According to data from investment firm Henley & Partners, the United States of America remains the world’s top wealth hub. The USA remains the top choice for wealth tech engineers and entrepreneurs, making our nation one of the best places — if not the best place, to build wealth.
Becoming rich is one thing, but staying rich is another — which is why so many millionaires or upper-middle-class to upper-class citizens are opting to leave the country for greener pastures after reaching their financial goals.
Here are twenty reasons why American millionaires are considering leaving the U.S. for good:
Quality of Life
Beyond financial considerations, millionaires are drawn to countries offering a higher quality of life.
Factors such as healthcare accessibility, education standards, less dependence on cars, and overall well-being for themselves and their families weigh heavily in their decision-making process.
Taxation Burden
While the misconception exists that millionaires are solely leaving to evade taxes, many are actually seeking jurisdictions with more favorable tax policies that align with their wealth management goals.
The complexity and variability of U.S. tax laws drive them to explore alternatives that offer stability and transparency in taxation.
Global Citizenship
As globalization accelerates, millionaires increasingly identify with a global citizen mindset.
They seek opportunities to diversify their assets internationally and embrace the benefits of residing in multiple countries, fostering a sense of belonging to a broader community beyond national borders.
Geopolitical Uncertainty
Millionaires are increasingly concerned about the volatility of global markets due to simultaneous conflicts in various regions.
With geopolitical tensions escalating, they perceive a greater risk to their investments and wealth preservation strategies by staying in the U.S.
Social Cohesion
Some millionaires perceive a lack of social cohesion and a growing sense of divisiveness within North American society.
They are attracted to countries with a stronger sense of community and social solidarity, which they believe enhances overall societal well-being and stability.
Educational Opportunities
Concerns over the quality of education and the future prospects for their children motivate millionaires to explore options abroad.
They seek environments that offer superior educational systems and a more competitive advantage for their offspring in an increasingly globalized job market.
Healthcare System
The rising costs and complexities of healthcare in the U.S. prompt millionaires to seek countries with more efficient and accessible healthcare systems.
Access to quality healthcare without exorbitant expenses is a significant factor in their relocation considerations.
Economic Diversification
Diversifying assets across multiple jurisdictions is a prudent wealth management strategy for millionaires.
They recognize the benefits of investing in countries with stable economies and robust financial systems to mitigate risks associated with overreliance on any single market.
Political Stability
Political stability is a critical factor influencing millionaire migration decisions.
Concerns over political polarization, regulatory uncertainty, and governance issues in the U.S. lead them to explore jurisdictions where there is greater political stability and predictability.
Environmental Sustainability
With increasing awareness of environmental issues, some millionaires prioritize relocating to countries with a strong commitment to sustainability and eco-friendly policies.
They seek environments that offer clean air, water, and natural surroundings for a healthier and more sustainable lifestyle.
Cultural Diversity
Many millionaires appreciate the cultural diversity and richness offered by other countries.
They seek environments where they can immerse themselves in diverse cultural experiences, fostering personal growth and enrichment beyond what they perceive as a more homogenous culture in the U.S.
Business Opportunities
Exploring new business ventures and opportunities is a driving factor for millionaire migration.
They seek jurisdictions with favorable regulatory environments, access to emerging markets, and entrepreneurial ecosystems conducive to innovation and growth.
Security Concerns
Rising concerns over personal safety and security prompt millionaires to consider relocating to countries with lower crime rates and greater overall safety.
They prioritize environments where they can feel secure and protect their families and assets.
Retirement Planning
Planning for retirement is a significant consideration for millionaires contemplating relocation.
They seek countries with attractive retirement destinations offering favorable tax treatment, affordable living costs, and a high quality of life to enjoy their golden years comfortably.
Technological Infrastructure
Access to advanced technological infrastructure and digital connectivity is increasingly important for millionaires in today’s interconnected world.
They seek countries with cutting-edge technology and reliable internet connectivity to support their business operations and lifestyle needs.
Real Estate Investment
Real estate investment opportunities drive millionaire migration to countries offering attractive property markets and potential for appreciation.
They seek destinations where they can diversify their real estate portfolios and capitalize on emerging trends in the global property market.
Family Legacy
Preserving and enhancing their family legacy is a fundamental consideration for millionaires.
They seek jurisdictions where they can establish roots and build a lasting legacy for future generations, ensuring prosperity and continuity beyond their own lifetime.
Work-Life Balance
Achieving a healthy work-life balance is a priority for many millionaires seeking to enhance their holistic well-being and fulfillment.
They prioritize destinations that offer a more relaxed pace of life, ample leisure opportunities, and a greater emphasis on work-life harmony.
Philanthropic Opportunities
Millionaires are increasingly focused on giving back to society and making a positive impact through philanthropy.
They seek countries with a supportive environment for charitable endeavors, enabling them to contribute meaningfully to causes they care about and drive social change.
Global Connectivity
Advancements in transportation and communication technology facilitate global connectivity, making it easier for millionaires to maintain ties with their businesses, networks, and loved ones while residing in different countries.
They embrace the freedom and flexibility that global mobility offers to pursue their aspirations and live life on their own terms.