Latest news with #BasilMohr-Elzeki
Yahoo
02-06-2025
- Business
- Yahoo
37% Of The World's Millionaires Call The US Home, Up 78% Over The Last Decade
The U.S. has the largest number of high-net-worth individuals, according to a new report from Henley & Partners and New World Health 37% of the global millionaire population, 36% of the world's centimillionaires, and 33% of billionaires call the country home These ultra-wealthy individuals primarily live in or near major cities like New York, San Francisco, and Los Angeles The U.S. is home to 37% of the global millionaire total, according to a new report from Henley & Partners and New World Wealth. The USA Wealth Report says that over 6 million high net worth individuals, defined as those with investable assets of $1 million or more, resided in the U.S. at the end of 2024. Additionally, 36% of the world's centimillionaires and 33% of the world's billionaires also call the country home. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Maximize saving for your retirement and cut down on taxes: . Over the past decade, the U.S. has seen its millionaire population increase by 78%. This growth slightly outpaces China, which saw its millionaire population increase by 74% between 2014 and 2024, and well outpaces other wealthy countries like Japan (5%), Canada (26%), Switzerland (28%), and the UK (-9%). Tim Klatte, partner at Grant Thornton China, warns high net worth individuals that despite this incredible growth rate, they shouldn't get too comfortable. "The U.S.–China trade war is more than an economic battle — it is a complex geopolitical contest with far-reaching consequences," he said in a statement accompanying the report. "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." Trending: Invest where it hurts — and help millions heal:. In fact, this economic unrest has led many ultra-wealthy Americans to explore their options when it comes to moving their wealth outside the US. According to the report, US citizens account for over 30% of all investment migration applications submitted through Henley & Partners at this point in the year. A number that is nearly double the combined total of the next five investor nationalities, which include Turkish, Indian, and British. "We're witnessing a new level of sophistication in how affluent Americans manage and diversify their wealth," says 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."Within the U.S., high net worth individuals tend to congregate in areas the report calls "urban wealth hubs." New York City has the highest number of high net worth individuals, with 384,500 millionaires, 818 centimillionaires, and 66 billionaires. The San Francisco Bay Area, which includes Silicon Valley, is second with 342,400 millionaires, 756 centimillionaires, and 82 billionaires. Los Angeles, Chicago, and Dallas round out the top five. "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," said David K. Young, president at the Committee for Economic Development of The Conference Board in a statement accompanying the report. Read Next: Here's what Americans think you need to be considered wealthy. Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 37% Of The World's Millionaires Call The US Home, Up 78% Over The Last Decade originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Inquiries From Wealthy Americans Seeking Overseas Citizenship To Protect Their Assets Have Risen By A Staggering 183% In One Year
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Inquiries from wealthy Americans seeking overseas citizenship to protect their assets have risen by a staggering 183% in one year, according to Henley & Partners' USA Wealth Report 2025, released May 20. Reasons to obtain citizenship outside of the U.S. are mostly related to asset management and extend beyond the knee-jerk reaction that led to the first wave of U.S. citizens applying for foreign citizenship in the first three months of this year, the report states. Rather, Basil Mohr-Elzeki, managing partner of Henley & Partners North America, believes the desire to step away from the U.S. is fueled by careful consideration of the rich insuring their wealth against geopolitical instability. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – 'We're witnessing a new level of sophistication in how affluent Americans manage and diversify their wealth,' Mohr-Elzeki said in the report. '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.' According to the report data, the wealthiest Americans are not simply inquiring about overseas citizenship but acting on it, too. The report says that around 30% of all investment migration applications submitted through the wealth management firm were by U.S. citizens. Professor Peter J. Spiro of Temple University Law School said in the report that, given the current instability in the U.S., including trade, stocks, and tensions with other countries, high-net-worth citizens are taking prudent steps to safeguard their wealth. 'The enduring value of an American passport is now paired with a growing desire for a backup plan,' said Spiro. '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.' Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — According to Henley & Partners' data, most wealthy Americans are looking to park their portfolios in Europe, depending on each country's residence programs. Greece, Italy, Portugal, and Switzerland all offer highly incentivized citizenship/investment programs. Other countries in the Caribbean and Turkey are attractive because of their low tax rates. A surprising addition to the list is a place many people haven't heard of — Nauru in Micronesia. The tiny South Pacific Island is the third smallest country in the world after the Vatican and Monaco. However, it packs a mighty punch in terms of tax incentives and its gateway citizenship program, which allows visa-free entry to 89 other countries. , Despite the desire to have overseas options, Henley & Partners reports that most of the world's wealth is concentrated in the U.S., with over 6 million people able to invest $1 million or more — accounting for 37% of the world's millionaire population. '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,' the report says. Henley & Partners Chief Economist Jean Paul Fabri adds: 'The USA remains the world's best place to create and grow wealth, even if some opt to move elsewhere.' Read Next: Nancy Pelosi Invested $5 Million In An AI Company Last Year — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Image: Shutterstock Send To MSN: 0 This article Inquiries From Wealthy Americans Seeking Overseas Citizenship To Protect Their Assets Have Risen By A Staggering 183% In One Year originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
22-05-2025
- Business
- Newsweek
Map Shows America's 10 Wealthiest Cities 2025
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Some of the most expensive cities in the country are also where the highest number of resident millionaires, centimillionaires and billionaires are concentrated, according to a new report by Henley & Partners, a company that specializes in residence and citizenship by investment. While the usual suspects topped the list—New York, the Bay Area and Los Angeles—Texas dominated with three entries, showing that the state has become a magnet for investors and businesspeople. Why It Matters Since the pandemic, the income inequality gap in the U.S. has widened, with billionaires accumulating more wealth during the health emergency than they had in the previous decades. This phenomenon has continued. At a global level, billionaire wealth grew by $2 trillion in 2024, according to the nonprofit Oxfam, three times faster than the year before. The U.S. is home to 37 percent of the world's billionaires, Henley & Partners reported. A Congressional Budget report published last year found that the top 10 percent of wealthy Americans controlled 60 percent of the nation's wealth, while the poorer 50 percent of the country's population held 6 percent. While the wealthiest people in the country tend to establish themselves in cities that offer a competitive job market and a thriving business culture, their presence in those places tend to bring up the cost of living and housing for other residents. What To Know According to Henley & Partners data, these are the 10 wealthiest cities in the U.S., based on the number of millionaires, centimillionaires and billionaires living there: New York City, New York Bay Area (San Francisco), California Los Angeles, California Chicago, Illinois Houston, Texas Dallas, Texas Seattle, Washington Boston, Massachusetts Miami, Florida Austin, Texas These cities not only have thousands of resident millionaires and hundreds of centimillionaires but also experienced significant growth in the number of wealthy residents over the past decade. Between 2014 and 2024, the number of millionaires living in these cities surged, Henley & Partners reported—by 45 percent in New York, 98 percent in the Bay Area, 35 percent in Los Angeles, 24 percent in Chicago, 75 percent in Houston, 85 percent in Dallas, 48 percent in Seattle, 40 percent in Boston, 94 percent in Miami and 90 percent in Austin. The Bay Area and Miami were also among the fastest-growing wealth hubs in the country—a list that includes Scottsdale, Arizona, which experienced a millionaire growth of 125 percent between 2014 and 2024; West Palm Beach, Florida, which is up 112 percent; and Washington, D.C., which is up 92 percent. What People Are Saying Basil Mohr-Elzeki, the managing partner at Henley & Partners North America, wrote in a report of the U.S.'s strong millionaire growth in recent years: "The remarkable strength of the U.S. stock market has been particularly impactful, with the average American centi-millionaire holding over 50 percent of their liquid wealth in U.S. equities. The country has also seen strong wealth growth in rapidly expanding wealth hubs including Scottsdale, the Bay Area, Washington DC, Austin, Dallas, and several Florida cities such as West Palm Beach, Miami, and Tampa. "America's dominance in high-growth tech sectors gives it significant advantages over Europe. Nearly all the world's top tech firms call the U.S. home, fueling a booming private equity market with large numbers of American unicorn start-ups emerging." Steve Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center, told USA Today in July: "Wealth inequality in our country is staggering and just growing worse. To me, that wealth inequality creates a lot of social problems. Those who have can call the shots, and those who don't have to struggle to get by." Mark Zandi, the chief economist at Moody's Analytics, told USA Today of the 2024 Congressional Budget's report: "[It] is stating the obvious, that wealth in the United States is concentrated, and getting more so. This has been in the makings, really, for two generations, maybe three. And the trend lines are disconcerting." What Happens Next According to Mohr-Elzeki, the U.S. is likely to continue growing its share of resident millionaires this year, despite growing interest in dual citizenship among wealthy people living in the country. "Perhaps most telling is America's enduring attraction for migrating millionaires," he wrote in the report. "In 2024 alone, the USA attracted approximately 3,800 high-net-worth individuals, 95 centi-millionaires, and 10 billionaires—the latter two being particularly significant as these individuals are typically company founders and entrepreneurs. We anticipate this number will be significantly higher this year."
Associated Press
20-05-2025
- Business
- Associated Press
USA Wealth Report 2025: America Tops Global Wealth Growth -- But the Wealthy Eye Opportunities Abroad
NEW YORK, May 20, 2025 /PRNewswire/ -- Despite a turbulent start to 2025, the US continues to stand as the world's foremost private wealth hub. Home to over six million high-net-worth individuals with investable wealth of USD 1 million or more, the country commands an extraordinary 34% of global liquid wealth and houses 37% of the world's millionaire population. And this wealth dominance extends across all brackets, with 36% of the world's centi-millionaires (those with USD +100 million) and 33% of its billionaires residing in the US, according to the USA Wealth Report 2025, published by international wealth and investment migration specialists Henley & Partners. While the US remains one of the top destinations for global wealth migration, an increasing number of affluent Americans are actively seeking alternative residence and citizenship options abroad. 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. 'We're seeing a new level of sophistication in how wealthy Americans manage and diversify their assets,' says Basil Mohr-Elzeki, Managing Partner at Henley & Partners North America. 'Pursuing alternative residences and citizenships is smart risk management. Investment migration offers a strategic 'Plan B', enhancing resilience, expanding opportunity, and securing legacy across borders.' Benchmarking US wealth 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. Top of the W10 (the 10 wealthiest countries in the world when ranked by resident millionaires), America now boasts approximately 6,041,600 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. Inside America's wealthiest cities The report 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 follows closely with 342,400 millionaires, including 756 centi-millionaires and the nation's highest concentration of billionaires at 82. Over the past decade, the Bay Area's millionaire population surged by 98% — the highest wealth growth among America's Top 10 Wealthiest Cities. Scottsdale has emerged as the fastest growing wealth hub in the US by millionaire population, with a remarkable 125% increase between 2014 and 2024, primarily driven by its rapidly expanding tech sector. Commenting in the report, Prof. Peter J. Spiro, of Temple University Law School, observes that 'as Donald Trump's second term unfolds with historic unpredictability, more Americans are confronting a stark reality: US citizenship alone no longer feels like a sufficient safeguard. 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.' Read the Full Press Release View original content: SOURCE Henley & Partners
Cision Canada
20-05-2025
- Business
- Cision Canada
USA Wealth Report 2025: America Tops Global Wealth Growth -- But the Wealthy Eye Opportunities Abroad
NEW YORK, May 20, 2025 /CNW/ -- Despite a turbulent start to 2025, the US continues to stand as the world's foremost private wealth hub. Home to over six million high-net-worth individuals with investable wealth of USD 1 million or more, the country commands an extraordinary 34% of global liquid wealth and houses 37% of the world's millionaire population. And this wealth dominance extends across all brackets, with 36% of the world's centi-millionaires (those with USD +100 million) and 33% of its billionaires residing in the US, according to the USA Wealth Report 2025, published by international wealth and investment migration specialists Henley & Partners. While the US remains one of the top destinations for global wealth migration, an increasing number of affluent Americans are actively seeking alternative residence and citizenship options abroad. 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. "We're seeing a new level of sophistication in how wealthy Americans manage and diversify their assets," says Basil Mohr-Elzeki, Managing Partner at Henley & Partners North America. "Pursuing alternative residences and citizenships is smart risk management. Investment migration offers a strategic 'Plan B', enhancing resilience, expanding opportunity, and securing legacy across borders." Benchmarking US wealth 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. Top of the W10 (the 10 wealthiest countries in the world when ranked by resident millionaires), America now boasts approximately 6,041,600 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. Inside America's wealthiest cities The report 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 follows closely with 342,400 millionaires, including 756 centi-millionaires and the nation's highest concentration of billionaires at 82. Over the past decade, the Bay Area's millionaire population surged by 98% — the highest wealth growth among America's Top 10 Wealthiest Cities. Scottsdale has emerged as the fastest growing wealth hub in the US by millionaire population, with a remarkable 125% increase between 2014 and 2024, primarily driven by its rapidly expanding tech sector. Commenting in the report, Prof. Peter J. Spiro, of Temple University Law School, observes that "as Donald Trump's second term unfolds with historic unpredictability, more Americans are confronting a stark reality: US citizenship alone no longer feels like a sufficient safeguard. 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."
