Wealthy Americans Move Assets Abroad Amid Trump Fears

A growing number of America’s wealthiest individuals are hastily relocating their assets to international accounts, fearing potential targeting by the Trump administration. Amid concerns over future restrictions on capital movement and the economic uncertainty fueled by the current government, ultra-wealthy Democrat families are transferring hundreds of millions of dollars out of the United States.

Robert Paul, co-head of private clients at wealth management firm London and Capital, reported a surge in such activity, stating that his firm has processed large transfers in the past month alone, including sums of $40 million, $30 million, $100 million, and $50 million. He anticipates similar, if not larger, transfers in the coming weeks.

These clients are primarily moving their money from US brokerage accounts into Swiss, Jersey, and Guernsey banks, either as cash deposits or within trust structures, according to Paul. “It is literally about having assets outside the US,” he explained, emphasizing the desire to safeguard wealth against potential capital controls or restrictions on money movement.

Paul noted that the heightened concerns stem from the volatility in political rhetoric. “A lot of this is being discussed at dinner parties among the ultra-wealthy, with many expressing fears about the administration’s unpredictable policies,” he said.

Although President Trump has not openly discussed imposing capital controls, there is growing anxiety about his administration’s erratic policymaking. David Lubin of Chatham House suggested that the administration could consider imposing such measures as part of its strategy to weaken the dollar and address the US trade deficit.

Judi Galst, managing director at Henley & Partners in New York, confirmed that many of her clients are exploring options for moving assets abroad. “At least a quarter of my clients are asking about how to transfer their money out of the US, with some looking into investment migration options, like New Zealand’s investor visa scheme, while others are focusing on opening bank accounts in Switzerland and Liechtenstein,” she said.

After campaigning on a pro-business platform promising tax cuts and deregulation, Trump’s policies have surprised investors with a series of protectionist measures, including a 25% tariff on all steel and aluminum imports. This shift has led to downward revisions in economic growth forecasts for the US, with the Federal Reserve reducing its growth estimate from 2.1% to 1.7% for the year.

According to Galst, her clients are concerned that holding all their assets within the US could expose them to unnecessary risks. “They want to diversify and are looking at moving part of their portfolios to safer jurisdictions abroad,” she explained.

Ollie Marshall, director at buying agency Prime Purchase, noted that many of these wealthy individuals are likely to be Democratic Party supporters worried about political retribution. While there is no concrete evidence that the administration is actively targeting them, Marshall believes the government’s extreme policies may be driving their concerns.

Economists, however, suggest that while the Trump administration’s trade policies could negatively affect growth and asset prices, it is unlikely that the president would pursue capital controls, as such a move would contradict his broader economic agenda.

As these elite families move their wealth overseas, their actions highlight growing unease about the potential financial fallout from an administration whose policies have defied expectations and sparked fears about the future of the US economy.