The USA Wealth Report 2025

Methodology

The USA Wealth Report is published annually by Henley & Partners, the global leader in residence and citizenship by investment, in partnership with global wealth intelligence firm New World Wealth, which is currently the only known independent wealth research firm systematically tracking global wealth migration trends between countries and cities.

New World Wealth's exclusive wealth migration data and Henley & Partners’ pioneering intelligence on investment migration trends offer unparalleled insights into the global movements and preferences of high-net-worth individuals and their families. With over a decade of research, both firms provide a unique perspective on the intersection of wealth and mobility.

New World Wealth: Tracking millionaires on the move

New World Wealth tracks the movements of over 150,000 high-net-worth individuals in its in-house database, with a special focus on those with over USD 30 million in listed company holdings. The database’s primary focus is on entrepreneurs and company founders (50%+ of the database) and individuals from high-value companies who hold the following positions: chairperson, CEO, president, director, and managing partner.

The firm uses various public sources to check city locations, including LinkedIn and other business portals. Its statistics are therefore mainly based on the work locations of the individuals. New World Wealth's data also takes into account prime property statistics — specifically, it considers the number of highly priced homes in each city or town.

Note: It should be noted that New World Wealth never discloses the names of the individuals in its database, which it uses purely for in-house statistical studies.

Henley & Partners: Investment migration intelligence

Henley & Partners has more than 25 years of institutional experience. Our extensive data on investment migration trends is drawn from advising clients from over 100 different nationalities and engaging with enquiries from more than 200 nationalities worldwide. We track the number, nationalities, and locations of wealthy individuals who enquire about and apply for investment migration programs, whether or not they ultimately relocate, as well as trends in program demand and investment, offering unique insights into the motivations and preferences of those seeking additional residence or citizenship options.

Note: For research purposes, Henley & Partners only uses anonymized statistics and never discloses the personal details of the individuals in its database.

City definitions

We take into account the usual city limits of all the cities featured in this report, with the exception of those listed below.

• The Bay Area includes the city of San Francisco and the area known as Silicon Valley. Notable millionaire hotspots in Silicon Valley include Atherton, Los Altos Hills, Hillsborough, Mountain View, and Palo Alto.
• Los Angeles includes the city of Los Angeles as well as Beverly Hills, Laguna Beach, Newport Beach, and Malibu.
• Seattle includes the city of Seattle, as well as Bellevue, Kirkland, Redmond, and Mercer Island.
• Miami includes the city of Miami, as well as Miami Beach and Coral Gables.
• West Palm Beach includes the city of West Palm Beach and the island of Palm Beach.
• Scottsdale includes the city of Scottsdale and the neighboring town of Paradise Valley.

Wealth definitions

For the purposes of this report:

• ‘Wealth’ refers to an individual’s liquid investable wealth, which only includes their listed company holdings, cash, bonds, gold, and crypto holdings (namely, items that can be cashed in quickly). Real estate assets are excluded.
• The term ‘millionaires’ refers to individuals with liquid investable wealth of USD 1 million or more.
• The term ‘centi-millionaires’ refers to individuals with liquid investable wealth of USD 100 million or more.
• The term ‘billionaires’ refers to individuals with liquid investable wealth of USD 1 billion or more.

Wealth vs. GDP

We consider wealth to be a far better measure of the financial health of an economy than GDP. The reasons for this include:

• In many countries, a large portion of GDP flows to government and therefore has little to no impact on private wealth creation.
• GDP counts items multiple times. For instance, if someone is paid USD 100 for a product or a service and they then pay someone else that same USD 100 for another product or service, USD 200 will be added to the country’s GDP, despite the fact that only USD 100 was produced at the start.
• GDP largely overlooks the impact of property and stock market moves, yet these two factors clearly have a significant impact on wealth creation.
• GDP is a relatively static measure that tends to move only slightly year on year. It also has a time lag.

Wealth figures, on the other hand, have none of these limitations, making them a far more accurate gauge of the true financial health of an economy than its GDP figures.

For further information on the benefits of using wealth over GDP as a metric and the key drivers of wealth please see here.

About New World Wealth

New World Wealth was established in 2013 and has been tracking the movements and spending habits of the world’s wealthiest people for over a decade. The firm has an impressive track record in providing robust, reliable wealth data and insights for key publications, such as the Africa Wealth Report, the Centi-Millionaire Report, the World’s Wealthiest Cities Report, and the Henley Private Wealth Migration Dashboard

New World Wealth’s reports and findings have been referenced by the Australian and UK governments, as well as by global news outlets and publications such as the BBC, Bloomberg, CNBC, CNN, the Daily Telegraph, Forbes, New York Times, and Robb Report.

For more information on New World Wealth, please visit newworldwealth.com

Disclaimer

© 2025 Henley & Partners. All rights reserved. The H&P monogram and Henley & Partners logo and related brand assets are the exclusively owned or licensed trademarks, service marks, and logos of Henley & Partners. All other trademarks, service marks, and logos used in this report are the trademarks, service marks, and logos of their respective owners. No part of this report may be reproduced in any form or by any means without the prior written permission of Henley & Partners. Although the material contained in this report was prepared based on information from public and private sources that Henley & Partners believes to be reliable, no representation, warranty, or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and Henley & Partners expressly disclaims any liability for the accuracy and completeness of information contained herein.

This report is distributed for general informational and educational purposes only and is not intended to constitute legal, tax, accounting, or investment advice. It should not form the basis of any decision. The information contained in this report is not, and shall not constitute an offer to sell, a solicitation of an offer to buy or an offer to purchase any securities, nor should it be deemed to be an offer, or a solicitation of an offer, to purchase or sell any investment product or service. Henley & Partners is not responsible for the content of websites and information resources that may be referenced in this report. The information contained in this report is believed to be accurate as of the date of publication, but is subject to change without notice. Henley & Partners does not have any obligation to provide revisions in the event of changed circumstances. Henley & Partners and its affiliates, employees, and agents shall not be liable for any liability or loss whatsoever, including but not limited to direct, indirect, special, incidental, or consequential damages, arising out of or in connection with the use or reliance on the information contained in this report. The information in this report is provided “as is” and Henley & Partners makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the information contained in this report for any purpose.

The USA Wealth Report 2025 was published on 20 May 2025.