Wealthy American families are increasingly seeking to book assets outside the United States, a shift so pronounced that Citi Wealth's Global Head of Client Solutions Darlene Patterson says she has never seen anything like it in her career. Patterson told Fortune that clients are pursuing optionality through additional residencies or golden visas in countries such as Italy, Portugal, Jersey, Australia and New Zealand, driven partly by concerns about policy risk and a desire for a stable political environment. She distinguished this from outright expatriation, noting clients are not necessarily leaving the US. Citi's Wealth Beyond Borders report projects a cumulative 3.06 trillion dollars will shift into five leading financial hubs—Hong Kong, Singapore, Switzerland, the UAE and the US—between 2025 and 2029, with Hong Kong and Singapore alone expected to capture more than half of those flows. The trend is echoed by other industry figures, including immigration consultant Nuri Katz, who said Americans are his highest-growing market, and by a UBS survey showing 60% of family offices plan strategic asset allocation changes, with many trimming US dollar exposure.
Citigroup Inc.Citi Wealth report projects $3.06 trillion shift to financial hubs, and Citi executive highlights growing client demand for offshore asset booking, driving wealth management business.
UBS Group AGUBS survey shows 60% of family offices plan strategic asset allocation changes, indicating potential demand for UBS's wealth management services.