Peter Thiel, the billionaire cofounder of PayPal and Palantir, is reportedly spending more time in Argentina, adding to a growing trend among wealthy Americans who are looking for backup plans outside the United States. According to a report by The New York Times, Thiel has bought a home in one of Buenos Aires’ richest neighborhoods and enrolled his children in school there. While he has not announced any permanent move, experts say his actions reflect a broader shift among ultra-wealthy individuals seeking what they call a “Plan B” abroad.
More American billionaires looking abroad
The trend goes beyond buying vacation homes. Wealth advisers say many wealthy families are pursuing “sovereign diversification” by securing multiple passports, establishing ties in different countries and creating alternative places to live if needed.“There’s a clear trend toward sovereign diversification,” Charlie Garcia, founder of centimillionaire membership club R360, said as quoted in NYT report. He noted that many wealthy families now want multiple passports, access to different tax systems and at least one backup location in the Southern Hemisphere.Several countries are attracting interest from wealthy Americans. New Zealand recently saw a rise in applications from US citizens after easing rules for its investor visa program. Costa Rica and Thailand have also reported growing numbers of high-income migrants.
Record number of high net-worth individuals moving out of US
The movement is part of a larger global migration trend among wealthy individuals. According to private wealth research firm Henley & Partners, a record 142,000 high-net-worth individuals, defined as people with more than $1 million in liquid assets, moved to new countries in 2025. That figure is expected to exceed 165,000 this year.Taxes are one reason driving the trend. Garcia pointed to proposals in California that could impose a one-time 5% tax on the net worth of billionaires living in the state. New York City has also approved a tax targeting expensive secondary homes. Some wealthy individuals are also concerned about political uncertainty and long-term global risks, including the impact of artificial intelligence and potential geopolitical conflicts.“It sounds melodramatic until you’ve sat through the off-the-record dinner conversations,” Garcia said. “For that crowd, the Southern Cone looks like a literal and figurative safe distance.”Argentina, however, remains an unusual choice. The country has faced years of high inflation, currency instability and changing regulations—factors that traditionally discourage wealthy investors.But experts say that may not matter. For many billionaires, countries like Argentina are not necessarily replacements for the US. Instead, they represent another option that can be kept open if circumstances change. As more wealthy Americans seek second homes, alternative citizenships and overseas investments, the idea of having an “exit America” plan is increasingly becoming part of long-term wealth management strategies.
