Wealthy U.S. citizens are more likely to support Vice President Kamala Harris over former President Donald Trump in this year's presidential election. But regardless of who wins in November, more and more millionaires are looking for a backup plan to escape the political environment in the U.S. through golden passport and citizenship by investment programs.
Those are the major takeaways from the Arton Capital affluence and elections survey of over 1,000 U.S. millionaires. Around 90% of the respondents have assets worth between $1 million and $5 million, while the rest boast over $5 million in assets. The survey found that wealthy Americans, regardless of whom they are casting their vote for, harbor deep anxieties over the country's economic outlook: Over 50% say they would leave the U.S. after November’s election.
They are seeking to secure second passports in countries like Canada, Australia, New Zealand, the United Kingdom, Ireland, Spain, and Portugal, the survey finds.
Armand Arton, president of Arton Capital, a global citizenship financial advisory services firm, tells Fortune wealthy Americans are increasingly ill at ease in their home country and looking to acquire the safety net of a second (or third) passport. COVID-19 supercharged the trend, as those with money looked for better ease of movement; now the presidential election is setting off a wave of interest in relocating.
Arton notes it has become common every election cycle for wealthy Americans to say they will move abroad if their preferred candidate doesn't win—but few actually take the drastic step. Still, he says it is still a significant trend, even if only a small share of millionaires are able to secure second passports.
"It's a political statement, a personal statement," says Arton. "It doesn't matter who wins."
The survey finds that while Harris commands a "strong lead" over Trump among these wealthy citizens—52% support the VP versus 42% for Trump—many still report that they are looking for more economic opportunities abroad.
Canada was the top country that surveyed citizens said they would prefer to move to, thanks to its close proximity to the U.S. and that it is English-speaking. Australia, New Zealand, and the U.K. followed. "These English-speaking countries share cultural and historical ties with the U.S., making it easier for those considering leaving to set up a new life with relative ease," the survey notes.
Arton's survey is far from the first to find that wealthy Americans are hedging their bets by securing so-called golden passports or gaining citizenship through investment programs abroad. Over the past five years, inquiries from the U.S. about these programs have increased by 500%, according to the 2024 USA Wealth Report put out by investment migration consultancy Henley & Partners and New World Wealth.
While citizens from other countries—particularly in Asia and the Middle East—are likely to gain second passports to escape oppression or war, Americans view them as luxury status symbols, says Arton.
"It is not providing financial returns or capital guarantees. It is providing them much more freedom," he says of Americans' rationale for gaining second citizenships. "The reality is it won't have the same urgency as people, let’s say, living in Lebanon today. It is not a necessity. It is not life-threatening."
That said, he says the survey also reveals that Americans belonging to both major political parties are growing tired of the divisiveness prevalent in today's American politics. Still, Harris is seen as a slightly better choice, a feeling echoed by other wealthy business leaders who say she offers more stability than Trump.
"It doesn't matter which party wins in November, that feeling will be there," says Arton. "But if Trump wins, it will be a little bit higher."
