#USA #New York #Henley Partners #Investment Migration #Wealth Report

American Wealth in 2025: A Comprehensive Overview

In 2025, the United States continues to assert its position as a global powerhouse of private wealth, even amidst economic turbulence. Home to over six million individuals with significant assets, the U.S. commands an impressive 34% of the world's total liquid wealth and houses 37% of the globe's millionaires. Furthermore, it is notable that 36% of the world’s centibillionaires and 33% of billionaires reside in the country, as highlighted in Henley & Partners' recent Wealth Report for the U.S.

Despite being a prime destination for wealth migration, an increasing number of affluent Americans are exploring alternative options for residence and citizenship abroad. In 2025, American citizens comprised more than 30% of all investment migration applications processed by Henley & Partners—nearly double the aggregate applications from the next five leading nationalities. This trend signals a heightened interest in securing a backup plan which not only mitigates risks but also amplifies opportunities, ensuring cross-border legacies.

Wealth Growth in the U.S.

Over the past decade, the U.S. has witnessed remarkable growth in wealth generation. From 2014 to 2024, the number of millionaires in the country surged by 78%, marginally surpassing China's 74% and significantly outpacing other nations. Currently, the United States boasts approximately 6,041,600 millionaires, 10,800 centibillionaires, and over 850 billionaires. In stark contrast, China follows with about 827,900 millionaires, 2,250 centibillionaires, and close to 280 billionaires, revealing a stark disparity in private wealth despite its swift growth.

Other significant economies within the top ten (W10) have demonstrated considerably slower growth. Over the past decade, Germany's millionaire population increased by a mere 10%, Japan's by 5%, and the UK even saw a contraction of 9%. Meanwhile, Australia, Switzerland, Canada, and Italy have fared better—with increases of 30%, 28%, 26%, and 20% respectively—all remaining significantly behind the U.S. in terms of total millionaire count and wealth growth rates.

Richest Cities in the U.S.

The report emphasizes the continued dominance of traditional wealth centers in the United States, coupled with the emergence of new urban hubs. New York City remains the richest in the U.S. with 384,500 millionaires, including 818 centibillionaires and 66 billionaires. The Bay Area closely follows, boasting 342,400 millionaires and the highest concentration of billionaires nationwide at 82. Interestingly, the Bay Area has seen its millionaire population increase by 98% over the last decade, the most robust growth among the wealthiest cities.

Scottsdale, Arizona has emerged as the fastest-growing center of wealth in the U.S., witnessing a staggering 125% rise in its millionaire demographic between 2014 and 2024, driven predominantly by its expanding technology sector.

In commenting on the report, Professor Peter J. Spiro of Temple University’s Law School notes that as former President Donald Trump's second term progresses with historic unpredictability, an increasing number of Americans are coming to terms with the fact that U.S. citizenship alone may not offer sufficient protection anymore. Formerly a luxury, dual citizenship is becoming a new American dream. In an era marked by uncertainty, many are actively seeking not just the right to remain, but also the right to depart.

This trend illustrates a shift in the mindset of affluent individuals, who are increasingly viewing investment migration as a valid strategy for risk management and opportunity expansion. The rise of dual citizenship is a reflection of the shifting global landscape and the desire for enhanced mobility and security among the elite.

Henley & Partners continues to provide key insights into these trends, helping individuals navigate the complexities of wealth management and migration in today's world.