America’s Millionaires Are on the Move: The USA Wealth Report
The tide is turning in the USA, a country shaped by generations of immigrants from across the globe, whose descendants went on to create the largest wealth market in the world. As we enter 2023, a new dynamic is playing out, with wealthy Americans seeking greener pastures abroad at an unprecedented rate. And as highlighted in the inaugural USA Wealth Report, published today by investment migration specialists Henley & Partners in partnership with wealth intelligence firm New World Wealth, the country is also losing its luster among migrating millionaires, with experts commenting that “the ‘American Dream’ is now on life-support.”
The report also reveals that there is a significant internal movement of high-net-worth individuals currently underway within the country. Cities such as Austin, Scottsdale, Greenwich, and Miami are gaining millionaires, while the big wealth hubs of Los Angeles, Chicago, and New York City are losing them.
The 2023 USA Wealth Report features exclusive new private wealth research and data, providing a comprehensive review of America’s wealth sector, including trends among high-net-worth individuals, city wealth statistics, millionaire migration patterns, and a review of the key drivers of wealth. The data reveals a notable drop in net inflows of millionaires to America in 2022 when the figure fell to just 1,500, when compared with the period from 2013 to 2019 when net inflows of millionaires fluctuated between 6,400 to 10,800 annually. Net migration is calculated as the difference between high-net-worth individuals moving to the USA versus those emigrating abroad.
Record number of American’s applying for alternative citizenships
In terms of private wealth outflows, Henley & Partners’ Head of North America, Mehdi Kadiri, says the firm received the most enquiries from US citizens on record in 2022 (a 447% increase from 2019) when, for the first time, Americans ranked highest of all nationalities worldwide applying for residence and citizenship by investment programs. “To meet this significant and growing demand from US investors, Henley & Partners has opened three American offices this year, in the wealth hubs of Los Angeles, Miami, and New York City,” says Kadiri.
Commenting in the USA Wealth Report, Global investment expert and personal finance author, Jeff D. Opdyke, says soaring inflation, social and political unrest, and a rapidly declining middle class are seeing record numbers of wealthy US citizens expatriating or renouncing their citizenship. “The new consumer class rising up in non-Western countries will ultimately outnumber Western consumers by three billion or more. The American Dream that is floundering in its birthplace is being reconceptualized by this developing consumer class and reaching that base might well mean stepping outside of US borders and establishing yourself and your family elsewhere.”
To find out more about private wealth in the USA, download the full report here.