There are several factors that contribute to millionaires leaving the United States:
Taxation: The tax burden on high-net-worth individuals in the United States is significant. Millionaires often choose to relocate to countries or jurisdictions with lower tax rates or more favorable tax policies, seeking to retain more of their wealth.
Wealth diversification: Most millionaires choose to diversify their assets and investments globally. By moving to different countries or establishing residency elsewhere, they can access different markets and opportunities, reducing their reliance on any single economy or currency.
Political and regulatory environment: Political stability, favorable business regulations, and economic policies can significantly influence the decisions of millionaires. Some individuals choose to leave the United States if they perceive political or regulatory changes that could impact their wealth or business operations negatively.
It’s worth noting that while some millionaires may choose to leave the United States, many others choose to reside or invest in the country due to its economic opportunities, legal system, access to capital markets, or other factors that align with their interests and objectives.
Review the following, to get some perspective on this subject.
“… ‘Golden Passports,’ Sets Sights On U.S.’s Ultra Rich”
— Jemima McEvoy, FORBES.
Overall, the reasons for millionaires leaving USA are complex and multifaceted, and vary depending on individual circumstances.