Peter Thiel in Argentina—Are Billionaires Leaving the US? What Data Show
Summary
Billionaire Peter Thiel has been spending time in Argentina, causing some people to wonder if wealthy Americans are leaving the U.S. However, data show this is not happening on a large scale. Most wealthy Americans who move tend to relocate within the U.S., not abroad.Key Facts
- Peter Thiel has spent time in Buenos Aires and met with Argentina’s President Javier Milei.
- Some reports suggest billionaires might be leaving the U.S., but data do not support a large-scale exodus.
- The number of people renouncing U.S. citizenship has increased over the years, from a few hundred before 2009 to around 4,800–5,000 in 2024.
- Most people giving up U.S. citizenship are not billionaires but often dual citizens or long-term expatriates.
- Wealthy Americans often hold multiple homes, passports, and tax residencies instead of fully leaving the U.S.
- About 36% of billionaires have relocated at least once, according to a survey by UBS.
- Wealthy Americans mostly move within the U.S., often from states with higher taxes to those with lower or no estate taxes.
- Moves by billionaires can affect local economies because they control significant business and investment resources.
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