Increase in millionaires drives growth of high-end restaurants in LA area

Increase in millionaires drives growth of high-end restaurants in LA area

El Segundo, a quiet city in the South Bay area of Los Angeles, is suddenly bustling with excitement in the culinary scene. Known mostly for its proximity to LAX and a vibrant aerospace sector, it’s becoming one of Southern California’s most sought-after dining locales—just a few months after SpaceX’s big IPO created a wave of new millionaires among its employees.

While restaurants in nearby Los Angeles face closures, this small coastal community of around 17,000 is witnessing a dining renaissance. A variety of trendy wine bars, upscale restaurants, and popular pizza places are emerging throughout the area.

The IPO in June reportedly generated around 4,000 new millionaires among SpaceX employees, many of whom have ties to the area. Despite relocating its headquarters to Texas in 2024, the company still has a significant presence nearby in Hawthorne.

Moreover, El Segundo is home to roughly 100 smaller aerospace companies that have collectively attracted around $6 billion in venture capital, according to local reports.

The surge in business is evident to local restaurateurs, with many reporting booming success. One of the new popular spots is EZPZ, a Brooklyn-style pizzeria that opened in June, featuring high-quality California ingredients and homemade organic ice cream. This venture is backed by Hollywood producer Beau Flynn and his wife, actress Marley Shelton Flynn.

“We’ve found that El Segundo is LA’s best-kept secret,” Flynn noted after opening.

The city’s friendly environment for small businesses, as highlighted by Mayor Chris Pimentel, contributes significantly to this growth. “We aim to keep things easy for business,” he stated, emphasizing the city’s supportive attitude.

Local patrons are already frequenting these new establishments. Flynn mentioned seeing a lot of regulars in such a short time, which is always encouraging.

Additionally, the rising demand for more refined dining experiences has led to the opening of Vinoteca, a natural wine bar situated within Blum, a wine and floral shop along Pacific Coast Highway. Sommelier Julia Blyum, a co-founder, mentions that introducing natural wines was crucial, as it was relatively unfamiliar to the South Bay.

Some well-known LA establishments are also eager to tap into this emerging market. The wine bar Barsha and the Japanese pasta restaurant Unico are expanding into El Segundo, and the breakfast taco favorite HomeState opened a new location at The Point in September.

Chef Jackson Kalb, who runs Jame Enoteca, has observed the city’s culinary scene flourishing. He also launched Jaime Taqueria last year, reinforcing his commitment to the community. Kalb believes that a diverse food scene benefits everyone. “As we increase our restaurant quality, we’re all winners,” he remarked, noting that his own restaurant has expanded three times since its inception.

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