The United States is the world’s wealthiest nation, but how is this wealth distributed and changing? A recent report by Henley & Partners, a global citizenship and residence advisory firm, reveals some fascinating insights into the dynamics of wealth in America and beyond.
According to the report, America accounts for an extraordinary 32% of global wealth and 36% of the world’s dollar millionaires. This aligns with data from the Visual Capitalist, which states that the United States holds $106.0 trillion of the world’s wealth — equal to a 29.4% share of the global total.
However, this wealth is not evenly distributed within the country. The report highlights a significant internal movement of high-net-worth individuals currently underway within the United States. Cities such as Austin, Scottsdale, Greenwich, and Miami are gaining millionaires, while the big wealth hubs of Los Angeles, Chicago, and New York City are losing them. This shift in wealth distribution could have significant implications for the economic landscape of these cities and the country as a whole.
The report also reveals a notable drop in net inflows of millionaires to America in 2022 when the figure fell to just 1,500, compared with the period from 2013 to 2019 when net inflows of millionaires fluctuated between 6,400 to 10,800 annually. This suggests a changing dynamic in the attractiveness of the United States as a destination for the world’s wealthy.
“In terms of private wealth outflows, the firm received the most inquiries from US citizens on record in 2022 (a 447% increase from 2019) when, for the first time, Americans ranked highest of all nationalities worldwide applying for residence and citizenship by investment programs,” the report states. This trend indicates that a growing number of wealthy Americans are seeking opportunities abroad, potentially driven by various factors such as economic conditions, social and political unrest, and personal aspirations.
The report concludes that while the United States continues to hold a significant portion of the world’s wealth, the distribution of this wealth is changing both within the country and in terms of inflows and outflows of wealthy individuals. These trends provide a fascinating insight into the dynamics of wealth in today’s globalized world. As we move forward, it will be interesting to see how these trends evolve and what implications they may have for the future of wealth distribution globally.