LAND OF PLENTY: Luxury growth in America is no longer confined to a handful of established destinations, but is spreading to pockets of wealth in “emerging markets” across the country, according to a new study from Savills, the global real estate company.
The report, “America’s Expanding Luxury Map,” concluded that retail success today is dependent upon identifying where the next cohorts of affluent consumers are emerging.
The report points to Hermès, which is using customer, demographic and location data to identify “growing concentrations of wealth,” and opening stores in locations such as Short Hills, N.J., and Wilmette, Ill., “reflecting a broader industry focus on bringing luxury retail closer to affluent consumers rather than relying solely on traditional gateway markets.”
Savills said much of the new U.S. wealth is springing up locally through sectors such as technology, finance, energy and health care as well as entrepreneurial businesses. At the same time, investment in luxury residential developments, hospitality and lifestyle amenities is helping to strengthen the appeal of a growing number of markets.
The report pinpointed Scottsdale as one of the clearest examples of new wealth creation. The city is adding millionaires at a faster rate than almost any other city globally, and has attracted growing interest from luxury brands, with Scottsdale Fashion Square welcoming Arizona-first boutiques from Loro Piana, Hermès and Montblanc.
The Hermès store in the Williamsburg section of Brooklyn.
Sam Frost/Courtesy of Hermes
Regional wealth is also coming from local investment. Savills said that while Dallas has long had a substantial affluent consumer base and established luxury shopping culture, “recent investment demonstrates how strong underlying fundamentals can support the emergence of new luxury destinations within an already mature market.”
According to the report, Knox Street, north of downtown Dallas, has emerged as “a hotbed for luxury retail activity,” attracting brands such as Toteme, Staud, Dôen and Cult Gaia, alongside a new 10,000-square-foot Conservatory, a multibrand, cross-category concept store.
The neighborhood is also home to The Knox, Auberge Collection hotel and residences, making it a destination for luxury shopping, dining and hospitality.
At the same time, gateway markets such as New York, Miami and Los Angeles continue to flourish. New York, home to an estimated 384,500 millionaires, has topped the latest Savills “Next-Generation Wealth Hubs Index” once again. Savills describes the city as “one of the world’s leading centers of wealth and influence.”
Miami, San Francisco and Los Angeles also rank among the global top five in the index, “highlighting the depth of affluent consumers that continues to underpin the U.S. luxury market,” Savills said.
According to the Savills Global Luxury Retail Outlook 2026, North America accounted for 27 percent of luxury store openings in 2025, the largest share of any region and the first time it led the rankings since Savills began tracking activity in 2016. New York also reemerged as the world’s leading city for new luxury store openings, with activity rising 23 percent year-on-year.
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