USA Wealth Report 2025: America stands firm as world’s foremost private wealth hub, with status of 34% among global liquid assets
In recent collaborative reports released Tuesday, the U.S. is a top leader of the world’s cent-millionaires, where 33% of billionaires reside here in America.
Home to over 6 million high-net-worth individuals (HNWIs) with investable wealth of USD 1 million or more, the U.S. commands an extraordinary 34% of global liquid private wealth and houses 37% of the world’s millionaire population. And this wealth dominance extends across all brackets, with 36% of the world’s centi-millionaires (those with USD +100 million) and 33% of its billionaires residing in the US, according to the USA Wealth Report 2025, recently published by international wealth and investment migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth.
While the U.S. remains one of the top destinations for global wealth migration, an increasing number of affluent Americans are actively seeking alternative residence and citizenship options abroad. So far in 2025, U.S. citizens account for over 30% of all investment migration applications submitted through Henley & Partners — nearly double the combined total of the next five investor nationalities, which include Turkish, Indian, and, British.
“We’re witnessing a new level of sophistication in how affluent Americans manage and diversify their wealth,” says Basil Mohr-Elzeki, Managing Partner at Henley & Partners North America.
“Securing alternative residences and citizenships is now a strategic form of risk management — a thoughtful ‘Plan B’ that enhances family resilience, unlocks global opportunities, and safeguards multigenerational legacies,” he states.
Commenting in the report, Prof. Peter J. Spiro, of Temple University Law School, observes that “more Americans are confronting a stark reality: U.S. citizenship alone no longer feels like a sufficient safeguard. The enduring value of an American passport is now paired with a growing desire for a backup plan. Dual citizenship, once a luxury, is becoming the new American dream. In an era of rising uncertainty, many are seeking not just the right to stay, but the right to leave.”
A decade of prosperity meets geo-political peril
Over the past 10 years, the U.S. has surged ahead in wealth generation. From 2014 to 2024, the country’s millionaire population grew by 78%, slightly outpacing China’s 74%, and significantly exceeding growth in other nations. Top of the W10 (the 10 wealthiest countries in the world when ranked by resident millionaires), America now boasts approximately 6,041,000 millionaires, 10,800 centi-millionaires, and over 850 billionaires. China follows with around 827,900 millionaires, 2,250 centi-millionaires, and about 280 billionaires, significantly trailing when it comes to private wealth numbers despite its rapid growth.
In contrast, other major W10 economies have shown markedly slower growth. Germany’s millionaire population increased by just 10% over the past decade, Japan’s by 5%, and, notably, the U.K.’s shrank by -9%, suggesting significant millionaire flight and economic stagnation. Australia (+30%), Switzerland (+28%), Canada (+26%), and Italy (+20%) performed better, although they all lag far behind the U.S. in absolute millionaire numbers and wealth growth rates.
Commenting in the report, Dr. Tim Klatte, Partner at Grant Thornton China and adjunct professor at New York University Shanghai, warns that affluent investors need to remain vigilant, agile, and proactive in their approach to wealth management. “Despite the recent ceasefire, the U.S.–China trade war is more than an economic battle — it is a complex geopolitical contest with far-reaching consequences. HNW investors must account for the risk of escalating tensions, potential breakdowns in trade negotiations, and the broader threat of international conflict. These geopolitical dynamics can significantly influence investment decisions, asset allocation, and long-term wealth preservation.”
Inside America’s wealthiest cities
The USA Wealth Report 2025 also highlights the continued dominance of traditional American wealth hubs alongside the rapid ascent of emerging urban centers. New York City remains the wealthiest in the U.S. (and the world), with 384,500 millionaires, including 818 centi-millionaires and 66 billionaires. The Bay Area, which includes the city of San Francisco and Silicon Valley, follows closely with 342,400 millionaires, including 756 centi-millionaires and the nation’s highest concentration of billionaires at 82. Between 2014 and 2024, the Bay Area’s millionaire population surged by 98% — the highest wealth growth among America’s Top 10 Wealthiest Cities.
Los Angeles ranks 3rd with 220,600 millionaires, including 516 centi-millionaires and 45 billionaires, and a 35% growth rate over the past decade, while 4th, 5th, and 6th placed Chicago, Houston, and Dallas all demonstrate robust expansion. Dallas, in particular, saw an increase of 85%, while Houston experienced a 75% growth in its resident millionaire population. Further down the list, the likes of Seattle, Boston, Miami, and Austin are showing strong momentum. Miami and Austin, for instance, recorded 94% and 90% millionaire growth respectively.
David K. Young, President at the Committee for Economic Development of The Conference Board (CED), points out in the report that “despite a wave of policy changes and their subsequent implications around the world, the relative political stability, rule of law, economic prospects, culture of innovation, not to mention the US dollar remaining the global reserve currency, have squarely positioned the USA as an environment in which to do business and to invest.”
Scottsdale leads America’s wealth boom
Scottsdale has emerged as the fastest growing wealth hub in the U.S. by millionaire population, with a remarkable 125% increase between 2014 and 2024, primarily driven by its rapidly expanding tech sector. West Palm Beach follows closely with a 112% rise. These highlight broader demographic and economic shifts, driven by an influx of tech companies, skilled professionals, and favorable regulatory conditions that are redefining America’s geography.
“America is the undisputed world leader when it comes to high-growth tech sectors such as software, microchips, online retail, internet hosting, social media, search engines and AI. As a result of this dominance, many tech entrepreneurs choose to move to the country in order to take their businesses to the next level,” says Andrew Amoils, Head of Research at New World Wealth.
He continues to say that “while the Bay Area remains the epicenter of this innovation ecosystem and the top global destination for wealthy tech entrepreneurs, we’re also seeing a broader migration trend. Trade tensions and shifting economic priorities are driving HNWIs towards more business-friendly environments, with cities like Tampa, Salt Lake City, Denver and Santa Fe emerging as attractive alternatives thanks to their affordability, lifestyle appeal, and investment potential.”
In 2024, the U.S. recorded a net gain of approximately 3,800 HNWIs through migration — including 95 centi-millionaires and 10 billionaires. Many of these were founders, CEOs, and investors drawn to the nation’s innovation-driven economy and dynamic cities. Low-tax states like Florida and Texas are particularly attractive, while California continues to attract elite tech talent from around the globe.
A new era of sovereign portfolios
Henley & Partners data reveals a 183% increase in enquiries from U.S. nationals for alternative residence and citizenship options abroad if we compare Q1 2024 and Q1 2025, and the firm recorded a 39% increase in enquiries from U.S. investors in Q1 2025 compared to Q4 2024, demonstrating sustained growth beyond the initial election spike.
As Mohr-Elzeki points out, “wealthy Americans are moving beyond traditional second passport plans and embracing diversified sovereign portfolios — strategic combinations of residence and citizenship options aimed at maximizing mobility, asset protection, and global reach. These portfolios are not necessarily tied to relocation but reflect a desire for contingency planning and enhanced global mobility.”
Europe remains a core destination, with residence programs in Greece, Italy, Latvia, Malta, Portugal, and Switzerlandoffering both lifestyle and business advantages. Americans are also increasingly pairing these with citizenships in the Caribbean, Nauru, and Türkiye. Latin American countries such as Costa Rica and Panama, along with New Zealand, offer further geographic and legal diversification.
Henley & Partners also has a dedicated Sports and Entertainment desk for exceptionally talented Americans, providing expert guidance on discretionary citizenship by merit opportunities in Europe. Additionally, the firm offers comprehensive citizenship by descent services for those US nationals who may be eligible for European citizenship through their family heritage.
Trump’s ‘Gold Card’ fuels new EB-5 momentum
While wealthy Americans look outward, the U.S. continues to draw significant foreign investors through initiatives such as the US EB-5 Immigrant Investor Program. Since its inception in 1990, the EB-5 has generated over USD 55 billion in foreign direct investment, created approximately 1.4 million jobs, and contributed billions in tax revenues.
This surge has been further energized by President Donald Trump’s new ‘Gold Card’, which looks set to offer a fast-track pathway to U.S. citizenship in exchange for a USD 5 million investment or contribution. Though still in development, the initiative represents a full commitment to, and acknowledgement of, the benefits of investment migration by one of the world’s leading nations.
As Chief Economist at Henley & Partners, Jean Paul Fabri points out in the report, “the apparent paradox of wealthy U.S.-Americans considering moves abroad, while non-Americans invest in the USA, reflects a broader global dynamic and an economic truth. The USA remains the world’s best place to create and grow wealth, even if some opt to move elsewhere. For global investors, the American market represents opportunity, scale, security, and innovation.”
