 "Is Trump's 'Gold Card' really sparking a global investor rush to America?")
As more wealthy Americans explore opportunities abroad, international investors are looking to the US as a premier destination to secure their financial futures. In 2024, the US recorded a net gain of approximately 3,800 high net worth individuals through migration — including 95 centi-millionaires and 10 billionaires, as per data analysed by international advisory firm Henley & Partners.
Many of these were founders, CEOs, and investors drawn to the nation’s innovation-driven economy and dynamic cities. Low-tax states like Florida and Texas are particularly attractive, while California continues to attract elite tech talent from around the globe, as per the Henley Private Wealth Migration Report.
The long-standing EB-5 Immigrant Investor Program, which offers a path to US residency in exchange for job-creating investments, is seeing a powerful resurgence. According to Henley & Partners, global interest in EB-5 has soared by 325% between 2019 and 2024, with the momentum continuing into this year. In Q1 2025 alone, EB-5 enquiries jumped 57% year-on-year, and surged 168% from the previous quarter, making it the fourth most enquired-about residence program globally.
The ‘Gold Card’ effect
Fueling this surge is a new proposal dubbed the "Trump Gold Card". The initiative aims to offer a fast-track route to U.S. citizenship for foreign investors willing to commit $5 million.
“Securing U.S. citizenship through investment has never looked more attractive,” said Jean Paul Fabri, Chief Economist at Henley & Partners. “The U.S. continues to offer unmatched wealth-building potential, even as some Americans seek plan Bs abroad.”
EB-5 holds ground, but faces new headwinds
"While details remain murky, the Gold Card idea floated by President Donald Trump in February would allow wealthy investors to pay USD 5 million to purchase US permanent residence, expediting the Green Card process by circumventing the traditional regulatory and procedural hurdles. Notwithstanding reports suggesting the digital infrastructure for the Gold Card is already in the works, many legal experts question the president’s authority to unilaterally install such a program without congressional approval," said Timothy Payne, a partner in the Chicago office of the AmLaw 100 law firm BakerHostetler.
The Immigration and Nationality Act (INA), in its current form, does not allow for the implementation of a Gold Card program. To establish this new program, either Congress would need to pass, and the president would need to sign into law, an amendment to the INA, or the administration would need to implement the program without congressional authorization, and bank on it surviving scrutiny by the Supreme Court.
US President Trump has already shown a willingness to take unorthodox steps in pursuit of his administration’s immigration policy goals, though it remains to be seen whether or not he intends to see his Gold Card program through to fruition.
Green or Gold? The investor’s dilemma
Despite the legal ambiguity, the buzz surrounding the Gold Card is forcing the immigration investment community to grapple with serious questions: Will it eventually replace the EB-5 program? Will it run in parallel and fragment demand? Could a Permanent Residence Card issued under the Gold Card program be rescinded, or could progress toward US citizenship be forfeited, if the program is later found to have been implemented improperly?
"For many investors, this uncertainty is already shaping behavior. Some are pausing EB-5 commitments in hopes of a faster, less burdensome Gold Card option. Others are doubling down on EB-5 to lock in benefits before a potential policy shift disrupts the landscape.
Meanwhile, the EB-5 program itself is evolving. The EB-5 Reform and Integrity Act of 2022 has reinforced the program’s credibility through enhanced oversight and transparency, but it has also increased compliance costs and processing times. Regional centers now face stricter audits, and investors must navigate more rigorous source-of-funds requirements. Despite these hurdles, the EB-5 remains attractive, particularly for projects in real estate and infrastructure, with a reported uptick in applications tied to urban redevelopment in states such as California and Texas," explained David Diorio, partner in the Chicago office of the AmLaw 100 law firm BakerHostetler.
US still leads in global wealth
The 2025 USA Wealth Report affirms the country’s unmatched economic dominance. The U.S. is home to:
- 6 million+ millionaires, or 37% of the world’s millionaire population
- 10,800 centi-millionaires (wealth of $100 million+)
- 850+ billionaires
Between 2014 and 2024, America’s millionaire population grew 78%, outpacing every other country in the W10 — the top 10 wealthiest nations by resident millionaires.
Why foreign investors flock to America
Even amid political division and rising internal debates about wealth inequality, the US remains a safe haven for international capital. Ranked 3rd on the Milken Institute’s 2025 Global Opportunity Index, America scores high across metrics like economic openness, talent diversity, and innovation.
“This isn’t about politics. For international investors, it's about scale, liquidity, and long-term security,” said Fabri.
Real estate is another magnet. Global investors are increasingly buying properties in New York, Miami, and Austin, treating U.S. real estate as a dependable store of value. According to Knight Frank’s 2025 Wealth Report, buyers from the Middle East, Southeast Asia, and Latin America are leading this cross-border charge.
Dollar power
Amid global currency volatility, the US dollar remains king, with 58% of global foreign exchange reserves held in dollars. This monetary strength offers international investors an added layer of security when allocating wealth to US-based assets.
Despite the rise in outbound interest from affluent Americans, Henley’s data confirms that the net inflow of high-net-worth individuals into the US remains strong, particularly from regions facing political instability or economic uncertainty.
"The monetary dimension also plays a critical role. The dollar’s dominance, with 58% of global foreign exchange reserves still held in US dollars, adds a powerful layer of security for international investors. In a period of heightened currency volatility, US dollar assets provide both stability and global liquidity unmatched by alternatives.
Wealth migration patterns corroborate this macro-economic reality. Henley & Partners’ Private Wealth Migration Dashboard shows that despite the fact that some US-based millionaires are exploring relocation options, the net inflow of high-net-worth individuals into American markets from abroad remains robust, particularly from regions facing heightened political or economic instability," noted the report.
The paradox of wealth migration
“The paradox is real,” said Fabri. “Wealthy Americans are hedging their bets abroad, while global investors are doubling down on the U.S. It reflects a simple truth — the U.S. remains the best place in the world to create and grow wealth.”
Even the IMF’s latest Global Financial Stability Report echoes this sentiment, warning of elevated risk in emerging and even some developed markets, while emphasizing the value of transparent, liquid investment environments — attributes the U.S. delivers in spades.
The road forward
Charting a course through the US immigration landscape in 2025 means navigating through uncharted waters. "With new proposals like the Gold Card on the horizon and familiar routes such as the EB-5 program getting regular updates, it’s more important than ever that investors stay informed and nimble. The regulatory, political, and global economic tides can shift quickly in the world of immigrant investor programs, but the USA remains an attractive destination for foreign nationals seeking opportunity and a pathway to permanent residence through investment," said Payne.