Citi Wealth reports surge of US ultra‑rich seeking offshore assets

Citi Wealth says ultra‑high‑net‑worth American families are increasingly booking assets outside the United States. The shift is described as pursuit of "optionality" – obtaining second residencies, golden visas and other structures in places such as Italy, Portugal, Jersey, Australia and New Zealand – rather than outright expatriation. Clients cite political and tax uncertainty at home as a key driver.

Citi’s Global Head of Client Solutions, Darlene Patterson, told Fortune, “the first time ever in my career that I hear U.S. clients wanted to book their assets outside of the U.S.” The bank tracks these movements with an internal “corridor monitor” that provides real‑time visibility of wealth flows.

Citi’s recent "Wealth Beyond Borders" report projects that between 2025 and 2029 a cumulative $3.06 trillion will shift into five leading financial hubs – Hong Kong, Singapore, Switzerland, the United Arab Emirates and the United States – with Asia expected to capture more than half of the flows. The report identifies lifestyle enhancement, business growth and resilience against policy risk as the main motives.