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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
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Business Standard
22-05-2025
- Business
- Business Standard
Where rich live in USA: New York tops, but Scottsdale leads wealth boom
The USA Wealth Report 2025 by international advisory firm Henley and Partners offers a comprehensive snapshot of how wealth is distributed—and rapidly growing—across major American cities. New York City remains the undisputed leader, home to the highest number of millionaires globally (384,500), including 818 centi-millionaires and 66 billionaires. Close behind is the Bay Area, with its booming tech sector powering a 98% surge in its millionaire population over the past decade—the fastest among the Top 10 wealth hubs. 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.' New York City The Big Apple is the financial center of the USA and the wealthiest city in the world by several measures. The city comprises five boroughs and features some of the world's most exclusive residential streets, including 5th Avenue in Manhattan, where prime apartment prices can exceed USD 27,000 per m2. New York City is also home to the world's two largest stock exchanges by market cap — the NYSE and NASDAQ. Perhaps most notably, the total wealth held by the city's residents exceeds USD 5 trillion — higher than the total wealth held in most major G20 countries. The Bay Area As the world's largest tech hub by some margin, Northern California's Bay Area is the undisputed world leader when it comes to software development, microchips, online retail, internet hosting, social media, search engines, and AI. It encompasses the city of San Francisco and the area known as Silicon Valley, which includes millionaire hotspots such as Atherton, Los Altos Hills, Hillsborough, Mountain View, and Palo Alto. Most of the world's top tech firms are based in the area, including Apple, Nvidia, Alphabet, Meta, Intel, Broadcom, OpenAI, and Netflix. It is also home to a number of world-class schools and universities, namely Berkley and Stanford. Los Angeles Los Angeles is the home base of choice for high-net-worth individuals from America's media, entertainment, sports, and retail sectors. Our figures for this area include wealth held in the city of Los Angeles as well as commuter towns such as Laguna Beach, Newport Beach, Beverly Hills, and Malibu. Chicago Chicago has a highly diversified economy that is strong in multiple key sectors. Affluent parts of Greater Chicago include the Gold Coast Historic District, Winnetka, Kenilworth, and Lincoln Park. Houston America's energy capital, Houston, is a global leader in engineering and aeronautics. It is also home to 24 Fortune 500 companies — the third-highest number among US cities, after New York and Chicago. Dallas Dallas has seen very strong wealth growth over the past two decades, driven in part by the relocation of several major corporate headquarters to the city. Prominent companies based in the Dallas–Fort Worth area include AT&T, CBRE, Caterpillar, American Airlines, Charles Schwab, and Texas Instruments. Seattle Greater Seattle is the base city for tech giants Microsoft and Amazon, along with major companies such as Zillow, Nordstrom, Starbucks, and Expedia. Once considered a potential rival to Silicon Valley (the Bay Area), the region's prominence in the tech world has diminished over the past decade. Our figures for this area include wealth held in the city of Seattle, as well as nearby Bellevue, Kirkland, Redmond, and Mercer Island. Boston As the world's largest biotech hub, Boston is a global leader in scientific research, education, medicine, and law. It serves as the headquarters for corporate giants such as General Electric, State Street, and Fidelity Investments, and is home to a significant concentration of wealthy academics affiliated with nearby Harvard and MIT. The city also hosts two of the world's Big Three management consultancies — Boston Consulting Group (BCG) and Bain & Company. Miami Miami is an increasingly popular destination for America's super-rich, with the lack of state taxes in Florida serving as a major drawcard. In recent years, a notable influx of centi-millionaires and billionaires — particularly from the tech, fund management, media, and entertainment sectors — has relocated to the city. Miami is also the USA's primary gateway to Latin America, and with Miami International Airport offering direct flights to most major global cities, it is arguably one of the world's most strategically positioned hubs for international investors. Our figures for this area encompass wealth held in the city of Miami, as well as in Miami Beach and Coral Gables. Washington DC The US capital is home to some of America's most prestigious residential streets with timeless brownstone apartments and large manor houses. The suburb of Georgetown is among the most sought after in the region. A large number of high-net-worth individuals have moved to the city over the past decade, particularly those in the media, finance, law, and private equity spaces. Austin With its booming tech sector, Austin has been dubbed 'Silicon Hills'. Several major tech companies have moved their headquarters to the city over the past decade, most notably Tesla. Texas's low state taxes add to Austin's appeal. 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. Greenwich and Darien These neighboring towns on Connecticut's Gold Coast are favored residential areas for investment bankers, hedge fund managers, and wealthy financiers. They are both highly exclusive, with average house prices exceeding USD 3 million. Scottsdale The jewel of the Greater Phoenix metropolitan area, the Arizona desert city of Scottsdale has emerged as the fastest growing millionaire hub in North America over the past decade, primarily driven by its rapidly expanding tech sector. Our figures for this region include wealth held in both Scottsdale and the neighboring town of Paradise Valley. Many of the affluent tech executives working in Greater Phoenix choose to reside in Scottsdale and Paradise Valley. Prominent tech companies that operate out of the metropolitan area include GoDaddy, Microchip Technologies, Avnet, Insight Enterprises, and Onsemi. Global tech giants Intel and TSMC also maintain a strong and growing presence in the region. In addition to its tech appeal, Scottsdale is also a sought-after retirement destination, with world-class golf and lifestyle estates such as the Estancia Club, Silverleaf, Desert Mountain, and Whisper Rock. West Palm Beach Florida's West Palm Beach has become a coveted retirement destination for millionaires from New York and California. Furthermore, a growing number of affluent individuals — particularly from the hedge fund, media, and entertainment sectors — are choosing to live and operate from this area post-Covid. Our figures for this region include wealth held in both West Palm Beach and neighboring Palm Beach. Las Vegas and Henderson Like Los Angeles, Las Vegas has become a preferred city of residence for high-net-worth individuals who built their wealth in the hotel, media, and entertainment industries. It is also growing in popularity as a place to retire and, like Scottsdale, it is famed for its luxury lifestyle estates and beautiful desert landscapes. San Diego San Diego is renowned for its Gaslamp Quarter, beaches, and mild climate. The city is also known for the San Diego Zoo, Balboa Park, and its vibrant cultural scene that includes a celebrated craft beer industry and a thriving food culture. The suburbs of La Jolla and Rancho Santa Fe are especially sought after among the ultra-wealthy. Philadelphia Philadelphia was once the wealthiest city in America and is home to the nation's first stock exchange. 'Philly' also hosts the University of Pennsylvania (Penn), which is one of the top three universities in the world for producing centi-millionaires and billionaires. Additionally, Philadelphia is the operational center for media giant Comcast. Atlanta Atlanta serves as the base of operations for several major global corporations, including Coca-Cola, Home Depot, Delta Air, and CNN. The suburb of Buckhead is home to most of the city's centi-millionaires and billionaires. However, Atlanta is also marked by a significantly high level of income inequality. Montecito and Santa Barbara Santa Barbara is a resort destination defined by its Spanish Colonial Revival architecture and, along with Montecito, has become an increasingly attractive place of residence for many of America's most famous celebrities. Montecito, in particular, is acclaimed for its hillside estate mansions offering stunning ocean views. Denver Denver is one of America's leading tourism hubs and has become an increasingly important center for tech start-ups. Its proximity to second-home hotspots such as Aspen and Vail also contributes to rising levels of migrant wealth in the city. Well-known companies with a presence in the region include Palantir Technologies, Western Union, Vail Resorts, and Newmont. Tampa and Sarasota Tampa and neighboring Sarasota are both located on Florida's booming west coast. Tampa, in particular, has built a reputation for its expanding tech sector and was recently named America's top emerging tech hub by Forbes. Pebble Beach and Carmel-by-the-Sea Synonymous with wealth and luxury, this region is home to many of America's most celebrated golf courses, including Cypress Point, Pebble Beach, and Spyglass Hill. It is also known for its unique bohemian architecture and for hosting Monterey Car Week — the world's premier annual classic car event for the super-wealthy. Salt Lake City With its stunning mountain backdrop, Salt Lake City in Utah has emerged as an appealing hub for tech and financial start-ups. It lies close to Park City, a resort town favored by America's rich and famous as a location for second homes. Salt Lake City is also the headquarters of the Church of Jesus Christ of Latter-day Saints, one of the fastest growing church denominations in the world. Santa Fe Santa Fe is attracting increasing attention as a retirement hotspot for America's wealthy. Founded in 1610, it is one of the oldest cities in the USA and — is known for its vibrant art scene and distinctive adobe architecture. Also featured in this year's USA Wealth Report are the Florida cities of Naples, Fort Lauderdale, and Boca Raton. Naples — often dubbed the 'Golf Capital of Florida for the Ultra-Wealthy' — has become an increasingly desirable location for retirement, while Fort Lauderdale and Boca Raton are both recognized for their top-tier marinas, yacht clubs, and ultra-exclusive gated communities. All three cities continue to attract significant interest among wealthy investor migrants.
Yahoo
21-05-2025
- Business
- Yahoo
West Palm Beach, Palm Beach rank high in national list for growing affluence
West Palm Beach and Palm Beach came in second place in a ranking of fastest growing 'wealth hubs' nationwide as affluent households migrated to Palm Beach County following the pandemic, according to a new report from Henley and Partners. The two cities combined came in runner up to Scottsdale, Arizona, and ahead of the northern California Bay Area, Miami and Washington, D.C. They ranked third in last year's ratings. The USA Wealth Report 2025 released May 20 follows an April study from Henley and Partners that ranked West Palm Beach and Palm Beach fourth internationally for their growing affluence. Ahead of the two cities in the international survey was Shenzhen, China, Scottsdale, Arizona, and third place Bengaluru, India. According to the studies, the two cities experienced a 112% increase in millionaires between 2014 and 2024. 'West Palm Beach (and Palm Beach) has become a coveted retirement destination for millionaires from New York and California,' the report notes. 'Furthermore, a growing number of affluent individuals — particularly from the hedge fund, media, and entertainment sectors — are choosing to live and operate from this area post-Covid.' In sheer numbers, the wealth report found that West Palm Beach and Palm Beach combined have 11,500 millionaires, 78 centimillionaires (people with $100 million-plus) and 10 billionaires. Commercial real estate 2025: Demand will continue in PBC for offices, shops, stores The Business Development Board of Palm Beach County estimates there are 60 billionaires countywide, while an analysis of Forbes data by the Palm Beach Daily News found there are 68 billionaires with strong residential ties to the Town of Palm Beach. While West Palm Beach and Palm Beach are ranked high for growing wealth, they are still lower on the list for the total number of affluent residents, ranking 15th nationally for the number of centimillionaires. New York City, the Bay Area and Los Angeles took the top three spots. Stay up to date on South Florida's sizzling real estate market and sign up for The Dirt weekly newsletter, delivered every Tuesday! Exclusively for Palm Beach Post subscribers. Kimberly Miller is a journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate, weather, and the environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@ Help support our local journalism, subscribe today. This article originally appeared on Palm Beach Post: West Palm Beach is growing millionaires but not as fast as this city
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Business Standard
21-05-2025
- Business
- Business Standard
America tops global wealth growth but rich are eyeing opportunities abroad
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.
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
