Citi executive says wealthy Americans are booking more assets abroad
Citi Wealth’s Darlene Patterson says rich U.S. clients are seeking foreign accounts and residencies as a hedge against policy risk.
By Maya Lindqvist · Senior Technology Correspondent
3 min read
More wealthy Americans are asking to place assets outside the United States, according to Darlene Patterson, global head of client solutions at Citi Wealth. The shift matters because advisers to the ultra-rich are treating location itself as part of wealth planning, alongside investments and tax strategy.
Patterson told Fortune that this is the first time in her career she has heard U.S. clients seek to book assets abroad in this way. She said the trend should not be read as a broad exit from the country, adding that clients are not necessarily giving up U.S. residency or citizenship.
Instead, Patterson described the demand as a search for more choice. According to Fortune, she said clients are seeking additional residencies or golden visas in places including Italy, Portugal, Jersey in the Channel Islands, Australia and New Zealand.
Patterson said wealthy clients are looking for lifestyle benefits and flexibility, and are also worried about policy risk in the U.S. She told Fortune that a stable and predictable political environment has become a key factor for some families.
Wealth planning goes cross-border
Citi Wealth’s recent “Wealth Beyond Borders” report frames geography as a growing part of diversification for rich families. Citing BCG’s Global Wealth Report 2025, Citi said a cumulative $3.06 trillion is projected to move into five major financial hubs — Hong Kong, Singapore, Switzerland, the United Arab Emirates and the U.S. — between 2025 and 2029.
Citi’s report said Hong Kong and Singapore are expected to receive more than half of those flows. The report identified three reasons behind cross-border wealth moves: family lifestyle, business and portfolio expansion, and protection against policy or sovereign risk.
Fortune reported that Patterson’s work gives her a view across Citi’s business lines and regions. Citi also uses an internal “corridor monitor” that tracks client data on where money is moving, according to the report.
Patterson’s background also spans several financial centers. Fortune reported that she was born and raised in Beijing, began her private banking career in Hong Kong and joined Citi after moving to the U.S. roughly five years ago.
Other advisers see the same pattern
Nuri Katz of Apex Capital Partners, an immigration consultant who works with wealthy clients, previously told Fortune that Americans are his fastest-growing market. Katz said he had not seen that level of U.S. demand before, according to Fortune.
Henley & Partners’ 2026 Wealth Migration Report found that wealthy Americans are among the most active groups globally in seeking foreign residency or citizenship. The firm also found that many are keeping wealth in the U.S. while securing a foothold elsewhere, according to Fortune.
The trend predates the latest Citi report. Fortune reported in 2024 that inquiries from wealthy Americans about golden visa and citizenship-by-investment programs rose by more than 500% over five years to 2024, with Greece, Italy, Malta, Portugal and Spain among the leading destinations.
Separate research points to broader portfolio caution. CNBC reported in May 2026 that 60% of family offices surveyed by UBS planned strategic asset allocation changes over the following year, about twice the level of the prior five years and the highest UBS had recorded. CNBC also reported that nearly 30% had reduced or were considering reducing dollar-denominated holdings, citing concerns including an AI bubble, tariffs, a weaker dollar and volatile economic policy.
This story draws on original reporting from Fortune.