New Arton Capital research shows political disenchantment and cost-of-living concerns driving wealthy Americans to explore overseas options with Canada topping their list
A third of American millionaires say they are now more likely to consider relocating abroad than they were before Donald Trump's 2024 presidential victory, according to new survey data from Montreal-based investment migration firm Arton Capital - findings that land just days after a sweeping Democratic win in the US midterm elections.
The survey, which polled 1,000 US millionaires, reveals a mood of deepening unease about America's future as a home for wealth. Nearly half of respondents (45 per cent) said they believe the United States is becoming a less attractive place for wealthy individuals to live, regardless of which political party holds power.
Canada ranked first among all preferred relocation destinations, cited by 19 per cent of survey respondents - a reflection, in part, of geographic proximity and cultural familiarity.
The results arrive as the debate over high-net-worth migration continues to evolve on both sides of the border. Wealth Professional has previously reported on millionaire migration trends reshaping where globally mobile capital flows as well as on Canada's own complex standing as a destination for wealthy immigrants.
Discontent cuts across party lines
What makes the Arton Capital findings particularly interesting is that dissatisfaction with America's direction is not confined to opponents of the Trump administration.
Nearly one in five (18 per cent) of those who voted for the president in 2024 said they are now more likely to consider a move overseas. Among that group, concerns about the cost of living emerged as the primary motivation, cited by 35 per cent.
Across all respondents who expressed greater openness to relocation, unhappiness with the direction of the country was the most commonly cited factor at 39 per cent. Some 59 per cent of those surveyed said they disapproved of the Trump administration's handling of the economy - including 18 per cent of Trump's own voters.
Among younger millionaires aged 18 to 29, the sentiment was particularly pronounced: 72 per cent agreed that the US is becoming a less attractive place for wealthy individuals to live.
Lifestyle over politics for some segments
The motivations behind relocation interest are not purely political. Among millionaires aged 30 to 44 who have grown more likely to consider a move since the 2024 election, 23 per cent cited the opportunity for a better lifestyle as their primary driver - a share notably higher than the 14 per cent figure across all age groups.
This distinction is relevant for advisors working with high-net-worth clients who may be exploring international planning options not as a political statement, but as a longer-term lifestyle or estate strategy. The demand for cross-border financial planning has been a growing consideration for Canadian wealth professionals navigating clients with assets in multiple jurisdictions.
Canada and the UK lead preference list
After Canada, the United Kingdom ranked second as a preferred destination at 13 per cent, ahead of Italy (9 per cent), Ireland (8 per cent), and Portugal (8 per cent).
The UK's resilient appeal surprised some observers given policy changes in recent years that were seen as less welcoming to wealthy residents, but its financial services infrastructure, educational institutions, and cultural ties to the US appear to sustain its attractiveness.
Armand Arton, CEO of Arton Capital, said the firm's client enquiries from Americans have accelerated sharply enough to prompt new office openings. "Americans now represent the fastest growing segment of new clients for the entire investment migration industry," he said. "In the last 12 months, we've seen an explosion in enquiries from wealthy Americans, so much so that we're now opening new offices in Miami just to accommodate the demand."
Arton also framed the broader phenomenon as one of contingency planning rather than outright emigration. "For many, securing overseas residency or citizenship isn't about leaving America tomorrow; it's about having a Plan B: the freedom to choose where they and their families live in an increasingly uncertain world," he said.
The findings come as governments around the world are intensifying efforts to attract internationally mobile capital. For Canadian advisors, the prospect of a new cohort of high-net-worth American clients - bringing complex cross-border tax, estate, and investment needs - may represent both a planning challenge and a business opportunity. The question of how to serve that clientele effectively is one that the industry is only beginning to work through.
