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17-02-2023, 09:01 AM
UPDATED FEB 16, 2023, 7:40 PM SGT
NEW YORK – The United States is losing its allure as a residence for millionaires.
The net inflow of high-net-worth individuals plunged more than 80 per cent in 2022 compared with pre-pandemic levels
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As recently as 2014, the US had the largest net inflow of high-net-worth individuals, or those with wealth of US$1 million (S$1.3 million) or more
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In 2022, it dropped to sixth place, behind the United Arab Emirates, Australia, Singapore, Canada and Switzerland.
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Many of those leaving are in their 50s or 60s, with some citing concerns over taxes or security
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The backlogs in the EB-5 visa programme for wealthy immigrants has also contributed to a drop in millionaires coming to the US from some countries, particularly China
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The US remains the biggest wealth market with US$65 trillion in private wealth, followed by China with US$21.7 trillion
......
The US has 770 billionaires, 9,630 residents with US$100 million or more, and 5.3 million high-net-worth individuals.
https://www.straitstimes.com/business/us...e-pandemic
NEW YORK – The United States is losing its allure as a residence for millionaires.
The net inflow of high-net-worth individuals plunged more than 80 per cent in 2022 compared with pre-pandemic levels
......
As recently as 2014, the US had the largest net inflow of high-net-worth individuals, or those with wealth of US$1 million (S$1.3 million) or more
......
In 2022, it dropped to sixth place, behind the United Arab Emirates, Australia, Singapore, Canada and Switzerland.
......
Many of those leaving are in their 50s or 60s, with some citing concerns over taxes or security
......
The backlogs in the EB-5 visa programme for wealthy immigrants has also contributed to a drop in millionaires coming to the US from some countries, particularly China
......
The US remains the biggest wealth market with US$65 trillion in private wealth, followed by China with US$21.7 trillion
......
The US has 770 billionaires, 9,630 residents with US$100 million or more, and 5.3 million high-net-worth individuals.
https://www.straitstimes.com/business/us...e-pandemic
