Wealthy Americans are looking abroad for passports and assets, adviser says

More affluent Americans are exploring foreign residency, second citizenship and offshore assets, according to Nuri Katz, founder of Apex Capital Partners. Fortune reported that Katz, a longtime adviser in investor immigration, sees a shift that could carry consequences for U.S. capital flows and confidence.

Katz told Fortune that Americans once made up only a small slice of his firm’s work, which has historically served wealthy clients from China, the Middle East and Africa. He said U.S. interest has climbed sharply since the COVID period, with North America now showing the fastest growth rate in his business.

A survey points to rising unease

Apex Capital Partners surveyed 1,733 Americans with household incomes above $200,000, according to Fortune. The firm found that 61% would consider leaving the United States within five years, while nearly 63% had considered moving assets outside the country.

The survey also found that three in four respondents were worried about the future of the United States in relation to the Iran War, Fortune reported. Forty-two percent described the U.S. economy as weak or very weak.

Katz told Fortune that the reasons given by respondents surprised him. Among those open to emigrating, 68% cited cost of living and taxes, while 54% cited the political climate, according to Apex’s survey.

He said the political concern is coming from both major camps. According to Fortune, Katz said some clients on the left fear Donald Trump’s impact on the country, while some Trump supporters worry that a backlash could bring a sharper move leftward.

Debt and dollar worries

Katz also tied the interest in foreign options to concern about the dollar and the federal debt, Fortune reported. He said many wealthy Americans hold much of their wealth in U.S. dollar assets, including retirement accounts, real estate and stock portfolios, and are beginning to consider broader diversification.

Fortune reported that Katz pointed to the roughly $39 trillion national debt as a central risk. He argued that the U.S. would face pressure either from higher inflation tied to money creation or from a debt default, while dismissing the idea that artificial intelligence-driven productivity alone would solve the debt problem.

Katz’s view draws on his own experience in Moscow during the early 1990s, Fortune reported. He lived there as the Soviet Union broke apart and said that period shaped his concerns about inflation, currency risk and debt.

Other prominent investors have raised related concerns. Fortune cited Bridgewater Associates founder Ray Dalio, who has written about a recurring “big debt cycle” and argued in his 2021 book, Principles for Dealing with the Changing World Order, that reserve currencies follow long historical patterns.

Where high earners are looking

Apex’s survey found Europe was the top preferred destination among respondents considering a move, at 42%, followed by Canada at 18% and the Caribbean at 16%, according to Fortune. Katz was cautious about Europe, saying its economies and investor visa rules are unsettled.

Fortune reported that Portugal closed its residential real estate golden visa route in 2024, Spain has tightened its program and Italy still has an option available. Katz said he expects more attention on the Caribbean and on Argentina, which he said is developing South America’s first citizenship-by-investment program.

The broader market for wealth migration is growing, according to the Henley Private Wealth Migration Report cited by Fortune. Henley found that a record 142,000 millionaires moved countries in 2025 and projected that the number would rise to 165,000 in 2026.

Katz, who lives in Antigua and built his career helping wealthy people gain residency or citizenship options abroad, told Fortune he is not forecasting a U.S. collapse. His warning is narrower: more people with the means to leave, or move capital, are preparing alternatives.

This story draws on original reporting from Fortune.