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Jean Paul Fabri is Chief Economist at Henley & Partners.
The USA remains unparalleled in its ability to generate and attract wealth despite the latest data emanating from the country and the persistent political polarization discourse. Far from witnessing an exodus of affluence, the USA continues to consolidate its position as the leading global hub for wealth creation, a trend increasingly recognized by investors worldwide.
Recent data from the IMF projects US GDP growth at 1.8% for 2025, outpacing most other advanced economies. Meanwhile, Henley & Partners’ USA Wealth Report 2025 confirms that the USA retains its position as the world’s largest wealth market, home to 37% of global millionaires. The report also highlights that the USA’s millionaire population grew by +78% between 2014 and 2024, a faster expansion rate than any other member of the W10 — the world’s 10 wealthiest countries by millionaire population.
Structural economic advantages continue to underpin this performance. America’s innovation economy remains dominant: according to the World Intellectual Property Organization’s Global Innovation Index 2024, the USA ranks 2nd globally for innovation outputs, and 1st for venture capital investment. Silicon Valley alone attracted approximately 45% of global venture capital funding last year, according to the McKinsey Global Private Markets Review.
Capital market depth further solidifies the USA’s appeal. The New York Stock Exchange and NASDAQ collectively account for approximately 40% of global stock market capitalization. Foreign direct investment (FDI) trends reinforce this strength: US Bureau of Economic Analysis data revealed that FDI increased by USD 76.2 billion between Q3 and Q4 2024, and reached an all-time high in Q2 2024, recovering sharply from pandemic-era lows and affirming the USA’s enduring status as a top investment destination.
While domestic narratives often focus on opposing viewpoints and economic strategies, global investors are guided by pragmatism rather than politics. The USA continues to offer a rare combination of scale, innovation, and liquidity. The USA ranks 3rd overall in the Milken Institute’s 2025 Global Opportunity Index, which evaluates investment opportunities using almost 100 variables which measure all angles of a country’s investment potential, including economic openness and performance, business constraints, and workforce talent, and diversity.
This allure is not limited to equities and venture capital. Prime real estate markets are similarly attracting international capital. Knight Frank’s Wealth Report (2025) highlights a surge in cross-border investment in cities such as New York, Miami, and Austin, driven by buyers from the Middle East, Latin America, and Southeast Asia. These investors view US real estate not merely as a lifestyle choice but as a reliable store of value in an increasingly uncertain world.
The monetary dimension also plays a critical role. The dollar’s dominance, with 58% of global foreign exchange reserves still held in US dollars, adds a powerful layer of security for international investors. In a period of heightened currency volatility, US dollar assets provide both stability and global liquidity unmatched by alternatives.
Wealth migration patterns corroborate this macro-economic reality. Henley & Partners’ Private Wealth Migration Dashboard shows that despite the fact that some US-based millionaires are exploring relocation options, the net inflow of high-net-worth individuals into American markets from abroad remains robust, particularly from regions facing heightened political or economic instability.
This apparent paradox of wealthy US-Americans considering moves abroad, while non-Americans aggressively invest in the USA, reflects a broader global dynamic and an economic truth. The USA remains the world’s best place to create and grow wealth, even if some opt to move elsewhere. For global investors, the American market represents opportunity, scale, security, and innovation — attributes that remain scarce beyond US borders.
As the global economy shows increasing signs of fragmentation, America’s structural advantages shine. In its latest Global Financial Stability Report, the IMF warns of rising investment risks in emerging, and in some advanced, economies, noting the importance of transparent, liquid markets for preserving capital. The USA, uniquely, offers precisely those factors.
At a time when volatility is the defining feature of global markets, the logic of capital flows is becoming clearer. International investors are not retreating from America; they are doubling down on it. Wealth is moving not away from the USA but increasingly towards it.
In short, the allure of the American economy endures. The narrative of decline may capture headlines, but the flow of capital tells a different story.
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