There was a time when a passport lived a quiet, almost bureaucratic existence — pulled out at airports, stamped without ceremony, then returned to a drawer until the next departure.

For a growing number of wealthy Americans, however, the passport has evolved into something closer to a lifestyle asset: curated, comparative, and increasingly treated as part of a broader personal portfolio.

Advisers in the investment migration industry say the United States, once considered a peripheral market for alternative citizenship and residency programs, has now become one of the industry’s largest drivers of demand.

“The U.S. has replaced China as the largest market for clients seeking secondary or tertiary citizenships,” Eric Major, chief executive and chairman of Latitude World, told Forbes.

Industry figures suggest the trend has expanded well beyond ultra-wealthy circles. A forthcoming study by Apex Capital Partners estimates that 61 percent of Americans earning more than $200,000 annually are considering relocating within the next five years.

“The rate of growth of interest from Americans is skyrocketing,” said Nuri Katz, noting that interest cuts evenly across political lines.

The movement, advisers say, is less about abandoning the United States than about diversifying personal risk.

Citizenship, in this context, is increasingly viewed like an investment portfolio — spreading exposure across multiple countries much like assets are spread across markets.

“Americans have gone from 4% to 74% of my business” since 2019, Major said.

The numbers appear to support that acceleration. Henley & Partners reported that US inquiries for alternative residency or citizenship programs jumped 183 percent year-on-year in early 2025, while ancestry-based applications in Europe and Canada also surged.

Clients are no longer stopping at a single backup option.

“I want a combo. I want two citizenships and a green card,” Major said.

Katz added that some clients now collect citizenships “like stamps, because that’s what they’re into, instead of buying Rolexes or Lamborghinis.”

The motivations range from political uncertainty and cost-of-living concerns to a growing belief that geographic stability can no longer be taken for granted.

“Americans now get it, that you’re exposed with just one citizenship,” Major said.

Where those new passports lead often depends on wealth and urgency.

For ultra-high-net-worth individuals, New Zealand has emerged as a preferred fallback destination due to its isolation, English-speaking environment, and perceived geopolitical stability.

“If World War III was to break out, it’s a pretty good place to be hanging out,” Major said.

Europe remains a traditional target despite tighter residency policies in countries such as Spain, Portugal, Greece, and Malta. Even so, access to the Schengen zone continues to attract applicants.

Elsewhere, Caribbean citizenship-by-investment programs remain among the fastest pathways, while ancestry-based citizenship routes in parts of Europe and Canada continue to expand.

Attempts to counter the trend, including the so-called “Trump Gold Card,” have so far struggled to gain traction.