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A snapshot of rich America and the movement of money

Staff Writer
Estimated reading time: 2 minutes

Despite concerns surrounding the ongoing Biden-Trump election rematch, the US remains the global leader in private wealth, holding 32% of the world’s liquid assets, totalling $67 trillion.

The nation houses 37% of the world’s millionaires, numbering 5.5 million, marking a 62% increase over the past decade.

This is according to the latest

US Wealth Report

published by Henley & Partners, the residence and citizenship by investment specialist.

Despite similar GDPs with China, the US significantly outpaces in liquid wealth, boasting higher wealth per capita and more millionaires, centi-millionaires, and billionaires.

Despite this wealth, record numbers of wealthy Americans are seeking alternative residence or additional citizenship abroad, indicating declining faith in domestic prospects.

The forthcoming US presidential election holds significant global implications, with perceptions of stagnating living standards and societal polarisation prevailing among voters.

Said Mehdi Kadiri, Head of North America at Henley & Partners: “US nationals are our firm’s single biggest cohort of applicants for investment migration programmes right now and they also outnumbered every other nationality last year.”

According to the firm’s latest client data, the most sought-after investment migration option for US citizens remains the Portugal Golden Residence Permit Programme followed by Malta’s investment offering, which allows for the granting of citizenship by a certificate of naturalisation to foreign individuals and their families who contribute to the country’s economic development.

Other European residence programmes that lead to citizenship with no or very minimal residence requirements in Greece, Italy, and Spain are also highly placed on American wish lists, with Spain top of the leaderboard in 2024 thus far.

While the Mediterranean coastline exerts an obvious lifestyle allure, through these programmes US-American investors and their families can primarily reside in the US but have the option to relocate at any point.

New York City leads as the wealthiest city globally, followed by the Bay Area, Los Angeles, Chicago, and Houston.

Wealth growth is notable in Austin, Scottsdale, Palm Beach, and West Palm Beach. New York also dominates in real estate prices.

The US is expected to see an influx of millionaires in 2024, with destinations like the Bay Area, Austin, Miami, and West Palm Beach being popular. Outbound migration from the US is rising, influenced by political uncertainties.

When it comes to the most expensive real estate in America, New York again takes the lead with the average price per m2 of a ‘prime’ (200 to 400 m2) apartment in the city standing at an eye-watering $28,400.

Next up is LA, where the plushest pads fetch an average of $17,800 per m2, followed closely by Palm Beach ($17,500), Miami Beach ($17,200), and the Bay Area, where you can spend up to $15,500 per m2 for premium residential units in the most affluent locations.

Henley & Partners report an increase in enquiries from US citizens regarding residence and citizenship by investment programmes.

Programmes like Portugal’s Golden Residence Permit and Malta’s investment offering are particularly sought after, offering flexibility for wealthy Americans while retaining US residency.

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