NEW YORK, February 15, 2023 /PRNewswire/ — The tide is turning in the United States, a country shaped by generations of immigrants from around the world, whose descendants went on to create the world’s largest market of wealth. However, as 2023 dawns, a new dynamic is building as wealthy Americans seek to move abroad at an unprecedented rate. As the first US Wealth Report points out USA Wealth Reportpublished today by Henley & Partners, a specialist in investment migration, in partnership with the wealth information company New World Wealth, the country is losing popularity with millionaires who leave. Experts say the ‘American dream’ is now on borrowed time.
The report also reveals that a major internal HNWI movement is taking place in the country. cities like AustinScottsdale, Greenwich et Miami are gaining millionaires, while the great centers of wealth that are The Angels, Chicago et New York in lost
The report USA Wealth Report 2023 features exclusive new research and data on private wealth, providing a comprehensive review of America’s wealth sector, including trends among the ultra-high net worth, city wealth statistics, migration patterns of millionaires and a analysis of the main drivers and creators of wealth. The data reveals a noticeable drop in millionaire net inflows to America in 2022, when the figure fell to just 1,500, compared to the period from 2013 to 2019, when millionaire net inflows fluctuated between 6,400 and 10,800 per year.
In terms of exits from private assets, the head of Henley & Partners for North America, Mehdi Kadirisays the firm received the highest number of applications from U.S. citizens ever in 2022 (a 447% increase from 2019), when, for the first time, Americans ranked first among all nationalities. from all over the world asking for programs of residence and of citizenship by investment. “To meet this significant and growing demand from US investors, Henley & Partners opened three US offices this year, in the wealth hubs of The Angels, Miami et New York. “
Comparative analysis of private wealth in the United States
America is the world’s largest wealth market by far, accounting for 32% of global wealth and 36% of the world’s dollar millionaires. The United States is also home to the two largest stock markets (NYSE and Nasdaq) as well as nine of the world’s ten largest companies by market capitalization. The wealth held in the city of New York exceeds that of most G20 countries.
By comparison, although its economic rival China is only marginally behind in terms of nominal GDP, when it comes to private wealth, America is playing at a higher level, with total wealth three times greater than that of China and seven times as many millionaires. Wealth levels per capita in the United States are 12 times higher than in China.
Misha Glenny, award-winning journalist and author, says the relationship between economic giants will be the most important factor in determining the future of the world. “China has the largest dollar reserves outside the United States and a monopoly on raw materials essential for high-tech production and ecological transition. For this reason, they support each other. If one of the two countries falls, it drags the other down with it. China today poses a serious ideological and economic threat to the United States. The two countries are dependent on each other, but still in high competition.
Richest and Fastest Growing US Cities
New York is on the top step of the podium in the United States (and in the world) with 340,000 millionaires, followed by Bay Area (285 000), The Angels (205 400), Chicago (124 000) et Houston (98 500).
When it comes to the fastest growing centers of wealth, five cities have seen millionaire population growth of more than 70% in the past decade. The millionaire population of the city ofAustin increased by 102% between 2012 et 2022, et the city now has 30,500 wealthy residents worth $1 million or more. West Palm Beach grew by 90% (with 9,400 millionaires), Scottsdale by 88% (with 13,900 millionaires), Miami by 75% (with 38,000 millionaires), and Greenwich et Darien from 72% (with 11,900 millionaires).
Download it full press release and the report 2023 USA Wealth Report
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