The tide is turning in the United States, a country shaped by generations of immigrants from across the globe whose descendants went on to create the largest wealth market in the world. But a new dynamic is now playing out, with wealthy Americans seeking greener pastures abroad at an unprecedented rate. And — as highlighted in the inaugural USA Wealth Report, published by investment migration specialists Henley & Partners in partnership with wealth intelligence firm New World Wealth — the country is also losing its luster among migrating millionaires, with some observers commenting that “the ‘American Dream’ is now on life-support.”
The report also reveals there is a significant internal movement of high-net-worth individuals currently underway within the country. Cities such as Austin, Scottsdale, Ariz., Greenwich, Conn. and Miami are gaining millionaires, while the big wealth hubs of Los Angeles, Chicago and New York City are losing them.