Wealthy Americans Planning To Flee The US To Escape Taxes And Inflation

(Daily360.com) There has been an increase in Americans with a high amount of wealth seeking citizenship in an additional country outside of the United States. This comes as an attempt to provide a safety net in a volatile market. It may be beneficial for wealthy Americans to move out of the country based on the financial circumstances in the U.S.

This is not only happening with wealthy citizens. Those with lower incomes are also more likely to consider a second citizenship or the prospect of moving abroad. The reasoning for some people is just an interest in living elsewhere, but the majority of citizens considering a move are doing so for economic reasons. The concern for some is that the value of the dollar will collapse, so moving funds to another country may protect the savings of individuals from any income bracket.

128,000 millionaires are expected to move to a new country this year, while only 3,500 are expected to relocate to the U.S. In 2013, only 51,000 millionaires relocated away from their existing country. The largest exodus of wealthy individuals is happening in China with a net loss of 13,500 in 2023.

Henley & Partners has a ranking system for passports that lists the U.S. at a tie for seventh because American passport holders can travel to 188 countries without obtaining a visa. The top six countries are all tied for first with 194 countries they can visit without a visa. These countries include France, Germany, and Japan.

34% of Americans would like to move to another country, according to a Monmouth poll of 902 adults that was released on March 26. In 1995, that number was only 12%. There were no polls or data collected between 1995 and the most recent poll, so it is unknown when or why there was a large increase in people desiring to move to a new country.

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