USA Wealth Report 2023: America Loses Its Allure as a Residence for Millionaires
By The USA Wealth Report 2023, released today by London-based consultancy Henley & Partners in partnership with wealth intelligence firm New World Wealth, provides a comprehensive review of America's wealth sector including trends among high-net-worth individuals, city wealth statistics, millionaire migration patterns, and a review of the key drivers and creators of wealth.[0] It reveals a notable drop in net inflows of millionaires to America in 2022 when the figure fell to just 1,500, when compared with the period from 2013 to 2019 when net inflows of millionaires fluctuated between 6,400 to 10,800 annually.[1]
The United States of America is far and away the biggest wealth market on the planet, constituting 32% of all global wealth and 36% of all dollar millionaires worldwide.[0] By comparison, China ranks only marginally behind in nominal GDP terms, but when it comes to private wealth and the high-net-worth population, America is in a league of its own, with treble the total wealth of China and seven times as many dollar millionaires.[0] The USA's wealth per capita is significantly higher than China's, with a ratio of 12:1.[2]
Five American cities have seen a rise of over 70% in their millionaire population from 2012 to 2022, making them the nation's fastest growing wealth hubs.[0] Austin saw an increase of 102% in its number of millionaires over a certain period, with 30,500 people with a net worth of over one million dollars now living in the city.[2] West Palm Beach saw an increase of 90% in its population of millionaires (totaling 9,400), Scottsdale grew by 88% (with a total of 13,900 millionaires), Miami experienced a 75% growth (totaling 38,000 millionaires) and Greenwich & Darien had an increase of 72% (totaling 11,900 millionaires[2]
The US and world's wealthiest city, New York City, has 340,000 millionaires, more than the Bay Area (285,000), Los Angeles (205,400), Chicago (124,000) and Houston (98,500).[2]
The USA is losing its allure as a residence for millionaires.[3] In his report, award-winning journalist and author Misha Glenny emphasizes that the interaction between China and the United States, two economic powerhouses, will be the most influential factor in deciding the world's destiny.[2] China holds the biggest amount of U.S. dollar reserves outside of the United States, and has a monopoly on the raw materials that are necessary for the production of high-tech goods as well as the green revolution.[2]
0. “Where are all of America's super-rich?” WatchPro USA, 16 Feb. 2023, https://usa.watchpro.com/where-are-all-of-americas-super-rich/
1. “America's millionaires aren't leaving the US to avoid taxes — they're trying to find the American Dream somewhere else …” msnNOW, 16 Feb. 2023, https://www.msn.com/en-us/money/markets/america-s-millionaires-aren-t-leaving-the-us-to-avoid-taxes-they-re-trying-to-find-the-american-dream-somewhere-else-report-says/ar-AA17xXiy
2. “The USA Wealth Report: America's Millionaires Are on the Move” Yahoo Canada Finance, 15 Feb. 2023, https://ca.finance.yahoo.com/news/usa-wealth-report-americas-millionaires-170000367.html
3. “US Is No Longer the Millionaire Magnet It Was Before the Pandemic” Bloomberg, 15 Feb. 2023, https://www.bloomberg.com/news/articles/2023-02-15/us-is-no-longer-the-millionaire-magnet-it-was-before-the-pandemic
