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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I've got a deep dive into this. Henley & Partners are renowned for their in-depth analyses of global wealth distribution and migration patterns. Their 2023 Wealth Report, which delves into the movement of high-net-worth individuals (HNWIs), is a treasure trove. Let's dissect the concepts mentioned in Julian Hebron's article:
1. Wealth Distribution in the U.S.:
- Total U.S. private wealth amounts to a staggering $65 trillion.
- Segmentation includes 5.3 million individuals worth $1+ million, 9,630 worth $100+ million, and 770 worth $1+ billion.
2. Migration Trends:
- Henley & Partners observed a substantial spike in Americans seeking citizenship elsewhere, with a 447% increase in inquiries from 2019 to 2022.
- Predictions indicate a record-breaking year in 2023, with an estimated 125,000 millionaires migrating internationally.
3. Reasons Behind Migration:
- Political polarization amid Democrat-Republican conflicts is a driving factor.
- Societal issues like wealth disparity, increased taxes on the rich, rising crime rates, debates on gun control laws, gender inequality, racial discrimination, and movements like 'Me Too' and 'Black Lives Matter' contribute to this trend.
- Economic factors such as pandemic-related market downturns, inflation, and global conflicts like the war in Ukraine further fuel migration desires.
4. Preferred Locations and Second Homes:
- Wealthy Americans ($100+ million) gravitate toward specific resorts to detach from the news cycle.
- Additionally, they have chosen second home cities, providing havens outside the U.S. for temporary stays.
5. Wealth Origins:
- An intriguing aspect lies in the diverse industries that yield wealth for Americans worth $100 million or more. The report sheds light on these varied sectors, offering hope and inspiration.
Henley Partners, beyond facilitating citizenship, also assists in property acquisition abroad, aligning with the preferences of affluent individuals seeking international mobility.
This report not only outlines migration statistics but also elucidates the motivations and circ*mstances prompting such significant shifts in the wealthy demographic's behavior. It's a reflection of the evolving socio-economic landscape and its impact on global wealth distribution.
