American Millionaire Migration Hits One of Its Highest Levels Ever
In total, 4,820 individuals officially renounced their citizenship last year, reflecting a 48% jump compared to 2023 and marking the third-largest annual figure ever documented.
Some key figures stand out:
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Q3 2024 alone recorded 2,123 expatriations, accounting for 44% of the year’s total.
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It marked the highest single-quarter total since Q4 2016.
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These numbers actually reflect decisions made during 2023, due to reporting delays of up to 18 months.
The data points to a growing trend among American millionaires looking to cut ties with the U.S. tax system, not because of sudden events, but because of deeper, long-brewing concerns about economic and political stability.
Wealthy Americans Are Finalizing Their Exit Strategies Amid Rising Uncertainty
Behind the raw numbers is a much bigger story.
David Lesperance, Managing Director of Lesperance & Associates, explains that wealthy Americans, Green Card holders, and long-term residents are increasingly motivated to finalize their exits due to:
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Rising worries over future tax burdens
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Political polarization creating long-term instability
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Desire to secure financial and personal freedom outside of U.S. jurisdiction
Across just five years, 21,027 wealthy Americans have officially cut ties, accounting for nearly 39% of all expatriations recorded since the IRS started publishing names back in 1996.
Appointment Shortages and Delays Hide the True Scale of Millionaire Migration
While the headline numbers are striking, they likely understate how many wealthy Americans actually want to leave.
"When one U.S. mission opens appointments, they’re immediately flooded. It’s like playing whack-a-mole," says Lesperance.
The IRS expatriation list also only counts "covered expatriates", those who:
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Have a net worth over $2 million, or
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Paid an average of $178,000 or more per year in U.S. taxes over the past five years
This means many middle-tier wealth holders who renounce their citizenship are never counted at all in public records, further masking the full scale of the trend.
Looking back, the record-breaking year of 2020 largely reflected applications made in 2018 and early 2019, during another period of political turbulence.
The current numbers, tied to decisions made throughout 2023, suggest a similarly strong push is still underway, and once consulate backlogs clear, even more departures could officially surface.
