Full Breakdown
Ultra-Wealthy Americans Accelerate Cross-Border Asset Booking
7/12/2026, 11:54:31 AM
Surge in International Asset Placement
Wealthy U.S. families are increasingly directing portions of their portfolios to jurisdictions outside the United States. Citi’s Global Head of Client Solutions, Darlene Patterson, says this is the first time she has observed U.S. clients explicitly requesting non-U.S. booking. The movement is described as a search for “optionality” rather than outright expatriation, with clients adding residencies or golden-visa programs in Italy, Portugal, Jersey, Australia, New Zealand and other stable jurisdictions.
Drivers and Scale
Three motives dominate the trend: lifestyle enhancement, business and portfolio growth, and protection against policy or sovereign risk. A Citi “Wealth Beyond Borders” report projects a cumulative $3.06 trillion shift into five leading financial hubs—Hong Kong, Singapore, Switzerland, the UAE and the United States—between 2025 and 2029. Inquiries about golden-visa and citizenship-by-investment programs have risen more than 500 % over the five years to 2024, with Greece, Italy, Malta, Portugal and Spain topping the list. UBS data show 60 % of surveyed family offices plan strategic asset-allocation changes, and roughly 30 % intend to cut dollar-denominated holdings, while U.S. allocations modestly rose from 86 % to 88 %.
Official Perspectives
Citi executives stress that the behavior reflects deliberate diversification. Patterson notes clients are “somewhat concerned about policy risk in this country” and seek “stable, consistent political environment.” Richard Weintraub, who runs Citi’s family-office business across the Americas, observes that new billionaires routinely ask for global booking options, treating international exposure as a standard service. Nuri Katz of Apex Capital Partners confirms the U.S. market is his fastest-growing segment for ultra-rich relocations.
Concerns and Counterpoints
While the shift is framed as proactive resilience, analysts warn that sudden tax regime changes or even “full or partial state confiscation” could trigger more defensive moves. The UBS Family Office survey links the pullback from U.S. dollar exposure to fears of an AI bubble, tariffs, a weakening dollar and volatile policy, suggesting that risk perception—not merely lifestyle preference—drives the diversification.
Implications for U.S. Capital
Despite the outflow, the United States retains roughly a third of global liquid investable wealth and 37 % of the world’s millionaires. Citi’s report argues that the ultra-wealthy are “refusing to keep all their eggs in one jurisdictional basket,” reinforcing the U.S. appeal of rule of law and vibrant capital markets while reshaping the geography of wealth management.
Verbatim Quotes
- “The first time ever in my career, that I hear U.S. clients wanted to book their assets outside of the U.S.” — Darlene Patterson, Global Head of Client Solutions, Citi Wealth
- “I wouldn’t call it completely leaving the U.S., in my opinion.” — Darlene Patterson
- “I’ve never seen that before.” — Nuri Katz, Apex Capital Partners
- “What we’re seeing in general is the ability for these very wealthy individuals to invest beyond their borders.” — Richard Weintraub, Citi Family Office Lead, North America & Latin America
- “These new billionaires… are all asking, ‘Hey, Citi, you are global. Can I have my assets booked in Switzerland, for example? Can I open accounts in Singapore?’” — Richard Weintraub
