A few years ago, top billionaires began publicly emphasising the importance of a second identity.

“In the next 10, 15, or 20 years, holding just one passport is very dangerous. Having a second passport gives you a chance to survive!” – this was the public warning from American investment mogul Jim Rogers. He himself holds more than one passport, and his children hold even more.

Hong Kong’s richest man, Li Ka‑shing, also said candidly: “It is not unusual to have two or three passports. My business involves 57 countries, and I use whichever passport is most convenient for that country.”

From PayPal co‑founder Peter Thiel’s New Zealand citizenship, to the LVMH chairman’s Belgian passport, from Google’s former CEO applying for Cypriot citizenship, to Wall Street families and Asian nouveaux riches – almost everyone at the top of the wealth pyramid is quietly doing the same thing: acquiring a second identity.

According to a Knight Frank survey, up to 91% of global ultra‑high‑net‑worth individuals already hold or are considering a second overseas identity. This is no longer an individual choice, but a collective movement sweeping across the global elite.

Yet many people’s first reaction to this is: “They are emigrating.” – and that is precisely the biggest misconception.

A “Plan B identity” is never equivalent to emigration. So what is it really? And what is the real calculation behind the billionaires’ moves?

        The Era of Light Immigration: People Stay, Identities Move

Traditionally, obtaining an overseas identity meant relocating the whole family and leaving one’s homeland. But today, the vast majority of high‑net‑worth families who acquire a second identity take a completely different path – light immigration.

Light immigration means that people continue to live and do business in their home country, with their roots firmly planted, while additionally holding an identity as a “global option.”

They do not give up their Chinese nationality, do not move their families abroad, and do not even need to reside long‑term in the country that issues the passport. What they obtain is a functional backup identity – like a fire extinguisher kept at home: ideally never needed, but absolutely essential in a critical moment.

An industry insider put it bluntly: “It’s not about fleeing, not about cutting roots – it’s about rationally calculating and legally adding a usable Plan B for the family.”

So the billionaires’ real calculation is not about “moving to a new place to live,” but rather “one more identity, many more choices.”

        Not a “Fleeing” Account, but Four Real Accounts

         Account 1: Wealth Allocation

Once assets exceed the multi‑million level, competition is no longer about the speed of making money, but about risk resilience. Without a compliant overseas identity, many legitimate global asset allocation channels are simply inaccessible.

With a second identity, one can legally allocate multi‑currency assets, hedge against exchange rate fluctuations, and diversify single‑market risks. As Jim Rogers warned, the future world faces economic, political, and other uncertainties – with only one passport, diversified asset allocation will be severely restricted.

An additional identity means smoother capital flow channels and greater control over wealth – this is the first big account the wealthy calculate.

         Account 2: Children’s Education

With domestic education competition at its peak, an overseas identity directly opens up two‑way educational options: stay in China and take the overseas Chinese student channel to bypass the fierce college entrance exam; or go abroad and apply to world‑renowned universities as a local student, gaining a significant admissions advantage.

Take top U.S. universities as an example – they reserve the vast majority of places (e.g., 85% at Stanford) for citizens and green card holders. Children with identity start from a different starting line from the very beginning. This account calculates the ceiling of the next generation.

         Account 3: Travel Efficiency

A high‑value second passport offers visa‑free access to over 140 countries. For entrepreneurs with global business operations, this is not just travel convenience, but a direct boost to business efficiency – able to move at a moment’s notice, because opportunities wait for no one.

         Account 4: Family Security

In an era of deglobalisation and frequent geopolitical conflicts, relying on a single nationality greatly reduces a family’s room to manoeuvre in the face of sudden crises. Whether it is political turmoil, sudden legal changes, or unforeseen global events, an additional identity serves as the family’s “emergency exit.”

What the wealthy calculate is never “where to live,” but “if something happens, where does the family go?”

        The Essence of a Plan B Identity: Never Put Your Life in One Basket

There is an iron rule in financial investment – never put all your eggs in one basket. Identity planning follows exactly the same logic.

Some use Country A’s passport for global travel, Country B’s tax residency to optimise assets, and Country C’s identity to give their children easier access to prestigious schools – this “nationality arbitrage” mindset is the essence of a Plan B identity.

Peter Thiel, alongside his U.S. nationality, acquired New Zealand identity – not to reject the U.S., but as a sober recognition of uncertainty and a proactive grasp of options. The wealthy are not pessimistic about their home countries; they simply understand earlier than ordinary people that:

You never know from which direction the next “black swan” will come. All you can do is prepare several exits.

According to the World Report 2025, 36.9% of high‑net‑worth individuals rank quality of life as the primary factor in seeking a second citizenship – they pursue an integrated package of flexible mobility, family security, and succession planning.

        A Plan B Is Not Far from Ordinary People

Many think this is exclusive to the super‑rich. In fact, the threshold for a Plan B identity is much lower than imagined.

Several Caribbean countries offer citizenship‑by‑investment programmes with no residency requirement, granting a passport in one step. You do not need to change your current lifestyle, nor give up your domestic career and connections – just with a manageable cost, you can secure an invisible safety corridor for the whole family.

Data is telling: from 2024 to the first half of 2025, about 11,200 high‑net‑worth individuals from China (with net assets over RMB 10 million) chose to emigrate, taking with them over RMB 1.3 trillion in assets. Meanwhile, the Henley & Partners Wealth Migration Report projects that in 2025, the number of high‑net‑worth individuals migrating globally will reach 142,000 – an average of 389 millionaires on the move every day.

When “black swans” become the norm, a second identity is no longer a status symbol for the wealthy, but a survival rationality that every responsible family in this era should understand.

        Final Thoughts

“Plan B identity” ≠ emigration – that is the first principle.

True security is not about how much you have right now, but that when storms come, you and your family always have a choice.

Smart families never turn life into a single‑choice question. They keep their lives rooted at home, manage steadily, and hold their trump cards in hand – staying in control of the overall situation.

That is the real calculation behind the billionaires – not to leave, but to “stay at the table forever.”

The world is always changing; only by preparing options in advance can you remain unflappable at all times.

(Note: Identity planning involves legal policies of various countries. For a tailored plan, please scan the QR code below to schedule a professional immigration assessment.)