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

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.

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.”