It’s been a turbulent few months with market volatility and trade tensions, but the US remains the dominant force in global private wealth.
A new report shows that the US is home to 37% of the world’s millionaires and 34% of liquid wealth. Moving up the notches, it’s also where 36% of the centimillionaires ($100 million of more in investable wealth), and 33% of billionaires.
But despite wealthy people looking to make their home in the US, Henley & Partners’ USA Wealth Report 2025 also reveals that many ultra-high-net-worth Americans are actively considering leaving the country and seeking information about residence or citizenship options abroad.
More than 30% of the inquiries to the firm’s specialist advisors have come from the US in 2025 so far.
"We're seeing a new level of sophistication in how wealthy Americans manage and diversify their assets," says Basil Mohr-Elzeki, Managing Partner at Henley & Partners North America. "Pursuing alternative residences and citizenships is smart risk management. Investment migration offers a strategic 'Plan B', enhancing resilience, expanding opportunity, and securing legacy across borders."
Henley’s data shows that the US millionaire population has grown 78% in the 10 years from 2014-2024, faster than China’s 74% and far faster than other countries such as 26% for Canada, 10% for Germany, and 5% for Japan.
America now boasts approximately 6,041,600 millionaires, 10,800 centi-millionaires, and over 850 billionaires. China follows with around 827,900 millionaires, 2,250 centi-millionaires, and about 280 billionaires, significantly trailing when it comes to private wealth numbers despite its rapid growth.
New York City holds its position as the wealthiest city in both the US and the world, home to 384,500 millionaires, including 818 centi-millionaires and 66 billionaires. Trailing closely is the Bay Area, with 342,400 millionaires, 756 centi-millionaires, and the highest number of billionaires in the country at 82. Over the past ten years, the Bay Area has seen a 98% increase in its millionaire population — the fastest wealth growth among the top 10 richest cities in the US.
Meanwhile, Scottsdale has emerged as the fastest growing wealth hub in the US by millionaire population, with a 125% increase between 2014 and 2024, primarily driven by its rapidly expanding tech sector.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
