American Millionaire Migration Hits Record High Amid Rising Uncertainty

A record number of wealthy Americans are formally severing ties with the U.S. tax system, driven by growing concerns over taxation, political instability, and long-term financial planning.

In 2024, 4,820 high-net-worth individuals renounced their U.S. citizenship, a 48% increase over 2023, making it the third-highest annual total since tracking began. The five-year moving average rose from 2,663 in 2020 to 2,856 in 2024, reflecting a sustained and accelerating trend.

Since 2020, 21,027 wealthy Americans have officially exited the U.S. tax system, accounting for nearly 39% of all expatriations recorded by the IRS since 1996.

Reasons Behind the Growing Exodus of U.S. Millionaires

David Lesperance of Lesperance & Associates explains that these exits are the result of long-term planning, not sudden reactions, by individuals dissatisfied with the U.S. tax and political environment.

• Backlogs at U.S. embassies are delaying appointments, with over 30,000 cases pending globally.

• Appointment slots open sporadically, making it difficult to schedule renunciations.

• IRS Expatriation List only reflects “covered expatriates,” defined as those with a net worth over $2M or who paid $178K+ annually in taxes over the last five years.

This means the true number of Americans giving up citizenship is likely much higher than reported.

Given that the top 1% of earners contribute about 40% of the nation’s income tax, this growing millionaire exodus may have significant long-term consequences for the U.S. economy.