America tops global wealth growth but rich are eyeing opportunities abroad

Business Standard

21-05-2025

The United States remains the undisputed capital of global wealth — home to over 6 million high-net-worth individuals (HNWIs) with investable assets of $1 million or more, said a newly released USA Wealth Report 2025 by Henley & Partners and New World Wealth.
The US commands a dominant 34% of the world's liquid private wealth, while housing 37% of the world's millionaire population.
That wealth spans every bracket: the US is also home to 36% of the world's centi-millionaires (those with $100 million+) and 33% of global billionaires. Yet, despite this unparalleled prosperity, a surprising trend is gaining traction — wealthy Americans are increasingly looking beyond US borders to secure their futures.
"So far in 2025, US citizens account for over 30% of all investment migration applications submitted through Henley & Partners — nearly double the combined total of the next five investor nationalities, which include Turkish, Indian, and, British," said Henley & Partners in a statement.
'More Americans are confronting a stark reality: US 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," said Prof. Peter J. Spiro, of Temple University Law School.
A decade of prosperity meets geo-political peril
Over the past 10 years, the US has surged ahead in wealth generation. From 2014 to 2024, the country's millionaire population grew by 78%, slightly outpacing China's 74%, and significantly exceeding growth in other nations, noted the report.
Top of the W10 (the 10 wealthiest countries in the world when ranked by resident millionaires), America now boasts approximately 6,041,000 millionaires, 10,800 centi-millionaires, and over 850 billionaires. China follows with around 827,900 millionaires, 2,250 centi-millionaires, and about 280 billionaires, significantly trailing when it comes to private wealth numbers despite its rapid growth.
In contrast, other major W10 economies have shown markedly slower growth. Germany's millionaire population increased by just 10% over the past decade, Japan's by 5%, and, notably, the UK's shrank by -9%, suggesting significant millionaire flight and economic stagnation.
Australia (+30%), Switzerland (+28%), Canada (+26%), and Italy (+20%) performed better, although they all lag far behind the US in absolute millionaire numbers and wealth growth rates.
" 'Despite the recent ceasefire, the US–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," said Dr. Tim Klatte, Partner at Grant Thornton.
The USA Wealth Report 2025 also highlights the continued dominance of traditional American wealth hubs alongside the rapid ascent of emerging urban centers. New York City remains the wealthiest in the US (and the world), with 384,500 millionaires, including 818 centi-millionaires and 66 billionaires. The Bay Area, which includes the city of San Francisco and Silicon Valley, follows closely with 342,400 millionaires, including 756 centi-millionaires and the nation's highest concentration of billionaires at 82. Between 2014 and 2024, the Bay Area's millionaire population surged by 98% — the highest wealth growth among America's Top 10 Wealthiest Cities.
Los Angeles ranks 3rd with 220,600 millionaires, including 516 centi-millionaires and 45 billionaires, and a 35% growth rate over the past decade, while 4th, 5th, and 6th placed Chicago, Houston, and Dallas all demonstrate robust expansion. Dallas, in particular, saw an increase of 85%, while Houston experienced a 75% growth in its resident millionaire population. Further down the list, the likes of Seattle, Boston, Miami, and Austin are showing strong momentum. Miami and Austin, for instance, recorded 94% and 90% millionaire growth respectively.
David K. Young, President at the Committee for Economic Development of The Conference Board (CED), points out in the report that 'despite a wave of policy changes and their subsequent implications around the world, the relative political stability, rule of law, economic prospects, culture of innovation, not to mention the US dollar remaining the global reserve currency, have squarely positioned the USA as an environment in which to do business and to invest.'
Scottsdale leads America's wealth boom
Scottsdale has emerged as the fastest growing wealth hub in the US by millionaire population, with a 125% increase between 2014 and 2024, primarily driven by its rapidly expanding tech sector. West Palm Beach follows closely with a 112% rise.
'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. 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,' said Andrew Amoils, Head of Research at New World Wealth. '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.'
In 2024, the US recorded a net gain of approximately 3,800 HNWIs through migration — including 95 centi-millionaires and 10 billionaires. Many of these were founders, CEOs, and investors drawn to the nation's innovation-driven economy and dynamic cities.
"Low-tax states like Florida and Texas are particularly attractive, while California continues to attract elite tech talent from around the globe," said the report.
A new era of sovereign portfolios
Henley & Partners data reveals a 183% increase in enquiries from US nationals for alternative residence and citizenship options abroad if we compare Q1 2024 and Q1 2025, and the firm recorded a 39% increase in enquiries from US investors in Q1 2025 compared to Q4 2024, demonstrating sustained growth beyond the initial election spike.
As Mohr-Elzeki pointed out, '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 reach. These portfolios are not necessarily tied to relocation but reflect a desire for contingency planning and enhanced global mobility.'
Europe remains a core destination, with residence programs in Greece, Italy, Latvia, Malta, Portugal, and Switzerland offering both lifestyle and business advantages. Americans are also increasingly pairing these with citizenships in the Caribbean, Nauru, and Türkiye. Latin American countries such as Costa Rica and Panama, along with New Zealand, offer further geographic and legal diversification.