Nestled high in the Blue Ridge Mountains, a tiny North Carolina village with no mayor and a single supermarket has become an improbable sanctuary for some of America's wealthiest individuals.
A Humble Haven for the Ultra-Wealthy
According to data from wealth-intelligence firm Altrata, four of America's 1,135 billionaires have residences in Cashiers, North Carolina, as of 2024. This is a remarkable concentration of extreme wealth for a settlement with a permanent population of just 825 people. Located 65 miles southwest of Asheville, the village operates without a local police force, a central public water supply, and has only a limited sewer system.
The town's rustic, "no frills" character is part of its appeal, according to local real-estate agent Kati Miller of Caliber Fine Property. "You're not going to see Prada or any sort of chain," she told The Wall Street Journal, noting its remote location on windy one-lane roads, with the closest airport 45 minutes away.
Elite Appeal and Soaring Property Prices
The area's primary draw is its elevation of 3,484 feet above sea level, which provides comfortable mountain temperatures and stunning scenery. This attracts the elite for about six months of the year, particularly to play golf at the village's several exclusive clubs.
This demand has sent property values skyrocketing. Data compiled by the WSJ shows the average home sale price jumped 88.8 percent from $1.05 million to $1.98 million between 2020 and 2024. The market has recently seen a string of sales above $7 million, shattering previous ceilings. In July, a home sold for a record-breaking $11.1 million, according to Liz Harris of Cashiers Sotheby's International Realty.
"What kept the market down before, honestly, was people didn't know about it," Harris remarked.
Billionaire Residents and Community Impact
The billionaire residents include prominent figures such as Ken Langone, co-founder of Home Depot, who was "blown away" by a local golf course in the 1990s and decided to build there. He values the low-key atmosphere: "I go there and they treat me like I'm just anybody else, which is the way it should be."
Other wealthy inhabitants include members of the McIlhenny family (makers of Tabasco sauce), Scott Hardman Ward of Russell Stover candies, and former Treasury official Scott Bessent. Their presence has led to a unique model of community support, with philanthropists privately funding the local charter school, library, boys and girls club, and volunteer fire department.
The influx has not gone unnoticed by long-term residents. Retired Reverend Steve Hines observed that while Cashiers always had wealthy people, "it has gotten a little out of hand." The growth brings summer traffic jams, which local boutique owner Jackie Hooper Hernandez admits are great for business, even if frustrating. "If we didn't have that, I wouldn't have a job," she said.
The community has consciously resisted formalisation, having voted against incorporating as a town in 2003 over fears of higher taxes and government bureaucracy. This decision has preserved Cashiers' unique, understated character—a character that continues to attract those seeking refuge from the spotlight, despite the multi-million pound price tag for entry.
