A IMGW News Report
Despite the cascade of grim headlines – political polarisation, a contested presidential comeback, spiralling deficits – the United States remains the destination of choice for the world’s affluent. While Donald Trump’s return to the political stage has prompted fresh hand-wringing about America’s stability, the evidence shows that the country’s gravitational pull on capital and talent is, if anything, intensifying.
“The US remains the pre-eminent hub for ultra-high-net-worth individuals (UHNWIs), with nearly 40% of the world’s centi-millionaires (those worth over $100 million) calling America home”
According to the 2025 Henley Private Wealth Migration Report, the US is forecast to attract a net inflow of 7,500 high-net-worth individuals (HNWIs) this year – second only to the United Arab Emirates and nearly three times the projected inflows into Singapore. Over the past decade, America has welcomed more than 91,000 migrating millionaires, outpacing every other developed economy.
The broader contours of America’s wealth landscape are equally striking. UBS estimates that in 2024 alone, the US minted over 560,000 new millionaires, bringing the total number of American dollar millionaires to nearly 24 million. By comparison, China, despite decades of rapid growth, is home to fewer than 6 million. Even with persistent wealth inequality – the top 10% of households command about 70% of total wealth, according to Federal Reserve figures – the dynamism of US asset markets has few parallels.
The 2025 Knight Frank Wealth Report underscores this momentum. The US remains the pre-eminent hub for ultra-high-net-worth individuals (UHNWIs), with nearly 40% of the world’s centi-millionaires (those worth over $100 million) calling America home. This concentration reflects both the scale of the domestic economy and a legal framework uniquely protective of private property and investor rights.
“America endures as capitalism’s ultimate proving ground – and the final port of call for the global elite”
Part of the enduring allure is structural. American capital markets are unrivalled in depth and liquidity: more than 55% of the world’s publicly listed equity value is traded on US exchanges. The S&P 500 surged nearly 24% in 2024, a boon for entrepreneurs and pension savers alike. And while property markets in San Francisco and Manhattan have cooled, US residential real estate remains a cornerstone of wealth, with aggregate housing equity surpassing $32 trillion.
The tax landscape also plays its part. Though federal income taxes are high by international standards, the absence of a national wealth tax and a comparatively benign approach to inheritance remain attractive to global families seeking to protect intergenerational capital.
None of this implies that America is without strain. A volatile election cycle, uneven social mobility, and stark partisan divides cloud the outlook. Yet for those with ambition—and the means – few jurisdictions offer the same combination of scale, opportunity and legal certainty.
Despite the flak, America endures as capitalism’s ultimate proving ground – and the final port of call for the global elite.
