# American Millionaire Migration Hits Record High Amid Rising Uncertainty

Source: https://www.savoryandpartners.com/news/american-millionaire-citizenship-renunciations · Published: 2025-05-01 · Updated: 2025-05-01

Wealthy Americans are renouncing citizenship at historic rates as tax, economic, and political concerns drive a record-breaking millionaire migration.

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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.