Aug 22, 2022 - News

Denver's high housing costs make it a magnet for the wealthy

Illustration of coins flowing out of a champagne bottle.
Illustration: Shoshana Gordon/Axios

Denver is a new destination for the wealthy.

What's happening: The city's overpriced housing market, glitzy Cherry Creek shopping district, flush state coffers and $175 sushi menu are all signs of how the richest are "thriving" as the pandemic lifts, per Bloomberg.

  • The story features a Denver penthouse on the market for $12 million (with cryptocurrency as the preferred payment method), as well as Denver's seven tech "unicorn" startups.

What's more: Outside the city, the "fabulously wealthy" are buying ranches and large swaths of land in the West, the Washington Post reports.

  • Two of the biggest private landowners in the U.S. boast Colorado connections. John Malone, one of the state's richest people, ranks No. 2, and at No. 6 is the Kroenke family, which owns the Colorado Avalanche and Rapids, along with the Denver Nuggets.

The bottom line: This is how Denver's other half lives, apparently.

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