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Ultrawealthy US citizens are denouncing citizenship in droves

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More of America’s wealthiest citizens don’t want to be American anymore, according to new data compiled by Axios.

In 2020, according to IRS data, 6,707 Americans gave up their citizenships — a 237% increase from the prior year. It’s particularly pronounced among some of the wealthiest, who have been leaving at more elevated rates since 2016 (with a noticeable dip in 2019). 

As Insider previously reported, the US passport lost a big chunk of its value in 2020. Some of the reasons that the richest Americans wanted to flee? The handling of the pandemic, details ⇒

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