American Summer at Citywealth: Why New York remains the gateway to global wealth
From Wall Street and artificial intelligence to cross-border wealth planning, New York continues to play a defining role in the international private wealth industry. Despite competition from lower tax states, advisers say the city remains the principal gateway for global families, entrepreneurs and businesses entering the US market.
See the Citywealth Editor’s choice of Top 30 Transatlantic advisors and managers.
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Predictions of New York’s decline have become a familiar narrative in recent years. Rising taxes, increasing living costs and the migration of some wealthy residents to states such as Florida and Texas have prompted questions about whether the city remains America’s leading wealth centre.
Yet the reality is proving more nuanced. Rather than replacing New York, many internationally mobile families are expanding their footprint, adding homes, businesses and investments in states such as Florida and Texas while maintaining strong commercial, educational and cultural ties to the city. At the same time, longer life expectancy, increasingly complex family structures and the gradual transfer of wealth between generations are reshaping the advice that wealthy families require.
Those issues formed the backdrop to the Citywealth Forum USA 2026, where leading wealth managers, private client lawyers, trustees and family office professionals gathered in New York to discuss the forces reshaping international wealth. Panels explored trust governance and investment strategy, Latin American wealth planning, succession planning for significant art collections and emerging investment opportunities, reflecting the increasingly international and multi-generational nature of private wealth advice.
Would you like to be a speaker at the Citywealth New York Forum 10th March 2027 or contribute to the Citywealth American summer editorial? Please fill in our submission link here and the editor will be in touch or contact Karen Jones kjones@citywealthmag.com. Citywealth will feature: New York, Boston, Chicago, Miami & Latin America, California, Texas and Washington DC/International US
For international entrepreneurs, private client advisers and ultra high net worth families, New York therefore continues to occupy a unique position. It remains the principal gateway into the United States, combining global capital markets, world class professional advisers, leading universities and an increasingly dynamic technology sector. Rather than losing relevance, advisers suggest the city is evolving to meet the changing needs of globally mobile families.
New York remains the gateway to America
For UK businesses looking to establish a presence in the United States, New York continues to be the natural first destination.
David Livitt, Partner, Global Mobility at Blick Rothenberg, a leading tax, accounting and business advisory firm, believes the UK-US corridor remains one of the world’s busiest commercial routes.
“Recent trips have continued to demonstrate that the UK-US corridor remains one of the busiest in the world. UK businesses continue to see New York as the natural launchpad for US expansion, not just because of its financial markets but because it offers immediate access to investors, advisers, customers and talent.”
He says companies are entering the US market much earlier than in previous years.
“I’m seeing more UK entrepreneurs establishing a US presence earlier in their growth cycle and rather than waiting until they’ve scaled, founders are opening US operations sooner to access capital, strategic partnerships and customers.”
As businesses expand internationally, the role of advisers is also changing.
“From an advisory perspective, cross-border planning is becoming a commercial issue, not just a tax issue. We’re seeing clients increasingly wanting one-stop, joined-up advice covering immigration, payroll, tax, social security, employment law and technology rather than separate advisers working in silos. There are more strategic alliances forming between advisers to offer this joined-up approach.”
The result is a growing demand for advisers who can coordinate multiple disciplines across jurisdictions, reflecting the increasingly international nature of business and private wealth.
AI is driving New York’s next chapter
Alongside its traditional strengths in finance, New York is rapidly establishing itself as one of the world’s leading centres for artificial intelligence.
While Silicon Valley remains synonymous with AI research, New York has become a major hub for businesses applying AI across financial services, healthcare, law and professional services. A combination of Wall Street, access to venture capital and world class universities is attracting a new generation of technology companies.
The momentum is evident in a series of recent expansions. London founded AI company ElevenLabs announced a major expansion of its Manhattan operations earlier this year, creating 230 new jobs and investing $33 million in research and development. More recently, financial AI specialist Rogo announced plans to expand its New York headquarters, creating more than 400 new jobs, while AI platform Clay is adding almost 500 high skilled roles as it grows its Manhattan headquarters.
The impact is being felt across the city. AI companies including OpenAI, Anthropic, Palantir, Harvey and others have become some of Manhattan’s largest new office occupiers, helping drive the strongest commercial office leasing market in years and reinforcing New York’s position as America’s second technology hub after Silicon Valley.
See the Citywealth Editor’s choice of Top 30 Transatlantic advisors and managers.
Kathryn von Matthiessen, Partner at Katten, believes this is becoming one of New York’s defining strengths.
“AI companies are increasingly establishing a presence in NYC, and it is a very positive indicator for the city as a whole.”
David Livitt says the trend dominated conversations during New York Tech Week.
“Perhaps not surprisingly, AI and technology businesses dominated discussions during New York Tech Week. The pace of growth means companies are expanding internationally much earlier in their lifecycle, creating demand for practical cross-border advice.”
At the same time, patterns of international working continue to evolve.
“Executives are travelling more, not relocating less. Businesses are looking at shorter-term assignments, business travel and remote working as alternatives to traditional expatriate assignments, bringing new compliance challenges.”
For advisers, that means helping clients navigate increasingly complex questions around tax residence, immigration, employment law and regulatory compliance.
A changing picture for international wealth planning
The movement of people and capital between the UK and the United States is also creating new planning opportunities.
Jonathan Gold, Wealth Manager and Director at W1M London, says he is seeing three clear trends across the United States.
The first is a growing number of UK families relocating to the US for work, creating opportunities to restructure assets before becoming US tax resident.
“Preparing before a move can make a significant difference,” he says. “Reviewing investment structures, considering the timing of property sales and ensuring wealth can be managed seamlessly across both jurisdictions all help avoid unnecessary tax complications.”
He is also advising more US taxpayers relocating to the UK, where coordinated advice is becoming increasingly important.
“Clients need advisers who understand both tax systems and can continue supporting them after relocation. Investment structures, reporting requirements and cross border tax considerations all need to work together.”
A third trend is growing international diversification among US investors.
Gold says many are looking beyond domestic markets, seeking broader international exposure alongside multi-currency investment management and reporting that works effectively across jurisdictions.
“The demand is increasingly for genuinely transatlantic advice rather than separate advice in separate countries.”
A city of opportunity, with trade-offs
For private clients, New York continues to offer exceptional opportunities, although not without challenges.
Joshua S. Rubenstein, Partner and Global Chair of the Private Wealth Department at Katten, describes the city as one of contrasts.
“New York and New York City in particular is like a kaleidoscope that magnifies and distorts everything. Things that are good are good in abundance. Things that are bad are bad in abundance. But for everyone who is leaving New York, there are two people who are coming.”
Among the challenges, he points to New York’s relatively high tax burden, particularly once state and city taxes are combined. Some wealthy individuals continue to relocate to states including Florida and Texas, while New York’s trust legislation is less flexible than some competing jurisdictions and its court system remains under pressure.
Balanced against those factors, however, are strengths that continue to attract international families.
“There are a wealth of public services. It is an academic, cultural and culinary mecca. It is a magnet for talent, particularly wealth management talent. It is culturally diverse. It is extremely progressive, such as recognising and protecting gender fluidity and personal freedoms. It has the most advanced surrogacy laws in the country, making surrogacy available to commissioning couples worldwide.”
Ultimately, he believes the decision comes down to personal priorities.
“At the end of the day, where you live in the U.S. is a balancing act of what is important to you.”
Francesca Boschini, Head of International Wealth Planning and Head of Insurance Solutions at Deutsche Bank Wealth Management Americas, believes the reality is often more than a simple migration away from New York. Rather than replacing the city, many internationally mobile families are expanding their geographic footprint while maintaining New York as a central part of their personal and business lives. “Many families remain deeply connected to the city through business, education, real estate and longstanding personal ties. New York and Miami, in particular, have become increasingly interconnected, with many clients maintaining significant interests in both locations.”
See her q&a below.
Chris Gabbett, Partner and Wealth Manager at LGT Wealth Management US, says advisers are increasingly treating state residency as an integral part of wealth planning rather than simply a lifestyle decision.
“The US is increasingly divided into competing wealth jurisdictions. State residency is no longer simply a lifestyle choice but an important wealth planning consideration. Differences in tax treatment, trust legislation and regulatory regimes can materially affect long-term financial outcomes.”
“New York City remains one of the world’s premier financial centres, but states such as Florida and Texas continue to attract entrepreneurs and investors through lower taxes and business friendly environments. Increasingly, advisers are helping clients balance the opportunities available across multiple jurisdictions rather than viewing them as mutually exclusive.”
Christina A. Cacchio, Partner at Withers advising in Los Angeles and Texas, says she is increasingly helping clients navigate the growing differences between US states as tax, regulatory and economic policies continue to diverge.
“The United States is increasingly becoming a collection of competing wealth jurisdictions, with states adopting markedly different approaches to taxation and economic policy. Clients are looking not only at state income, estate and inheritance taxes, but also at broader policy developments and proposals for wealth taxation.”
“Tax remains an important driver of residency decisions, but it is far from the only consideration. Families are also evaluating political stability, public safety, quality of life and the overall business and regulatory environment when deciding where to live and invest.”
“As a result, we continue to see individuals and business owners relocating not only their personal residences but also their business operations from California to states such as Texas. In many cases, companies are establishing secondary operations in Texas to support the migration of employees, management teams and key business functions.”
Citywealth Forum USA reflects a changing profession
The discussions at the Citywealth Forum USA reflected a profession that is also becoming increasingly international. Whether the subject was trust governance, Latin American wealth, art succession, philanthropy or new investment opportunities, a common theme emerged. Clients increasingly expect advisers to coordinate business, legal, tax, investment and family governance issues across multiple jurisdictions rather than treat them as separate disciplines.
For wealth managers, lawyers, trustees and family offices, technical expertise remains fundamental. Increasingly, however, the ability to bring together specialists across borders is becoming just as valuable.
Patricia Angus, founder, CEO of Angus Advisory Group and an Adjunct Professor and Founder of the Global Family Enterprise Program Columbia University’s Graduate School of Business, believes those changing client expectations reflect a much broader shift taking place across global private wealth.
“Complexity is the name of the game for private wealth these days. Families are being formed and re-formed in new ways that require more tailored estate and wealth planning. Investment options are expanding far beyond public markets with more emphasis on private offerings, from private equity to direct deals. Tax developments are wavering between reductions in estate and inheritance taxes for the wealthiest and increasing calls for wealth taxes. At the same time, geopolitical volatility and threats to longstanding governance norms are reshaping the landscape.”
“There is a risk that both the industry and clients become isolated from the very developments defining our times.”
“Clients are responding in different ways. Some are looking to diversify investments outside the United States and move citizenship or legal residence abroad. Others are doubling down on family philanthropy and civic engagement.”
“It is becoming something of a barbell approach. On one end are clients seeking to isolate themselves or leave. On the other are those becoming increasingly engaged and vocal.”
“While there is a great deal of discussion about the great wealth transfer, it is likely to happen more slowly than many anticipated. People are living longer and often continue to influence wealth they have already transferred. The industry needs to be clearer about the implications of giving up legal ownership while retaining expectations of control.”
“We are living through a historic period defined by the continued concentration of wealth and the rapid rise of artificial intelligence, both of which are fundamentally restructuring the wealth management industry.”
Her observations echoed many of the discussions at the Citywealth Forum USA, where speakers repeatedly returned to the need for advisers to combine technical expertise with an understanding of business, family dynamics, geopolitics, technology and cross-border regulation.
Looking ahead
Competition from lower tax states is likely to continue, and New York will remain under pressure from jurisdictions seeking to attract wealthy individuals and businesses.
Yet its combination of financial markets, international expertise, cultural influence and rapidly expanding technology sector continues to distinguish it from any other US city.
As the discussions at the Citywealth Forum USA demonstrated, today’s wealth industry is no longer defined solely by tax planning or investment performance. Advisers are increasingly expected to coordinate international families, businesses and assets across multiple jurisdictions. Against that backdrop, New York continues to occupy a unique position. It remains where global capital, innovation and professional expertise converge, ensuring its place at the centre of international private wealth.
A Q&A with New York based:
Francesca Boschini, Head International Wealth Planning & Head Insurance Solutions, Deutsche Bank Wealth Management Americas
Q: Are wealthy families leaving New York, or are they keeping New York while adding Florida, Texas or another tax residence?
A: We have seen an uptick in global mobility since Covid. Clients around the world are increasingly focused on preserving their flexibility to travel, relocate, and live across multiple jurisdictions, whether for personal, business, or geopolitical considerations.
This trend has also translated into mobility within the U.S. with a number of U.S.-based clients and their businesses migrating to states that typically offer a compelling range of benefits, including a lower cost of living, favorable tax environment, and attractive business growth opportunities. We have seen clients primarily relocate from states in the Northeast, like New York, Massachusetts, Connecticut and the West Coast: California, Oregon and Washington to states in the South and Southeast U.S. such as Florida, and Texas, among others, specifically for the better tax environment and attractive business growth opportunities.
Q: Is New York now mainly a business, culture and education base rather than a tax home?
A: Many families remain anchored to their history, traditions, and longstanding ties to New York. While some explored opportunities outside the state following the pandemic, we have seen a number return as they reassessed the unique combination of cultural, professional, educational, and social opportunities that New York City provides.
Q: What is happening to New York’s appeal for Latin American families, especially those balancing Miami, New York, and European options?
A: New York remains an integral part of Latin American families’ geographical reach. Most of our clients have historically had a nexus with New York whether it be anchored in education, real estate, financial interests or all of them combined. From here, many clients branched out include Miami and many clients have also added Europe: Italy, Spain, or Portugal mostly, to ensure they have a contingency plan in place with an alternate residency, when possible, to minimize possible geopolitical events and related risks.
Q: For art collectors, is New York still the center for valuation, sale and succession planning?
A: We continue to see art collectors looking at New York as one of the main centers for art valuations, art sales and succession planning due to the high concentration of expertise and knowledge in this field that is based in New York.
Q: Are families with art, collectibles and luxury assets thinking properly about valuation, insurance, storage, provenance and tax before death or divorce?
A: Families with substantial art, collectible, and luxury asset holdings do not always approach these assets with the same strategic rigor applied to traditional investments, particularly with respect to storage, insurance, provenance, and succession planning. Mindsets often begin to shift when clients explore art-backed lending solutions or engage in broader estate and wealth transfer planning. However, this remains an evolving area for many advisors, and further education is needed before art, and collectibles are widely viewed as a distinct asset class rather than an extension of personal interests and passions.
Q: Is philanthropy in New York shifting from museums and universities towards social, health and public policy causes?
A: Philanthropy remains a central focus for many ultra-high-net-worth families, who support a diverse range of cultural, educational, religious, and healthcare causes. As their philanthropic ambitions evolve, clients are increasingly exploring the most effective vehicles for achieving their charitable goals, including private foundations, charitable trusts, and donor-advised funds. At the same time, they are looking to established and emerging models of philanthropy, from the Giving Pledge to purpose-driven structures pioneered by organizations such as Patagonia and Newman’s Own, to inform their own legacy and impact strategies.
Q: Are younger inheritors in New York pushing families towards impact investing, women’s sport, climate or venture capital?
A: Through our NextGen program, which has supported the next generation of client families for more than 25 years, we are seeing growing interest among younger family members in purpose-driven investing, alternative asset classes such as digital assets, art, and sports-related investments, and a more thoughtful approach to family governance, stewardship, and long-term wealth preservation.
Q: If New York wants to keep wealthy families, what does it need to fix first?
A: New York remains one of the world’s premier hubs for financial, educational, and cultural activity, continuing to attract affluent families from across the U.S. and around the globe. While many families have expanded their presence in markets such as South Florida and Texas, this trend has largely complemented rather than displaced their ties to New York. In particular, New York and Miami have become increasingly interconnected, with families frequently maintaining personal, business, and investment interests in both locations. Since the pandemic, Miami has benefited from an influx of New York-based businesses and residents, further strengthening the economic and social links between these two influential markets.
Trusts & Investment strategies
The opening panel at the Citywealth Forum USA addressed a central tension running through modern trust management: how trustees can accommodate growth, innovation and non traditional assets without absorbing disproportionate liability or weakening fiduciary standards. With markets unsettled and beneficiary expectations rising, the discussion focused less on performance and more on structure, process and risk allocation.
Paulina Mejia of Fiduciary Trust International set out a clear framework grounded in prudent investor principles. She argued that no asset class is inherently excluded and that prudence does not equate to conservatism. Instead, it depends on alignment with the trust’s purpose and terms, the circumstances of beneficiaries, appropriate diversification, and a documented decision making process that addresses regulation, valuation and custody. Delegation, she noted, can itself be prudent, provided it is done properly and does not dilute accountability.
Nikita Gibson of Geneva International Insurance expanded the discussion by focusing on how trustees and families are using structural tools to share and reframe risk rather than simply avoid it. She highlighted the growing use of private placement life insurance, particularly offshore structures, as a way to hold non traditional assets within a regulated wrapper. By concentrating reporting at the policy level and separating investment risk from trustee balance sheets, these structures can simplify oversight, support asset protection, and allow trustees to remain engaged without assuming full exposure. Gibson stressed that this approach does not remove the need for fiduciary judgment, but it can rebalance responsibilities in a way that better reflects modern family objectives.
Robert Macro of Druces cautioned that while mechanisms such as directed trusts, investment adviser appointments and insurance wrappers can be effective, they also raise questions about where fiduciary responsibility ultimately sits. Drawing on cross border experience, he noted the difficulty of updating long standing trusts to accommodate higher growth strategies across multiple jurisdictions. He warned that excessive fragmentation of duties risks hollowing out core fiduciary concepts, particularly where trust language is unclear or families have not articulated shared expectations. Clear drafting and family charters were cited as essential tools in managing this transition.
Across the panel, there was broad agreement that litigation risk is more often driven by misalignment and lack of communication about processes or paper trails rather than by investment loss. Process, communication and clarity of roles were repeatedly identified as the primary defences.
As moderator, Julie Neitzel of WE Family Offices observed, many trusts were created decades ago for families whose profiles, interests and geographies have since changed. The challenge is not simply modernising investments, but doing so in a way that preserves trust integrity while allowing structures to function in the world families now inhabit.
New York at a glance
- Home to Wall Street, the New York Stock Exchange and one of the world’s largest concentrations of private wealth advisers.
- Continues to be the principal gateway for international businesses entering the US market.
- AI companies including OpenAI, Anthropic, ElevenLabs, Clay and Rogo are expanding rapidly across the city, reinforcing New York’s position as a global technology hub.
- Brings together finance, technology, law, philanthropy and family office expertise within a single international ecosystem.
- Home to the annual Citywealth Forum USA, bringing together leading voices from across the global private wealth industry.
Next in the series: Boston – from Harvard to high finance, examining one of America’s most influential wealth centres.
Would you like to be a speaker at the Citywealth New York Forum 10th March 2027 or contribute to the Citywealth American summer editorial? Please fill in our submission link here and the editor will be in touch or contact Karen Jones kjones@citywealthmag.com. Citywealth will feature: New York, Boston, Chicago, Miami & Latin America, California, Texas and Washington DC/International US
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