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Newsweek
3 days ago
- Business
- Newsweek
Austin Dethroned as Millionaires Flock to Arizona City
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. The desert city of Scottsdale, Arizona, has become the fastest-growing millionaire hub in the nation over the Texas capital, Austin, which only last year ranked first in Henley & Partners' list of U.S. metros attracting the ultra-wealthy. The former pandemic boomtown of Austin, which has been experiencing a dramatic correction over the past couple of years, has fallen out of the top five in Henley & Partners' latest report on the fastest-growing wealth hubs in the U.S., though it remains one of the richest metros in the country. Why It Matters Over the last decade and especially in the years following the outbreak of the COVID-19 pandemic, Austin became a massively popular destination for both businesses and out-of-state movers attracted by the city's vibrant culture, thriving job market and high quality of life. The city's appeal grew as Austin became known as a hub for tech giants such as Dell, Apple, Google and Tesla, attracting millionaires from all over the country. Many high-net individuals left expensive metropolises such as San Francisco, New York and Los Angeles to relocate to Austin, which combined the charm of a mid-size city with the opportunities traditionally found in bigger, much more expensive hubs. But its status as a tech powerhouse now seems to be threatened by the uncertainty surrounding the sector, which is still going through significant workforce cuts, return-to-work policies and the growth of rival tech hubs such as Scottsdale. What To Know While Austin was the fastest-growing millionaire hub in the nation in Henley & Partners' 2024 report, this year it does not even feature in the top five. It has been dethroned by Scottsdale, which between 2014 and 2024 has seen its millionaire population grow by 125 percent. Traffic and people cross the South Congress Avenue bridge, with the Austin skyline in the background, Texas. Traffic and people cross the South Congress Avenue bridge, with the Austin skyline in the background, Texas. Getty Images The Arizona desert city now counts 14,800 millionaire residents, 64 centi-millionaires and five billionaires and is home to major tech businesses such as GoDaddy, Microchip Technologies, Avnet, Insight Enterprises and Onsemi. It was followed by West Palm Beach, Florida, which grew its millionaire demographic by 112 percent in the same decade, and now counts among its total residents 11,500 millionaires, 78 centi-millionaires and 10 billionaires. The city has likely been benefiting from the high numbers of ultra-wealthy senior citizens retiring in the Sunshine State. The Bay Area, which includes San Francisco and the Silicon Valley, was the third-fastest growing millionaire hub, having seen its millionaire population grow by 98 percent between 2014 and 2024. The area had 342,400 millionaires, 756 centi-millionaires and 82 billionaires. In fourth place was another Florida city, Miami, which saw its millionaire demographics go up by 94 percent between 2014 and 2024. The city has 38,800 millionaires, 180 centi-millionaires and 17 billionaires. Same as West Palm Beach, Miami has likely benefited from the Sunshine State's status as a retirement haven and the lack of a state income tax. It was followed by Washington, D.C., which grew its population of millionaires by 92 percent in that same decade to reach a total of 28,900, likely as wealthy individuals wanted to be close to the heart of U.S. politics. The city also has 97 centi-millionaires and 12 billionaires. While Austin fell out of the top five fastest-growing millionaire hubs in the country, it was still the 10th wealthiest city in the country after New York City, the Bay Area, Los Angeles, Chicago, Houston, Dallas, Seattle, Boston and Miami. While some cities experienced a far bigger increase, Austin's millionaire population still grew by an impressive 90 percent between 2014 and 2024. What People Are Saying Andrew Amoils, head of Research at New World Wealth, which collaborated on the Henley & Partners' report, said in a press release: "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." He added: "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." He told "Austin's tech sector has slowed down over the past couple of years. This may be linked to the emergence of new tech hubs such as Tampa and Scottsdale. During the [COVID-19] pandemic, Austin was a hub of activity for out-of-state movers, but this trend has shifted as return-to-work policies and headwinds in the tech sector mean Austin has lost some of its luster." Henley & Partners said in a recent report of Austin: "While wealth growth in the city has slowed over the past couple of years, it remains very impressive when viewed over the past decade as a whole." senior economic research analyst Hannah Jones said in a recent article commenting on the report: "Scottsdale has grabbed the attention of high-earning households over the last decade as luxury buyers flock to the area in search of sunshine and access to the area's amenities, such as golf courses and resorts." What Happens Next While the U.S. remains attractive to investors, Henley & Partners' report warns that the ultra-wealthy are increasingly eyeing opportunities abroad amid growing economic uncertainty around the President Donald Trump's administration. The company reported a 183 percent increase in the first quarter of 2025 compared to the same period last year, in inquiries from U.S. nationals for alternative residence and citizenship, as high-net individuals seek to diversify their portfolio and protect their assets from volatility in the markets. "In an era of rising geopolitical volatility, wealthy individuals and families are reassessing where, how, and what they own," Jacob Shapiro, head of geopolitical & macro research and senior client relationship manager at Bespoke Group, said in the Henley & Partners' USA Wealth Report. "The age of unchallenged U.S. dominance is over, replaced by a multi-polar world marked by fiscal recklessness, military confrontation, and political instability. As America's golden age of investment fades, the country's wealthiest are moving their money—and their lives—abroad in record numbers. Global diversification is no longer optional, but essential, for preserving wealth, lifestyle, and legacy in a world where opportunity is shifting beyond U.S. borders." This could mean further losses for cities like Austin—as well as Scottsdale. But Henley & Partners believes that for most wealthy individuals in the U.S., permanently leaving the country is not what they want. "Most American clients we engage with are primarily wanting a Plan B or option to relocate if they need or want to but almost all of them say they don't want to leave the US, even temporarily," Basil Mohr-Elzeki, head of North America at Henley & Partners, told Newsweek. "They just want to have something in place so that they have the option if it becomes necessary."
Yahoo
6 days ago
- 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
Indian Express
26-05-2025
- Business
- Indian Express
Top 10 fastest-growing wealth hubs in 2025: 3 Indian cities among global 20
Top 10 fastest growing wealth hubs in 2025: Do you know where most millionaires are likely to migrate in the coming years? While many high-net-worth individuals (HNWIs) presently reside in a few major cities, such as New York, Paris, and Hong Kong, they are increasingly moving to hubs that offer better opportunities for growing their wealth and enhanced lifestyles. Henley & Partners' analysis highlights that technology and friendly taxation policies are the foremost creators of wealth. Fastest-growing wealth hubs like Shenzhen, Hangzhou, and the Bay Area host large tech communities to attract HNWIs, while Dubai, Miami, and Singapore benefit from favourable or minimal taxation burdens. These cities are experiencing significant wealth expansion, doubling their millionaire populations over the past decade. America continues to dominate with eight fastest-growing wealth centres. Sixteen Asian cities also feature on the list. Middle Eastern cities, especially within the UAE and Saudi Arabia, have established themselves as pivotal connections in contemporary wealth networks. Source: World's Wealthiest Cities Report 2025 Please note: Rankings are as of December 2024, and all statistics are in USD terms. This table includes only cities with over 10,000 millionaire residents and accounts solely for individuals residing in each city. Millionaire figures have been rounded to the nearest 100. The Silicon Valley of India, Bengaluru, ranked at #3 with 120% millionaire growth, has emerged as one of the fastest-growing wealth hubs globally and in India in the last decade, the report highlights. Furthermore, the capital city and financial capital, Delhi and Mumbai, ranked #14 and #18 globally, have demonstrated strong growth of 82% and 69% growth, respectively, in millionaires over the last ten years. Source: World's Wealthiest Cities Report 2025
Express Tribune
17-05-2025
- Business
- Express Tribune
Countries offering visa-free access to Pakistani passport: Here are the full details
Listen to article Citizens of Pakistan can travel visa-free to more than 30 countries worldwide, according to the latest data released by Henley & Partners, a global residence and citizenship advisory firm, Khaleej Times reported. The report identifies 12 countries — predominantly in Africa, Oceania and Asia — as the world's most open, granting visa-free access to nationals of nearly all countries. Among these are eight African nations, three from Oceania, and one from Asia. Kenya, Burundi, Cape Verde Islands, Comoro Islands, Djibouti, Guinea-Bissau, Mozambique and Rwanda lead Africa's open-border policy. Oceania's Micronesia, Samoa and Tuvalu, along with Asia's Timor-Leste, are also among the most welcoming nations globally. Read More: Pakistan introduces app for issuing visas on arrival 'These countries allow visa-free entry to around 198 nationalities, making them the most open in the world,' Henley & Partners said in the report. Pakistanis benefit from visa-free or visa-on-arrival access to 32 countries. These include Barbados, Burundi, Cambodia, Cape Verde, Comoros, Djibouti, Dominica, Guinea-Bissau, Haiti, Kenya, Madagascar, Maldives, Micronesia, Mozambique, Nepal, Palau, Qatar, Rwanda, Samoa, Senegal, Seychelles, Sierra Leone, Somalia, Sri Lanka, St. Vincent and the Grenadines, Timor-Leste, Trinidad and Tobago, Tuvalu and Vanuatu. Kenya, which last year welcomed 2.4 million tourists — a 15% year-on-year increase — remains the most visited of these open-border nations, renowned for its wildlife safaris and natural landscapes. By contrast, Indian passport holders can access 58 countries visa-free, including Indonesia, Fiji, Kazakhstan, Malaysia, and Qatar. Citizens of Bangladesh enjoy visa-free access to 39 countries, while Filipinos can travel without a visa to 65 destinations, such as Thailand, Morocco, Peru, and Vietnam. Read More: UAE tightens visas amid fake degrees The United Arab Emirates, home to a diverse expatriate population of over 200 nationalities — many from South Asia — remains a key hub for global mobility. However, many citizens from developing countries still face challenges in obtaining visas to Europe and North America. Despite having limited travel freedom compared to Western passport holders, Pakistani travellers have increasingly turned to destinations in Africa and Southeast Asia that offer easier entry requirements. Read More: Which country has the most powerful passport? Pakistan ranked 195th Henley & Partners' rankings are based on data from the International Air Transport Association (IATA), reflecting the global state of travel freedom as of 2025.
Economic Times
17-05-2025
- Business
- Economic Times
HNIs explore other foreign shores after EU's citizenship blow
TIL Creatives AI generated image. New Delhi: As Europe slams the door shut on one of the most sought-after fast-track citizenship programmes, that of Malta, India's wealthy elite find themselves on the lookout for new 'affordable' footholds abroad, whether it be for residence or European Court of Justice recently held that Malta's golden passport scheme, which granted citizenship in exchange for investment of about $672,500, effectively reduced the acquisition of nationality to a 'mere commercial transaction,' violating European Union law. According to experts, Indian high net worth individuals (HNWIs) are recalibrating their strategies, with growing interest in European residence-by-investment programmes instead of citizenship-by-investment schemes as well as the US EB-5 programme that requires an investment of $800,000 and the UAE Golden Visa, pegged at about $272,300. They're also looking at such schemes in the Caribbean, Southeast Asia and New Zealand. To be sure, the Greek and Portuguese golden visa programmes are still in place, for now at least. (Join our ETNRI WhatsApp channel for all the latest updates) Malta was ranked No 1 in Henley & Partners' 2025 Global Citizenship Program Index. This made the ECJ's ruling particularly consequential, as it disrupts what was considered one of the most attractive citizenship-by-investment schemes Read: Green cards could be revoked at any time under newly proposed rule'This ruling will impact all EU states offering citizenship-by-investment, effectively closing the door for Indian HNIs seeking a fast-track to EU citizenship,' said Poorvi Chothani, managing partner at LawQuest. 'This will push investors to explore alternative jurisdictions offering security, mobility, and business access.'In the interim, applications may be delayed or subjected to stricter scrutiny.'While the ruling does not retroactively invalidate citizenships already granted under Malta's programme, it is likely to subject these passport holders to increased scrutiny... which may affect their travel and residency rights,' said Hemang Laaheru, director at UK immigration attorney firm Conroy Baker Ltd. Also Read: As US visa options shrink, Indian families turn to EB-5 for security and mobility For Indian investors, the shift is already underway.'Interest continues to remain high in US programmes like EB-5, the UAE golden visa. Individuals are also expressing heightened interest in lifestyle residencies in Southeast Asia,' said to Henley & Partners' 2024 Private Wealth Migration Report, 4,300 Indian HNIs relinquished their citizenship in 2023 to relocate abroad, placing India among the top three countries, behind China and the UK, in terms of millionaire Caribbean nations are now considered safer, more stable routes for wealth migration. This list includes Grenada, Dominica and St Kitts & Nevis, whose citizenship-by-investment (CBI) programmes remain popular for visa-free or visa-on-arrival access to many countries, including parts of the Schengen area.'These nations also offer favourable tax regimes — with no capital gains or inheritance taxes,' Laaheru pointed out, adding that 'Grenada's CBI programme has already seen a high number of approvals in 2024, reflecting strong demand.'The cost in the Caribbean varies.'For example, Dominica is the cheapest at $200,000, and other countries can charge $250,000,' he Zealand's new programme is also gaining traction, said David Lesperance, managing director of immigration advisor Lesperance Associates.'It grants permanent residence for investing ~$2.95 million and spending 21 days there over a three-year investment period,' he said. 'No additional investment, physical presence or tax residency required.'The Malta crackdown underscores a growing bifurcation between golden passport (citizenship) schemes and golden visa (residency) programmes.'India has traditionally been and continues to be a PR (permanent residency) market, and not too many Indians living in India were buying the Malta passport,' said Rajneesh Pathak, founder, Global North Residency and Citizenship. 'But a lot of global Indians consider citizenship options, especially when they wanted to give up a US Green Card or citizenship and wanted an equally strong one.' After the ECJ ruling, they will have to either consider Caribbean passports or look at the Portugal golden visa, which can lead to EU citizenship in the sixth year. Malta has a PR programme that continues, Pathak pointed out. 'While direct citizenship-by-investment routes like Malta's are being phased out, there continues to be significant interest in residency-by-investment (RBI) programmes offered by Portugal and Greece,' said Laaheru. 'These offer a more structured, long-term pathway to EU residency and, potentially, citizenship.' Greek and Portuguese golden visas cost about $280,200, whereas the now-scrapped Spanish golden visa used to be about $560,400.
