts coast is so popular with millionaires. Aside from an aura of exclusivity, the town also offers a fascinating maritime history, rustic architecture, pristine beaches, and fishing charters.