The Blubber

Wealthy Americans are increasingly moving large sums of money overseas, driven by concerns that they could be targeted under Donald Trump’s administration.

Fearing potential limits on moving funds abroad, many affluent Democratic-leaning families are transferring significant amounts of cash out of the U.S. as a precaution. Some are opting to open bank accounts in Switzerland and other offshore financial centers to secure their assets.

Robert Paul, co-head of private clients at wealth management firm London and Capital, said: “These are substantial amounts. In just the last few weeks, we’ve handled five cases involving $40 million, $30 million, $30 million, $100 million, and $50 million.”

He expects similar or even higher volumes in the near future.

According to Paul, clients are withdrawing funds from U.S.-based brokerage accounts and moving them into cash deposits or offshore trust structures in jurisdictions such as Switzerland, Jersey, and Guernsey. “It’s about having some funds held outside the U.S.,” he said.

“There’s anxiety about potential capital controls and restrictions on money movement. The concern has increased recently because of the rapidly shifting rhetoric,” he added. “Much of it is being discussed informally—at dinner parties among the ultra-wealthy, where people are telling each other to be cautious.”

Although Donald Trump has not explicitly proposed capital controls, some investors are uneasy about the unpredictability of his policy direction.

David Lubin of Chatham House, a think tank focused on international affairs, noted that the Trump administration could theoretically consider capital controls on incoming funds as part of its broader efforts to weaken the dollar and reduce the trade deficit.

Judi Galst, managing director of private clients at Henley & Partners in New York, said about a quarter of her clients have recently asked about moving funds abroad due to concerns over the administration.

Some are exploring investment migration options, such as New Zealand’s investor visa, while others are simply looking to open accounts in Swiss banks. “I’ve heard a lot of interest in Switzerland and Liechtenstein,” Galst said. “A representative from one Swiss bank told me they had opened 12 such accounts for Americans in the past two weeks.”

This trend may be a sign of growing unease with Trump’s economic policies. Though he campaigned on promises of tax cuts and deregulation, markets have been caught off guard by his unexpected protectionist measures, including a 25% tariff on all global steel and aluminum imports.