Millionaire Migration 2025: Why America’s Wealthiest Are Pursuing Dual Citizenship

The Millionaire Migration Trend: A Quiet Reordering of Global Wealth

Historically, the United States symbolized freedom, prosperity, and opportunity—drawing generations of entrepreneurs and visionaries. Today, however, a subtle shift is under way. According to the CEOWORLD USA Wealth Report 2024–25, inquiries from affluent Americans about residency and citizenship-by-investment (CBI) programs have surged 600% over the past five years.

While the U.S. remains home to 5.5 million millionaires—about 37% of the global total—and holds 32% of the world’s liquid investable wealth (roughly $67 trillion), a growing fraction of this elite is diversifying beyond U.S. borders. Their reasons range from pragmatic tax strategies to political disillusionment, to securing a safer future for family amid shifting global risk dynamics.

Why Wealthy Americans Are Looking Offshore

The CEOWORLD report identifies four key drivers fueling this new wave of high-net-worth (HNW) mobility:

1. Political polarization and a perceived decline in U.S. institutional stability.
2. High and unpredictable tax exposure, with renewed debates on wealth and capital gains taxes.
3. Expanded global business opportunities, particularly in fintech, clean energy, and cross-border investment.
4. Lifestyle and long-term security, including access to safer environments and global education opportunities for children.

The Rise of the “Plan B Citizen”

The concept of “domicile diversification” has become mainstream among multimillionaires and UHNW investors. Rather than renouncing U.S. citizenship outright—a costly move thanks to America’s Exit Tax—many are adding second or even third passports as strategic global hedges.

This new class of transnational elites, sometimes called “Plan B citizens,” values optionality over ideology. They are less concerned with relocation and more focused on access, flexibility, and mobility—core currencies in a volatile geopolitical era.

Where America’s Elite Are Investing: Top Five Destinations

The top five destinations for wealthy Americans seeking residency or second citizenship closely mirror global investor migration trends: Portugal, Malta, Spain, Greece, and Italy.

Each destination offers unique advantages:

• Portugal’s Golden Visa grants residency—and eventual citizenship—through real estate or fund investments starting around €500,000. Over 12,000 foreign investors have already benefited.
• Malta remains a European Union CBI leader, offering citizenship via a combination of donation, residency, and investment totaling €700,000–€1 million.
• Greece and Spain attract investors through real estate programs starting at €250,000, granting Schengen Zone access and eventual citizenship eligibility.

Italy appeals to mobile entrepreneurs through a flat tax of €100,000 annually on global income, enticing high-value individuals seeking tax clarity.

Billionaires Leading the Movement

The migration of top-tier capital isn’t theoretical—it’s measurable. Billionaire investor Peter Thiel’s acquisition of New Zealand citizenship and former Google CEO Eric Schmidt’s successful Cyprus naturalization underscore that elite global citizens are already making long-term moves.

In 2024, the U.S. registered a record number of citizenship renunciations—7,100 filings, though this remains a fraction of total HNW movement. Most elites, instead, are expanding their visa and residency portfolios, not cutting ties entirely.

Beyond Taxes: Strategic Advantages of Secondary Citizenship

While tax planning remains a factor, the deeper logic is risk diversification—both geopolitical and operational. Holding an alternative passport allows executives to:

1. Travel more discreetly in politically sensitive regions.
2. Avoid potential travel restrictions tied to U.S. foreign policy.
3. Facilitate cross-border financial transfers with less red tape.
4. Establish secondary business operations or residences in strategically advantageous jurisdictions.
5. Access global education systems and healthcare options for families.

Many CEOs and hedge fund managers describe second citizenship as an insurance policy against volatility, not an escape plan.

Safety and Business Continuity

In a world increasingly defined by geopolitical fragmentation, investors and executives are recalibrating for resilience. Dual citizenship offers continuity of movement and business operations even in global crises—an advantage that proved invaluable during pandemic-era shutdowns and sanctions.

Executives working in commodities, energy, or tech sectors often operate in high-risk or unstable regions. A second passport can dramatically reduce personal exposure while enabling smoother cross-border logistics.

As one wealth advisor quoted in the CEOWORLD study noted, “In an age of uncertainty, freedom of movement has become its own asset class.”

Millionaire Migration by the Numbers

The following data table illustrates the trends and key metrics shaping the global millionaire migration landscape in 2025:

A Shift in Mindset: From Nationality to Optionality

For the majority of affluent Americans, second citizenship is not about abandonment—it’s about strategic freedom. In the same way executives diversify assets across industries and geographies, they now diversify jurisdictions.

This evolution reflects a post-national mindset, where mobility, data access, and sovereignty are personal assets as much as corporate ones. In a digitized, volatile, and border-fluid world, sovereign diversification is becoming part of the modern wealth playbook.

What This Means for Policy and Markets

Government programs offering residency or citizenship-by-investment are no longer fringe—they are mainstream instruments of fiscal diplomacy. In 2025, over 95 nations operate some form of CBI or RBI (residency-by-investment) framework, generating over $25 billion annually in foreign direct investment (FDI).

For receiving nations like Portugal, Malta, and Greece, these inflows fund housing, tourism, and infrastructure growth. For sending nations like the U.S. and U.K., they could signal long-term capital relocation unless fiscal and political reforms restore confidence.

The Bottom Line: The Age of Strategic Citizenship

The millionaire migration phenomenon represents more than an exodus—it’s an evolution. America’s wealthy are not fleeing; they’re future-proofing. Second citizenship is now part of a well-rounded wealth management and family office strategy, balancing security, opportunity, and sovereignty.

In a world of algorithmic markets, volatile tax systems, and geopolitical flux, one truth remains: mobility is the ultimate hedge.