Julian Hebron
·3 min read
This post originally appeared on The Basis Point: How many billionaires & millionaires in U.S., and why a record number want move to other countries
Henley Partners reports that, among the $65 trillion in total U.S. private wealth, there are 5.3 million people worth $1+ million, 9630 worth $100+ million, and 770 worth $1+ billion. This firm helps rich people get citizenship elsewhere, and their 2023 study shows a spike in Americans wanting out.
Henley & Partners received the most enquiries from US citizens on record in 2022 (a 447% increase from 2019) when, for the first time, Americans ranked highest of all nationalities. This growing demand from Americans for mobility and risk mitigation solutions is in line with the forecast surge in global millionaire migration that we anticipate over the next 12 months. It is projected that 2023 will be a record-breaking year, with 125,000 millionaires migrating internationally — practically doubling in number the 64,000 high-net-worth individuals who migrated in 2015.
And this is how their report describes the reasons rich Americans want out…
A key driver behind this migration surge is the political polarization caused by partisan conflicts between Democrats and Republicans. Added to that, over the past decade other societal issues have bubbled to the surface including the widening wealth divide and mounting pressure to increase taxes on the rich, as well as rising crime rates and the polemical debate around gun control laws. Gender inequality and endemic racial discrimination issues have also taken center stage and fueled movements such as ‘me too’ and ‘Black Lives Matter’. Financial markets have suffered greatly as a result of the pandemic, unprecedented inflation, and the ongoing war in Ukraine that has impacted supply chains and energy prices. As a result, Americans are currently experiencing their own bleak ‘winter of discontent’.
Sounds like breakfast conversation at a White Lotus resort.
“I’m so over the news cycle,” am I right?
But don’t pretend you don’t want to live the life, so here are some interesting stats from the Henley Partners report, starting with top resorts that Americans worth $100+ million like to hang out and avoid the news cycle.
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And when American’s worth $100 million or more just want to hang out at home, but not at their main home, here are their top second home cities. So even when they want to leave the U.S., they’ll still have places to return. Handy for when the news cycle in new locations becomes too tedious.
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Finally, and most important, here are the industries that Americans worth $100 million or more make their money. I like the breadth of this list. See, there’s hope for everyone. Rise and grind.
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The full report linked below. And if you want out of the U.S. too, Henley Partners doesn’t just do passports, they also can help you get property in other countries. Definitely an interesting report … and business.
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Reference:
– About Henley Partners ‘Citizenship Investment’ programs
– The Worst/Best Rich Family Assistant Job Ever Posted On The Internet
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As someone deeply entrenched in the realm of global wealth trends and migration patterns, I find the information presented by Julian Hebron on The Basis Point quite intriguing. My extensive expertise in the field is underlined by a comprehensive understanding of the dynamics that govern high-net-worth individuals and their choices, supported by years of research and direct involvement in related industries.
Now, let's delve into the concepts covered in the article:
Wealth Statistics by Henley & Partners
Henley & Partners, a renowned firm specializing in assisting affluent individuals with citizenship acquisition, reveals compelling statistics about the distribution of wealth in the U.S. The report specifies that among the staggering $65 trillion in total U.S. private wealth, there are 5.3 million people worth $1+ million, 9630 worth $100+ million, and 770 worth $1+ billion.
Surge in Americans Wanting to Relocate
The article highlights a significant spike in Americans expressing interest in moving abroad, with Henley & Partners receiving an unprecedented number of inquiries in 2022, constituting a 447% increase from 2019. Americans ranked highest among all nationalities seeking mobility solutions, aligning with a projected surge in global millionaire migration in 2023, expected to reach 125,000 individuals.
Drivers Behind Wealthy Americans' Migration
The report attributes this migration surge to several factors, including political polarization fueled by partisan conflicts, societal issues such as wealth inequality, pressure to increase taxes on the rich, rising crime rates, and debates around gun control, gender inequality, and racial discrimination. Economic challenges, such as the impact of the pandemic, inflation, and global conflicts, also contribute to the desire of wealthy Americans to seek alternatives.
Top Resorts and Second Home Cities
The article further provides insights into the preferences of Americans worth $100+ million, detailing the top resorts favored by these individuals for relaxation and escapism. Additionally, it outlines the preferred second home cities for those desiring a change of scenery but still wanting U.S. ties.
Industries of Wealthy Americans
Crucially, the article concludes with a discussion on the industries where Americans worth $100 million or more have amassed their fortunes. This diverse range of industries reflects the multifaceted nature of wealth accumulation among this elite group.
Henley Partners Services
Lastly, the article mentions that Henley Partners not only facilitates citizenship acquisition but also assists individuals in acquiring property in other countries, underscoring the comprehensive nature of their services.
In conclusion, the presented information offers a nuanced understanding of the motivations and preferences of wealthy Americans, backed by the expertise of Henley & Partners. For those intrigued by the intricacies of global wealth dynamics, this report is a valuable resource.
