The United States remains a top destination for global wealth migration, but an increasing number of affluent Americans are seeking alternative residence and citizenship options abroad.
That’s according to the USA Wealth Report 2025 by Henley & Partners, an international wealth and investment migration specialist, in collaboration with New World Wealth, a global data intelligence firm.
The U.S. has a staggering 34% of global liquid private wealth and is home to 37% of the world’s millionaire population — over 6 million high-net-worth individuals (HNWIs) with investable wealth of $1 million or more. This wealth dominance is found across all upper brackets, with 36% of the world’s centi-millionaires (those with $100 million) and 33% of its billionaires residing in the U.S,
But U.S. citizens so far this year account for more than 30% of all investment migration applications submitted through Henley & Partners — almost twice as many as the combined total of the next five investor nationalities.
“We’re witnessing a new level of sophistication in how affluent Americans manage and diversify their wealth,” said Basil Mohr-Elzeki, Managing Partner at Henley & Partners North America. “Securing alternative residences and citizenships is now a strategic form of risk management — a thoughtful ‘Plan B’ that enhances family resilience, unlocks global opportunities, and safeguards multigenerational legacies.”
“More Americans are confronting a stark reality,” said Prof. Peter J. Spiro, of Temple University Law School. “U.S. citizenship alone no longer feels like a sufficient safeguard. The enduring value of an American passport is now paired with a growing desire for a backup plan. Dual citizenship, once a luxury, is becoming the new American dream. In an era of rising uncertainty, many are seeking not just the right to stay, but the right to leave.”
Geo-Political Peril Follows a Decade of Prosperity
The U.S. has surged ahead in wealth generation over the past decade. America’s population of millionaires grew by 78% from 2014 to 2024, outpacing China’s 74%, and far surpassing growth in other nations. America now has about 6,041,000 millionaires, 10,800 centi-millionaires, and over 850 billionaires, placing it firmly at the top of the W10 (the 10 wealthiest countries when ranked by resident millionaires). Despite rapid growth, China is a distant second with approximately 827,900 millionaires, 2,250 centi-millionaires, and 280 billionaires.
Other major W10 economies have grown at a much slower pace over the last decade. In Germany, the millionaire population grew by just 10%, Japan’s by 5%. The UK’s shrank by -9%, which Henley said indicates significant millionaire flight and economic stagnation. Other countries showed more robust growth: Australia (+30%), Switzerland (+28%), Canada (+26%), and Italy (+20%), although they all significantly lag the U.S. in millionaire numbers and wealth growth rates.
Affluent investors need to remain vigilant, agile, and proactive in their approach to wealth management, said Dr. Tim Klatte, Partner at Grant Thornton China and adjunct professor at New York University Shanghai, in a commentary on the report. “Despite the recent ceasefire, the U.S.–China trade war is more than an economic battle — it is a complex geopolitical contest with far-reaching consequences. HNW investors must account for the risk of escalating tensions, potential breakdowns in trade negotiations, and the broader threat of international conflict. These geopolitical dynamics can significantly influence investment decisions, asset allocation, and long-term wealth preservation,” Klatte said.
America’s Wealthiest Cities
Traditional American wealth hubs continue to dominate, but some emerging urban centers are rapidly ascending. New York City remains the wealthiest city in the U.S. (and the world), with 384,500 millionaires, including 818 centi-millionaires and 66 billionaires.
The Bay Area, which includes San Francisco and Silicon Valley, is close behind with 342,400 millionaires, including 756 centi-millionaires and the nation’s highest concentration of billionaires — 82. Between 2014 and 2024, the Bay Area’s millionaire population surged by 98% — the biggest growth of wealth among America’s Top 10 Wealthiest Cities.
Los Angeles ranks third with 220,600 millionaires, including 516 centi-millionaires and 45 billionaires, and a 35% growth rate over the past decade. In fourth, fifth, and sixth place are Chicago, Houston, and Dallas, all showing robust expansion. Dallas saw an 85% growth, while Houston was up 75%. Lower on the list, Seattle, Boston, Miami, and Austin show strong momentum. Miami recorded 94% growth, and Austin, 90%.
Scottsdale leads America’s wealth boom
Scottsdale is the leader in millionaire population growth in the U.S. with a 125% increase between 2014 and 2024, mostly fueled by a rapidly expanding tech sector. West Palm Beach is second with a 112% increase. These cities’ expansinos are examples of broader demographic and economic shifts, driven by an influx of tech companies, skilled professionals, and favorable regulatory conditions.
“America is the undisputed world leader when it comes to high-growth tech sectors such as software, microchips, online retail, internet hosting, social media, search engines and AI,” said Andrew Amoils, Head of Research at New World Wealth. “As a result of this dominance, many tech entrepreneurs choose to move to the country in order to take their businesses to the next level. While the Bay Area remains the epicenter of this innovation ecosystem and the top global destination for wealthy tech entrepreneurs, we’re also seeing a broader migration trend. Trade tensions and shifting economic priorities are driving HNWIs towards more business-friendly environments, with cities like Tampa, Salt Lake City, Denver and Santa Fe emerging as attractive alternatives thanks to their affordability, lifestyle appeal, and investment potential.”
The U.S. last year saw a net gain of about 3,800 HNWIs through migration — including 95 centi-millionaires and 10 billionaires. Many were founders, CEOs, and investors drawn to America’s innovation-driven economy and dynamic cities, according to the report. Florida and Texas are attractive because of low taxes, but California continues to draw elite tech talent from around the globe.
A New Era of Sovereign Portfolios
Despite the wealth influx, Henley & Partners said that from the Q1 2024 to Q1 2025, there has been a 183% increase in inquiries from U.S. nationals for alternative residence and citizenship options abroad. The company also recorded a 39% increase in inquiries from U.S. investors during the same period, showing growth continues beyond the initial election spike.
“Wealthy Americans are moving beyond traditional second passport plans and embracing diversified sovereign portfolios — strategic combinations of residence and citizenship options aimed at maximizing mobility, asset protection, and global reachm” Mohr-Elzeki said. “These portfolios are not necessarily tied to relocation but reflect a desire for contingency planning and enhanced global mobility.”
Europe remains a primary destination for wealthy Americans, with residence programs in Greece, Italy, Latvia, Malta, Portugal and Switzerland offering lifestyle and business advantages. Americans are also pursuing citizenships in the Caribbean, Nauru, and Turkey. Other destinatins of interest are Latin American countries such as Costa Rica and Panama, along with New Zealand.
Trump’s ‘Gold Card’ Sparks EB-5 Interest
America continues to draw major foreign investors through the U.S. EB-5 Immigrant Investor Program and similar initiatives. Since it began in 1990, the EB-5 has spurred over $55 billion in foreign direct investment, created 1.4 million jobs, and contributed billions in tax revenues.
Interest in the program is increasing. Henley & Partners saw EB-5 enquiries rise by 325% from 2019 to 2024. Inquiries in Q1 2025 are up by 57% compared to Q1 2024, and by 168% compared to Q4 2024. The EB-5 is now the fourth most inquired-about residence program.
President Donald Trump’s new “Gold Card,” initiative, which is still in development, would offer a fast-track pathway to U.S. citizenship in exchange for a $5 million investment or contribution.
“The apparent paradox of wealthy U.S.-Americans considering moves abroad, while non-Americans invest in the USA, reflects a broader global dynamic and an economic truth,” Chief Economist at Henley & Partners, Jean Paul Fabri said out in the report. “The USA remains the world’s best place to create and grow wealth, even if some opt to move elsewhere. For global investors, the American market represents opportunity, scale, security, and innovation.”
