Wealthy Americans Seek Secondary Citizenship Abroad Amid Political Unrest and Tax Incentives

Wealthy Americans are seeking secondary citizenship/residence abroad at record levels, with inquiries up 504% since 2019. They cite political unrest, social tensions, and tax benefits as motivations.

120,000 high net worth individuals worldwide relocated countries in 2022, projected to reach 128,000 in 2024. The U.S. remains a top destination but inflow has dropped since pre-pandemic levels.

Millionaires are moving to Australia, UAE, Singapore, and European countries like Portugal, Malta, Spain, Greece and Italy which offer favorable tax regimes.

The U.S. accounts for 32% of global liquid investable wealth ($67 trillion) and is home to 37% of the world's millionaires, remaining the top spot for wealth creation and accumulation.

Henley & Partners clients have expressed concerns over rising antisemitism, homophobia and threats to democracy in the U.S. as reasons to move abroad.