Despite the conclusion of the U.S. presidential election, uncertainty and insecurity about the country's future have reached a new peak. Consequently, America's billionaires are embarking on a real-life "mass exodus." The United States remains the world's largest hub of wealth, with 32% of the world's liquid investable assets amounting to $67 trillion and housing 37% of global millionaires. With approximately 5.5 million Americans possessing assets over one million dollars, this number has grown by a staggering 62% over the past decade, significantly outpacing the global growth rate of 38%.
Recent reports by financial media, like CNBC, highlight that a record number of affluent Americans are planning to move abroad post-election. Data from Henley & Partners, a company providing international migration consultancy for the wealthy, reveals that Americans have become the firm's largest client group for the first time, accounting for 20% of their business. The number of Americans planning to relocate overseas has increased by at least 30% compared to the previous year. Another consultancy, Arton Capital, notes that 53% of American millionaires are considering leaving the U.S., regardless of the election outcome. Notably, young millionaires aged 18 to 29 show the greatest interest, with 64% keen on obtaining a "Golden Visa" through overseas investment.
Experts suggest that the wealthiest Americans are considering relocation due to fears of potential tax increases, political instability, and violence. The government faces limited options for addressing its massive deficits and debt, primarily through tax hikes or extensive money printing, with the wealthy being the primary tax targets. Previously, U.S. billionaires were mostly driven by tax incentives to relocate; now, concerns over political unrest and violence, including mass shootings and rising anti-Semitism, are significant factors.
Many wealthy individuals are aiming to mitigate risks and safeguard their assets by obtaining second or even third passports. Preferred destinations for Americans seeking residency or a second nationality include Portugal, Malta, Greece, Spain, Antigua, and Italy.
