President Donald Trump's latest proposal is turning heads and sparking lively debates. The plan? To offer "gold cards" to wealthy immigrants at a steep price of $5 million each.
These cards promise not only green card privileges but also a direct route to citizenship—a move designed to attract global capital and help reduce the nation's enormous debt, now topping $36 trillion, according to the Associated Press.
Inside the Gold Card Proposal
The idea is as bold as it sounds. Trump claims that selling one million of these gold cards could bring in $5 trillion, and if ten million are sold, the revenue could soar to an eye-popping $50 trillion.
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This would be enough to wipe out the national debt, leaving an extra $15 trillion for deficit reduction. In one memorable moment in the Oval Office, Trump emphasized the plan by stating, "Remember the words ‘gold card.'"
Global wealth figures add another layer to the story. Data from the UBS shows that there are about 50 million high-net-worth individuals worldwide—those with investable assets exceeding $1 million.
Yet nearly 90% of these individuals own between $1 million and $5 million. The smaller group with assets over $5 million, however, controls 56.8% of global millionaire wealth. In the U.S., around 22.4 million high net worth individuals are counted, with New York City alone home to roughly 350,000 affluent residents whose collective wealth nears $3 trillion.
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The U.S. immigration system is already under strain. According to the Cato Institute, there were about 34.7 million pending green card applications at the start of fiscal year 2024—a steep increase from roughly 10 million in 1996.
The U.S. immigration system is already overwhelmed, with green card delays, staffing shortages, and outdated technology slowing processes. Surging border crossings and humanitarian cases further strain resources. These challenges raise concerns about whether Trump's proposed "gold card" program could function efficiently or if it would add to the system's growing backlog and inefficiencies.
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Business executives add a dose of skepticism. Experts cited by Axios predict that instead of attracting millions of applicants, the gold card program might only draw a few thousand due to its high price tag.
Legal challenges also loom large. Experts say current programs like the EB-5 visa operate under strict congressional limits. This means any new initiative, such as the gold card, would face significant legislative hurdles.
Moreover, while the plan is designed to attract investors capable of injecting capital and creating jobs, the requirement of having at least $5 million in assets excludes many wealthy individuals.
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