An IMGW News Report
Once renowned as the land of opportunity, the United States still boasts a staggering 5.5 million millionaires, making up 37% of the world’s affluent elite. However, a fascinating evolution in their investment strategies is unfolding. A burgeoning number of these wealthy Americans are now exploring exotic locales for second homes, lured by enticing Residency by Investment or Citizenship through Investment programmes across the globe. According to the 2024 USA Wealth Report by Henley & Partners and New World Wealth, there’s been an explosive 500% surge in such inquiries over the past five years, signalling a significant shift in how America’s rich are planting roots internationally.
Countries like Portugal, Malta, Spain, Greece, and Italy are topping the charts as favoured destinations – not just for their cultural richness and sunny climates but for their flexible residency stipulations. These locales are becoming not just vacation spots but strategic backup plans for America’s affluent.
“Interestingly, while the wealthy are diversifying their global footprint, the U.S. still attracts many millionaires worldwide, with an uptick in millionaire migrations to states offering lower taxes and favourable business climates, like Austin, Miami, and Scottsdale.”
Driving factors for this upscale migration include the U.S.’s volatile political scene, steep taxes, and promising international business avenues. However, a key motivator is the desire for safety and stability for their progeny, a factor that is increasingly playing a pivotal role.
Notables like Peter Thiel (entrepreneur, venture capitalist, and political activist) and Eric Schmidt (who served as Google’s CEO from 2001 to 2011 and executive chairman from 2011 to 2015) are said to have paved the way for establishing secondary residencies in New Zealand and Cyprus, respectively.
Moreover, supplementary passports from these investment migrations facilitate smoother international travel, especially for nationals from scrutinised countries.
Interestingly, while the wealthy are diversifying their global footprint, the U.S. still attracts many millionaires worldwide, with an uptick in millionaire migrations to states offering lower taxes and favourable business climates, like Austin, Miami, and Scottsdale.
This phenomenon paints a new picture of the American Dream: it’s not just about making it in America anymore but strategically positioning oneself globally.