In 2025, the United States is not just holding its title as the world’s wealth capital — it’s expanding it. According to the latest USA Wealth Report 2025 by Henley & Partners and New World Wealth, the US commands a staggering 34% of the world’s liquid private wealth and is home to over 6 million individuals with investable assets exceeding $1 million. But even as American wealth deepens, a growing number of high-net-worth individuals (HNWIs) are looking overseas for security and opportunity.
The US now houses 37% of the world’s millionaires, 36% of centi-millionaires (those with $100 million+), and one-third of the globe’s billionaires. Yet a curious shift is underway: affluent Americans are applying for residency and citizenship abroad in unprecedented numbers.
So far this year, US citizens have accounted for over 30% of all investment migration applications filed through Henley & Partners — nearly twice the combined number from the next five investor nationalities, including Turkey, India, and the UK.
“American citizenship is no longer viewed as an impenetrable shield,” said Professor Peter J. Spiro of Temple University Law School. “In today’s world, the ‘American Dream’ now includes an escape route — a second citizenship, a Plan B.”
Between 2014 and 2024, the US saw a remarkable 78% increase in its millionaire population, outpacing even China’s 74% surge. Today, America stands at the top of the “W10” — the world’s ten wealthiest countries by millionaire count — boasting 6.04 million millionaires, over 10,800 centi-millionaires, and 850 billionaires.
But this prosperity is contrasted by geopolitical tension and economic unpredictability. “Even after a ceasefire in the US–China trade war, the risks remain significant,” said Dr. Tim Klatte, Partner at Grant Thornton. “Investors are now calculating political instability and global conflict risks into their long-term wealth strategies.”
While traditional powerhouses like New York (with 384,500 millionaires) and the Bay Area (342,400) remain dominant, new hotspots are catching up. Scottsdale leads the pack in growth, with a 125% rise in its millionaire population over the past decade, fueled largely by a booming tech sector. West Palm Beach follows with a 112% surge.
The Bay Area retains the highest concentration of billionaires (82), while Miami and Austin have witnessed millionaire population growth of 94% and 90% respectively, marking them as the rising stars of America’s wealth landscape.
Meanwhile, Dallas (up 85%) and Houston (up 75%) show that Texas continues to lure wealth with its low taxes and pro-business climate.
The new buzzword among America’s ultra-rich is “sovereign diversification.” Henley & Partners reports a 183% year-on-year spike in inquiries from US nationals seeking alternative residence or citizenship between Q1 2024 and Q1 2025. Compared to Q4 2024, there was a 39% increase in Q1 2025 alone.
“Americans aren’t just hunting for vacation homes anymore,” said Juerg Steffen, CEO of Henley & Partners. “They’re building sovereign portfolios — curated combinations of residencies and passports that offer mobility, protection, and global leverage.”
Countries in Europe — including Portugal, Malta, Switzerland, and Italy — continue to attract American investors. But dual-citizenship aspirations extend far beyond the continent. The Caribbean, Türkiye, Costa Rica, Panama, and New Zealand are all gaining popularity among US millionaires aiming for legal and geographic diversification.
Despite the outbound trend, the US still attracts global wealth. In 2024, the country posted a net migration gain of 3,800 HNWIs — including 95 centi-millionaires and 10 billionaires — who were drawn by the US’s innovation ecosystem, dollar dominance, and relative political stability.
“America is still the epicenter of the tech revolution,” said Andrew Amoils, Head of Research at New World Wealth. “From AI to online retail, this is where the future is being built — and that’s why elite global talent continues to flow in.”
Still, many of America’s own wealthy are hedging their bets, securing foreign residencies, and future-proofing their fortunes in a world where borders, both digital and physical, are becoming increasingly fluid.
The US may dominate global wealth charts, but its affluent citizens are no longer content with prosperity alone. They want options. They want mobility. And above all, they want security in an unpredictable world. In 2025, dual citizenship isn’t just a status symbol — it’s becoming a strategic necessity.
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