U.S. Wealth Soars as Millionaires Multiply and Migration Trends Shift

The U.S. leads the world in private wealth growth and millionaires, according to Henley & Partners, while a growing share of affluent Americans are relocating to wealth centers across the country and pursuing second citizenships.

The U.S. is home to more than 6 million high-net-worth individuals—people with at least $1 million in investable wealth. The U.S. also holds a significant share of global liquid wealth—about 34%—and is where 37% of the world’s millionaires live.

This trend continues up the wealth ladder, as 36% of global centi-millionaires (those with at least $100 million) and 33% of billionaires are based in the U.S, according to the “USA Wealth Report 2025” from Henley & Partners, in collaboration with global data intelligence firm New World Wealth.

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Global Wealth Growth
Over the past decade, the U.S. has led global wealth growth, with its millionaire population rising by 78% from 2014 to 2024—outpacing China’s 74% and far ahead of other major economies, the report noted. China ranks second but lags significantly in absolute numbers.

Other top-10 wealth economies saw much slower growth and even decline: Germany (+10%), Japan (+5%) and the U.K. (-9%). Australia (+30%), Switzerland (+28%), Canada (+26%) and Italy (+20%) fared better, but still fall well short of the U.S. in both growth rate and total wealth figures.

The report showed that traditional U.S. wealth centers are still thriving, while new cities are rising fast. New York remains the richest city in the U.S. and the world—with 384,500 millionaires, 818 centi-millionaires and 66 billionaires. This is followed by the San Francisco Bay Area, which has the highest billionaire concentration and fastest millionaire growth, with 342,400 millionaires, 756 centi-millionaires and 82 billionaire.

Los Angeles has 220,600 millionaires, with strong growth at 35%. Dallas and Houston were cited for major growth of millionaires (85% and 75%, respectively). Scottsdale, Arizona and West Palm Beach, Florida were cited as the fastest-growing cities. The report also noted that cities such as Miami; Austin, Texas; Tampa, Florida; and Denver are gaining attention for tech growth and business appeal.

Affluent U.S. Citizens Seek Alternative Options
At the same time, wealthy Americans are increasingly looking outward. So far in 2025, U.S. citizens account for more than 30% of all investment migration applications submitted through Henley & Partners, nearly double the combined total of the next five investor nationalities, which include Turkish, Indian and British.

Henley & Partners data revealed a 183% increase in inquiries from U.S. nationals for alternative residence and citizenship options abroad when comparing the first quarter of 2024 with the first quarter of 2025, and the firm recorded a 39% increase in inquiries from U.S. investors in Q1 2025 compared with Q4 2024, demonstrating sustained growth beyond an initial spike following the November 2024 U.S. presidential election.

“We’re witnessing a new level of sophistication in how affluent Americans manage and diversify their wealth,” said Basil Mohr-Elzeki, Henley & Partners North America’s managing partner, in a statement. “Securing alternative residences and citizenships is now a strategic form of risk management—a thoughtful ‘Plan B’ that enhances family resilience, unlocks global opportunities, and safeguards multigenerational legacies.”

CAPTRUST Names New Head of M&A

Mike Wunderli joins CAPTRUST from boutique investment bank Echelon Partners.

CAPTRUST Financial Advisors has appointed Mike Wunderli as head of mergers and acquisitions to lead the firm’s strategic inorganic growth initiatives.

Wunderli joins CAPTRUST from Echelon Partners, a boutique investment bank where he had served as a managing director since 2016, overseeing M&A activities across wealth and asset management. Prior to Echelon, Wunderli spent 12 years at Lehman Brothers and UBS.

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According to CAPTRUST, Wunderli has worked closely with entrepreneurs and business owners throughout his career and has collaborated with investment managers, private equity funds, family offices, trading desks and various capital providers. In his new role, he will use “his broad view of the marketplace to identify firms that align with the CAPTRUST vision.”

“I’ve been on the other side of the table for the last nine years, and I’ve seen how the industry’s top acquirers have evolved. CAPTRUST’s elite offering, coupled with its integration expertise and deep resources, distinguishes it among the nation’s top financial advisory firms,” said Wunderli in a statement. “In my view, a select group of elite firms will emerge as the clear leaders in the independent space, and CAPTRUST is uniquely positioned to elevate the industry to new levels of quality, integrity, and fiduciary stewardship.”

Wunderli joins CAPTRUST more than a year after its previous head of M&A, Rush Benton, left the firm—after 11 years and more than 40 wealth management-focused deals—to start his own business.

In a statement, CAPTRUST CEO Fielding Miller said, “The industry is at an inflection point. We wanted someone who was ready to face those challenges with energy and enthusiasm. Mike is ready. He fits CAPTRUST, and he fits our strategic ambitions for the future.”

Redondo Beach, California-based Wunderli holds a bachelor of arts degree from Brigham Young University and an MBA from the Wharton School at the University of Pennsylvania.

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