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USA Wealth Report 2025: Insights on America's Wealth Landscape

In a report published by Henley & Partners, the USA continues to hold its status as the world's center for private wealth management, despite facing a turbulent start to 2025. With over six million high-net-worth individuals (HNWIs) in the country—each with disposable assets of at least $1 million—the USA owns an impressive 34% of the global liquid wealth. Additionally, it houses 37% of the world's millionaires, which includes a significant concentration of ultra-wealthy individuals: 36% of centi-millionaires (those worth over $100 million) and 33% of billionaires globally reside in the USA.

Notably, despite this wealth dominance, an increasing number of affluent Americans are proactively pursuing alternative residency and citizenship options abroad. In 2025, U.S. citizens represented over 30% of all investment migration applications submitted through Henley & Partners, nearly double that of the next five nationalities, which include Turkey, India, and the United Kingdom.

"We are observing a fundamental shift in how wealthy Americans manage and diversify their assets," states Basil Mohr-Elzeki, Managing Partner at Henley & Partners North America. "Pursuing alternative residences and citizenships has become a sophisticated risk management strategy. Investment migration provides a strategic 'Plan B' that enhances resilience, broadens opportunities, and secures legacies beyond borders."

The Growth of Wealth in the USA

Over the past decade, the USA has made remarkable strides in wealth creation. From 2014 to 2024, the country's millionaire population surged by 78%, slightly outpacing China's 74% increase and far exceeding growth rates in other major economies. Currently, the USA boasts approximately 6,041,600 millionaires, alongside 10,800 centi-millionaires and over 850 billionaires. In stark contrast, China follows with around 827,900 millionaires, 2,250 centi-millionaires, and about 280 billionaires, illustrating a significant gap in private wealth accumulation despite China's rapid rise.

Other major economies, including those within the top ten wealthiest countries, have experienced a slower growth rate. For instance, Germany's millionaire count rose by just 10% in the last decade, Japan by 5%, while the UK witnessed a shrinkage of 9% amid notable capital flight and economic stagnation. Australia (+30%), Switzerland (+28%), Canada (+26%), and Italy (+20%) performed better in relative terms, but all remain far behind the USA in sheer numbers of millionaires and wealth growth rates.

Insights into America's Richest Cities

The report highlights the ongoing dominance of traditional American wealth centers alongside the emergence of dynamic urban hubs. New York City retains its title as the richest city in the USA and the world, boasting 384,500 millionaires, including 818 centi-millionaires and 66 billionaires. The Bay Area follows closely with 342,400 millionaires, comprising 756 centi-millionaires and the highest concentration of billionaires nationwide (82). Over the last decade, the number of millionaires in the Bay Area has skyrocketed by 98%, marking the highest increase among America's top ten wealthiest cities.

Scottsdale has emerged as the fastest-growing wealth center in the USA, with its millionaire population soaring by 125% between 2014 and 2024, largely driven by its thriving tech sector.

Professor Peter J. Spiro from Temple University Law School notes, "As Donald Trump's second term unfolds with unprecedented unpredictability, more Americans are confronting the stark reality that U.S. citizenship alone may no longer provide sufficient protection. Dual citizenship, once deemed a luxury, is now termed the new American dream. In times of increasing uncertainty, many aspire not only to the right to remain but also to the right to leave."

These developments underline a crucial shift in the mindset of America's wealthy elite, underscoring the importance of strategic planning to safeguard their wealth and lifestyle across a global landscape plagued by volatility.

For a more in-depth perspective and analysis, refer to the complete press release from Henley & Partners.