The number of millionaires wanting to leave the United States has grown by 447%, those who remain in the country are migrating to Bitcoin-friendly locations, reports show.
Big cities are losing prominence
A report by Henley and Partners indicates that by 2023 we will have the biggest migration of millionaires in historywith an expected 125,000 millionaires migrating around the globe.
Large cities largely dominated by left-wing politics like New York, Los Angeles and Chicago are losing millionaires.
While the Texas capital Austin saw the millionaire population rise 102% between 2012 and 2022, it now has 30,500 high-income residents.
Less populous West Palm Beach grew 90% (home to 9,400 millionaires), Scottsdale 88% (with 13,900 millionaires) and Greenwich & Darien 72% (with 11,900 millionaires).
Cryptocurrency-friendly cities attract millionaires
Another city that grew the number of millionaires was Miami with 38 thousand, an increase of +75% in less than a decade.
“Crypto-friendly Miami has attracted cryptocurrency companies and has also seen a wave of technology and headquarters opening..” states the report.
It is worth mentioning that Miami is the stage for the biggest Bitcoin events in the world and the city encourages the mining sectors and the development of new economic models, including the attempt to create its own currency.
Austin benefits from the policies of the Texas state government, with abundant cheap energy for Bitcoin miners and whose lawmakers and congressional representatives support cryptocurrencies.
“(Cryptocurrency) miners began to find Texas to be a stable and supportive regulatory environment, and startups also increased their interest in moving here or forming new companies here.“, says Christopher Calicott director of an Austin-based Venture Capital. “This will eventually create an abundance of all kinds of different jobs in different places.“
What attracts and creates millionaires?
The research also found common points that attract and end up creating wealth for a region.
The key indicators for creating millionaires are: high level of security, low taxes and strong property rights.
A robust banking system, access to capital markets and a secure legal environment are also important factors.
Is El Salvador the next millionaire’s paradise?
All of these points are strongly advocated by the cryptocurrency community and are being applied in El Salvador.
The first country to adopt bitcoin as legal tender has the lowest level of violence in the Americas, low taxes and its president wants to create strong property rights by becoming a hub for cryptocurrencies.
In a recent post on Twitter, the president of El Salvador claims that the country is the new “land of freedom”.
Will the country of Bitcoin attract as many millionaires as Miami and the state of Texas? We’ll see.
