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.
Photographer: Saul Martinez/BloombergThis article is for subscribers only.
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.