Summary
A top executive at Citigroup says wealthy American clients are asking to move their money outside the United States at a rate she has never seen before in her career. Darlene Patterson, who leads global client solutions for Citi Wealth, says this is not about leaving the country completely. Instead, rich families are looking for more options and safety by putting assets in places like Europe, Asia, and the Middle East. This shift is driven by worries about political uncertainty and policy changes in the U.S.
Main Impact
The key development is that ultrawealthy Americans are now actively seeking to book assets in other countries, a trend that wealth managers call unprecedented. This matters because it shows a growing lack of confidence in the U.S. as a stable place to keep all their wealth. While these families are not moving away permanently, they are spreading their money around the world to protect it from possible tax changes, political instability, or other risks. This could mean less money flowing into U.S. investments over time.
Key Details
What Happened
Darlene Patterson, Global Head of Client Solutions at Citi Wealth, told Fortune magazine that for the first time in her career, U.S. clients are asking to hold assets outside the country. She said this is not about giving up U.S. citizenship or moving away forever. Instead, wealthy Americans are seeking what she calls "optionality" — having the ability to live or invest in other places if needed. They are getting second residencies or golden visas in countries like Italy, Portugal, Australia, and New Zealand.
Important Numbers and Facts
Citi Wealth's recent report, called "Wealth Beyond Borders," projects that about $3 trillion will move into five major financial hubs between 2025 and 2029. These hubs are Hong Kong, Singapore, Switzerland, the UAE, and the U.S. itself. Hong Kong and Singapore alone are expected to capture more than half of these flows. The report says three main reasons drive this movement: better lifestyle for families, business and investment growth, and protection against policy or government risks.
Other reports back up this trend. A UBS survey found that 60% of family offices plan to change how they invest over the next year, with many cutting back on U.S. dollar holdings. Henley & Partners' 2026 Wealth Migration Report says wealthy Americans are now among the most active people in the world when it comes to getting residency or citizenship abroad. Since the pandemic, inquiries from wealthy Americans about golden visa programs have jumped by more than 500%.
Background and Context
For many years, the United States has been seen as the safest place in the world to keep money. Its strong legal system, stable government, and deep financial markets made it the top choice for wealthy families everywhere. But that view is changing. Rich Americans now worry about things like sudden tax changes, trade fights, and political uncertainty at home. They are also watching the value of the U.S. dollar and fears of an economic bubble in technology stocks. Instead of leaving the country entirely, they want to have a backup plan — a second home or bank account in a place with stable laws and predictable policies.
Public or Industry Reaction
Patterson is not alone in noticing this shift. Nuri Katz of Apex Capital Partners, a consultant who helps rich people move to other countries, told Fortune that Americans are now his fastest-growing group of clients. He said he has never seen anything like it before. Richard Weintraub, who runs Citi's family office business, says newly wealthy Americans are asking for international booking options as a normal part of their planning. He noted that 70% of family offices now make direct private investments, and 40% have increased that activity over the past year.
Some experts point out that this is not a mass exodus. Many wealthy Americans are keeping most of their money at home while getting a foreign foothold. The UBS survey found that American family offices actually raised their U.S. investments from 86% to 88% of their total. This suggests the trend is about adding options, not abandoning the country.
What This Means Going Forward
This shift is likely to continue as long as wealthy Americans feel uncertain about the political and economic direction of the country. Banks like Citi are already setting up teams to help clients move money across borders more easily. For the U.S., this could mean losing some of the investment capital that has helped drive its economy. For other countries, especially in Asia and Europe, it could mean more money flowing in. The trend also shows that being rich today means thinking globally — not just about what stocks to buy, but about where to live and where to keep your wealth safe.
Final Take
The ultrawealthy are not running away from America, but they are no longer putting all their trust in it. They want the freedom to move their money and their lives if things change. This is a new kind of thinking for wealthy Americans, and it could reshape how money flows around the world for years to come.
Frequently Asked Questions
Are wealthy Americans leaving the United States for good?
No, most are not leaving permanently. They are getting second residencies or opening bank accounts in other countries to have more options. They still keep most of their money and their main home in the U.S.
Why do rich Americans want to move their money abroad?
They are worried about political uncertainty, possible tax changes, and other policy risks in the U.S. They want to protect their wealth by spreading it across different countries with stable laws and economies.
Which countries are wealthy Americans choosing for their money?
Popular places include Italy, Portugal, Switzerland, Singapore, Hong Kong, Australia, and New Zealand. These countries offer golden visa programs, strong legal systems, and stable political environments.
