Peter Thiel's move to Argentina reflects a growing trend among billionaires seeking a 'plan B' abroad

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Peter Thiel appears to have found a new bug-out spot. He isn't alone in looking beyond America's shores.

The PayPal and Palantir cofounder and prominent libertarian has been spending more time in Argentina, The New York Times reported, where he has enrolled his children in school and bought a home in one of Buenos Aires' wealthiest neighborhoods.

Among the ultrawealthy, that fits a larger pattern. The rich are 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, founder of centimillionaire membership club R360, said, including "multiple passports, multiple tax regimes, and at least one 'Plan B' jurisdiction in the Southern Hemisphere."

https://finance.yahoo.com/economy/policy/articles/peter-thiels-move-argentina-reflects-223007957.html

Argentina, a country with a history of debt default. Good riddance to Thiel.