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Wealth

US Is No Longer the Millionaire Magnet It Was Before the Pandemic

Net inflows of high-net-worth individuals plunged more than 80% last year compared with pre-Covid levels as more wealthy Americans moved abroad.

Small and mid-size cities such as Miami are gaining millionaires, while big cities such as Chicago, Los Angeles and New York are losing them.  

Small and mid-size cities such as Miami are gaining millionaires, while big cities such as Chicago, Los Angeles and New York are losing them.  

Photographer: Saul Martinez/Bloomberg
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The US is losing its allure as a residence for millionaires.

The net inflow of high-net-worth individuals plunged more than 80% last year compared with pre-pandemic levels, fueled partly by wealthy Americans “seeking new pastures abroad at an unprecedented rate,” according to a report by London-based immigration consultant Henley & Partners.