The Plan B Passport is no longer just a fringe idea — it’s quickly becoming a mainstream strategy among wealthy Americans seeking greater freedom, security, and mobility. According to the newly released USA Wealth Report 2025 by Henley & Partners and New World Wealth, a growing number of high-net-worth individuals (HNWIs) in the United States are exploring alternative residence and citizenship options abroad as part of a diversified wealth and lifestyle portfolio.
America’s Wealth Continues to Grow
With over 6 million HNWIs — individuals with investable assets of USD 1 million or more — the United States now holds 34% of global private wealth and 37% of the world’s millionaires. The decade between 2014 and 2024 saw America’s millionaire population grow by a staggering 78%, outpacing China (74%) and leaving other major economies far behind. The U.S. is also home to 10,800 centi-millionaires and over 850 billionaires, cementing its status as the world’s leading wealth hub.
Traditional power cities like New York and San Francisco continue to dominate. New York City tops the list with 384,500 millionaires, followed closely by the Bay Area with 342,400. Los Angeles, Chicago, and Houston round out the top five. But the report also highlights new hotspots — including Scottsdale and West Palm Beach — which saw millionaire populations grow by 125% and 112%, respectively, over the last decade.
Top 10 Wealthiest U.S. Cities by Millionaire Population
| Rank | City | Millionaires | Centi-Millionaires | Billionaires |
|---|---|---|---|---|
| 1 | New York City | 384,500 | 818 | 66 |
| 2 | Bay Area | 342,400 | 756 | 82 |
| 3 | Los Angeles | 220,600 | 516 | 45 |
| 4 | Chicago | 120,500 | 286 | 17 |
| 5 | Houston | 98,500 | 234 | 12 |
| 6 | Dallas | 92,300 | 217 | 11 |
| 7 | Seattle | 63,800 | 142 | 8 |
| 8 | Boston | 59,400 | 136 | 8 |
| 9 | Miami | 54,100 | 121 | 7 |
| 10 | Austin | 53,900 | 118 | 6 |
Wealth Drives Mobility — and Migration
Despite America’s wealth dominance, many of its richest citizens are looking abroad. Henley & Partners reports that in 2025, U.S. nationals account for more than 30% of all global investment migration applications — nearly double the combined number of applicants from Turkey, India, and the UK. This growing interest in acquiring a Plan B Passport reflects a new mindset focused on global flexibility and security.
Basil Mohr-Elzeki, Managing Partner at Henley & Partners North America, explains that alternative residence and citizenship have become tools for managing risk and legacy planning. “Securing a second passport is now a thoughtful strategy that enhances resilience, unlocks global opportunities, and safeguards family wealth across generations.”
According to the report, this trend is being driven by geopolitical uncertainty, increased global mobility, and a desire for lifestyle diversification. In Q1 2025 alone, Henley & Partners recorded a 39% increase in enquiries from U.S. investors compared to the previous quarter — and a 183% increase year-on-year.
Where Wealthy Americans Are Going
- Europe: Countries like Greece, Italy, Malta, Portugal, and Switzerland remain top destinations for residence programs, offering lifestyle perks and business potential.
- The Caribbean: Citizenship by investment programs in Antigua, Dominica, and St. Kitts & Nevis are especially attractive for Americans seeking visa-free travel and asset protection.
- Latin America: Costa Rica and Panama offer geographic and regulatory advantages with minimal relocation requirements.
- Asia-Pacific: New Zealand continues to appeal to U.S. nationals for its clean environment, stability, and investor visa pathways.
For exceptionally talented Americans — especially in sports and entertainment — Henley & Partners offers bespoke services through a dedicated discretionary citizenship desk in Europe. They also assist with citizenship by descent for those with European ancestry, particularly in Italy, Ireland, and Poland.
The Sovereign Portfolio: A Wealth Strategy for a New Era
Today’s wealthy Americans are not simply applying for second passports — they’re building what experts call “sovereign portfolios.” These are tailored combinations of residence and citizenship programs designed to optimize global access, tax efficiency, asset protection, and mobility.
This approach doesn’t always mean relocating. Many applicants acquire second citizenships for contingency planning, lifestyle options, and futureproofing their wealth. The goal is to remain agile and adaptable in a volatile global landscape.
Prof. Peter J. Spiro of Temple University Law School captures the changing mood: “US citizenship alone no longer feels like a sufficient safeguard. Dual citizenship, once a luxury, is now the new American dream.”
Inbound Investment Continues with EB-5 Momentum
While many Americans look outward, the U.S. continues to attract foreign investment through the EB-5 Immigrant Investor Program. Since its start in 1990, EB-5 has generated over USD 55 billion in capital and created approximately 1.4 million jobs. Interest in the program is surging, with Henley & Partners seeing a 168% jump in EB-5 enquiries in Q1 2025 compared to Q4 2024.
Adding fuel to this trend is President Donald Trump’s proposed “Gold Card” — a fast-track to citizenship for investors contributing USD 5 million or more. While still in development, it marks a high-level endorsement of investment migration as a growth strategy.
As Jean Paul Fabri, Chief Economist at Henley & Partners, explains, “This is the paradox of today’s wealth migration: as Americans explore options abroad, foreign nationals continue to view the United States as the best place to create and grow wealth. It’s a dual force that reinforces the U.S. as a global economic engine.”
In a world defined by uncertainty and innovation, the pursuit of a Plan B Passport may no longer be about leaving — it’s about being ready for whatever comes next.
