USA: According to a newly published wealth report by London-based immigration consultancy Henley & Partners, the US is no longer as attractive a place to live for the world's wealthy as it was before the COVID-19 pandemic.
The report claimed that more than 80% of high-net-worth individuals left the country last year, compared to pre-pandemic levels. There were only 1,500 crorepatis in 2022, up from over 10,800 between 2013 and 2019.
According to the report, "the American Dream is now on life support" and "the country is losing its luster among the millionaires fleeing it."
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The report also noted a change in the countries from where the entrants come. Most current immigrants come from developed countries, in contrast to most applicants for investment migration programs in the past, who came from "developing countries with weak passports, limited visa-free access and low economic mobility".
The ability of the wealthy to travel freely around the world, in the opinion of analysts, serves as a bellwether for the health of an economy and "an early warning sign of future country trends". . In 2014, people with a net worth of $1 million or more had the highest net inflows in the US, according to company data.
However, in 2022, the nation ranked only sixth in this ranking, trailing only the United Arab Emirates, Australia, Singapore, Canada and Switzerland.
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Andrew Amoils, head of research at New World Wealth, which contributed to the creation of the report, said: "People are still coming in, but there has been a big increase in people leaving."
According to the report, a growing number of affluent Americans are leaving the country in search of "greener pastures abroad at an unprecedented rate," with some citing their decision as motivated by concerns about taxes or security.
The company also saw a shift within the nation, with wealthy residents favoring smaller towns while large numbers were eschewing megacities such as Chicago and New York.
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Despite these trends, Henley & Partners reports that the US still has the largest property market, valued at $65 trillion, with 770 billionaires, 9,630 individuals with a net worth of $100 million or more, and 5.3 million high-income earners. Net-worth people. China comes in second with $21.7 trillion in private wealth.