USA Wealth Report 2025: America Tops Global Wealth Growth -- But the Wealthy Eye Opportunities Abroad
NEW YORK, May 20, 2025 /PRNewswire/ -- Despite a turbulent start to 2025, the US continues to stand as the world's foremost private wealth hub. Home to over six million high-net-worth individuals with investable wealth of USD 1 million or more, the country commands an extraordinary 34% of global liquid 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, published by international wealth and investment migration specialists Henley & Partners.
While the US 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, US 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 seeing a new level of sophistication in how wealthy Americans manage and diversify their assets," says Basil Mohr-Elzeki, Managing Partner at Henley & Partners North America. "Pursuing alternative residences and citizenships is smart risk management. Investment migration offers a strategic 'Plan B', enhancing resilience, expanding opportunity, and securing legacy across borders."
Benchmarking US wealth
Over the past 10 years, the US 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 6,041,600 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 UK'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 US in absolute millionaire numbers and wealth growth rates.
Inside America's wealthiest cities
The report 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 US (and the world), with 384,500 millionaires, including 818 centi-millionaires and 66 billionaires. The Bay Area follows closely with 342,400 millionaires, including 756 centi-millionaires and the nation's highest concentration of billionaires at 82. Over the past decade, the Bay Area's millionaire population surged by 98% — the highest wealth growth among America's Top 10 Wealthiest Cities.
Scottsdale has emerged as the fastest growing wealth hub in the US by millionaire population, with a remarkable 125% increase between 2014 and 2024, primarily driven by its rapidly expanding tech sector.
Commenting in the report, Prof. Peter J. Spiro, of Temple University Law School, observes that "as Donald Trump's second term unfolds with historic unpredictability, more Americans are confronting a stark reality: US citizenship alone no longer feels like a sufficient safeguard. 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."
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