Investment migration people in the news this week included:
- Mehdi Kadiri, Judi Galst, and Dominic Volek of Henley & Partners
- Alex Ingrim of Chase Buchanan
- Murat Coskun of Get Golden Visa
- Jon Green of Latitude
- David Lesperance of Lesperance & Associates
Multiple media outlets mentioned the staff of Henley & Partners and the firm’s USA Wealth Report 2024
Bloomberg – Sun Belt Cities Are Adding Millionaires Much Faster Than NYC
Texas, Arizona and Florida are home to the cities seeing the fastest growth of millionaires in the US, according to a report from global wealth advisory firm Henley & Partners in partnership with New World Wealth.
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The US overall is currently home to 5.5 million millionaires, representing 37% of the world’s total, according to Henley & Partners. It credits the ongoing tech boom for a 62% increase in millionaires over the past 10 years. That compares to a worldwide increase of 38%.
New York Post – These US cities have the fastest-growing population of millionaires
Despite periodic concern of “an impending millionaire exodus from America due to higher taxes, crime, or other domestic concerns,” data shows that the well-off aren’t “wholesale fleeing,” but that the US is undergoing a “millionaire remix,” Henley & Partners managing partner Mehdi Kadiri wrote in an intro to the new report.
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“Cities such as Austin, Miami, and Scottsdale are gaining residents, while traditional hubs such as Los Angeles, New York, and Chicago experience modest declines,” Kadiri added. “Critically, the broader sum remains net positive, buoyed by relentless immigrant influx not just across the Southern border, but from skilled migrant talent chasing the enduring American dream.”
Quartz – More American millionaires are considering leaving the U.S. Here’s why
“Motivations range from mitigating political risk, opening up business opportunities abroad, seeking lower taxes, and enhancing global mobility,” Mehdi Kadiri, managing partner and head of North America at Henley & Partners, wrote in a blog post. The firm says Americans make up the single-biggest nationality of millionaires seeking a second passport or alternative residence. In 2023, a record year, the number of inquiries from American clients skyrocketed 504% compared to inquiries made in 2019.
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Judi Galst, managing director of private clients for the firm, said clients have raised concerns of antisemitism and homophobia as reasons for wanting to move — and now they’re picking up and leaving for places like Portugal, Malta, Spain, Greece, and Italy.
Business Insider – A migration consultancy says record numbers of wealthy Americans are asking it about ways to live overseas
Mehdi Kadiri, the head of North America at Henley & Partners, said in the company’s 2024 USA Wealth Report that in 2023 it saw more Americans inquire about residence and citizenship by investment than in any other year, beating the record set in 2022.
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Dominic Volek, the company’s head of private clients, said that alternative citizenship and residence rights were the “ultimate insurance policy” against economic and political uncertainties.
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“With political divisions and societal tensions at an all-time high, American investors, entrepreneurs, and wealthy families are increasingly hedging their bets and pursuing backup citizenship or residence abroad, signaling declining faith in the domestic outlook,” Kadiri said in the report.
Fortune – Why a record number of wealthy Americans are looking overseas for another residence or citizenship
Henley & Partners isn’t the only migration consultancy finding that more wealthy Americans are vying for second residences or citizenships. Alex Ingrim, a financial advisor with global financial services firm Chase Buchanan, recently told Fortune that since the COVID-19 pandemic, what used to be the purview of Russia’s elite and those seeking to escape oppressive regimes is now increasingly popular among U.S. citizens, who are seeking so-called golden visas and passports.
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That “fire insurance” is attractive for a number of reasons, says David Lesperance, an international tax and immigration advisor who helps the elite move abroad. More of his American clients are increasingly worried about the political climate in the U.S., while some are interested in international business opportunities.
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“It doesn’t mean you use it,” Lesperance says of adding residence or citizenship. “But you’ve got the insurance and an escape plan.”
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To that end, Mehdi Kadiri, head of North America at Henley & Partners, says the dramatic increase in wealthy Americans seeking a visa or second citizenship portends potentially bigger problems in the U.S. The report points to “stagnating living standards, rising debt levels, and a dangerously polarized society” as just some of those obstacles.
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“With political divisions and societal tensions at an all-time high, American investors, entrepreneurs, and wealthy families are increasingly hedging their bets and pursuing backup citizenship or residence abroad, signaling declining faith in the domestic outlook,” Kadiri says in a press release accompanying the report.
Scripps News – More Americans seeking out second passport and residency permits
Murat Coskun is one of the founding partners of Get Golden Visa, an investment planning company that helps people navigate Golden Visa programs in countries in Turkey, Portugal, Malta, and a handful of Caribbean nations.
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“Typically, the host country asks you to make a qualifying investment either in a real estate property and a qualifying fund, a private equity or a venture capital fund, or make a qualifying donation in exchange for a residency permit or a citizenship status,” Coskun said.
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“Nobody knows what their home country is going to look like in 10, 20, 30 years from now. So really, it’s all about planning to have options,” Jon Green, co-founder of Latitude, said.
