Peter Thiel's move to Argentina reflects a trend of billionaires seeking a 'plan B'

Peter Thiel has been spending more time in Argentina, where he has enrolled his children in school and bought a home in one of Buenos Aires' wealthiest neighborhoods. His choices fit a larger pattern among the ultrawealthy treating their lives in America like part of an investment portfolio: still worth betting on, but increasingly in need of a hedge.

"There's a clear trend toward sovereign diversification," Charlie Garcia said, including "multiple passports, multiple tax regimes, and at least one 'Plan B' jurisdiction in the Southern Hemisphere." Places are competing to become the next billionaire hot spot.

New Zealand saw a spike in American applications after relaxing rules around its golden visa program, and Costa Rica and Thailand have also seen jumps. Last year a record 142,000 high-net-worth individuals migrated to new countries; that number is expected to balloon past 165,000 this year.

Argentina, Buenos Aires

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