The world’s best talent has stopped dreaming of America. Where will it go next?

For a generation, the smartest people I knew dreamed of moving to America.

They took uninspiring jobs, learned to wait through endless paperwork, and believed that one visa stamp could change their lives. That belief built an empire of talent that powered some of the world’s most iconic companies. And now, that same empire is dying, or at the very least, dreaming of moving elsewhere. Talent is now voting with its feet.

As someone born in the USSR, a few years before its collapse, who grew up in Kazakhstan and Russia and later lived in several different countries, I remember friends who spent five or six years working for EPAM, an outsourcing firm that became a bridge to something better. EPAM’s real perk wasn’t salary or prestige. What drew people to it was the promise of relocation. If you endured the dull projects long enough, you’d earn your way to a U.S. office. That quiet deal between ambition and patience fueled a whole ecosystem. People didn’t work for EPAM. They worked for the dream of getting out.

The same pattern was evident elsewhere. From Warsaw, Poland to Bangalore, India young engineers took mediocre jobs for one simple reason: making it to the United States. If you could make it there, your life would change. And if you were lucky, you could even stay forever. For decades, this desire was America’s greatest competitive advantage. 

I moved to the U.S. in 2015 with my first startup. Our goal was to use the U.S. as a launchpad for global expansion. At the time, the prevailing view was that a company’s HQ had to be in the United States. You would relocate your key employees there (highest salaries, best talent, and, for the U.S., the highest taxes) from your offices around the world. And the employees wanted this too, because it represented the “American Dream”.

That dream doesn’t work anymore. 

The price of the American dream

Today, I’m witnessing with horror how the current administration is aiming to charge up to $100,000 for new petitions for H-1B visas. Consider that Satya Nadella of Microsoft, Sundar Pichai of Google, Eric Yuan of Zoom, and even Elon Musk of X and SpaceX were at some point on an H-1B. 

These rising figures will make it prohibitive for many startups to hire global talent. And even for those who manage to get through the system, the path keeps getting narrower. The waiting lists for permanent residency stretch on for years, and there are no guarantees anymore. I know brilliant graduates from India who studied at Harvard and work for peanuts just to keep a sponsor. They call it “the treadmill.” When the visa expires, so does the dream.

It used to be that a company’s success was measured by how many jobs it created. A visa approved represented a job created, too. That job brought tax revenue, talent, and loyalty to the country. But now, that social contract is broken, and the message to global talent has changed from “come build with us” to “prove you deserve to stay.”

And the rest of the world has noticed. 

Where talent is going instead

Countries like the UAE are now offering “golden visas” for founders, investors, and skilled professionals. Saudi Arabia is rolling out special residency programs for tech and creative workers. Singapore’s Tech.Pass makes it possible to relocate in weeks, not years. And for those who travel, Spain, Norway, and many others now have digital nomad visas.

At the top of the list is China’s new K visa, which is aimed specifically at foreign scientists and innovators. It is a bold signal from Beijing that the country is now open to talented individuals from around the globe. 

This has had an impact on my circle. I’ve watched talented colleagues move to Dubai, UAE; Shenzhen, China; or Singapore and never look back. When you remove barriers, talent flows like water. America used to be the open floodgate. Now, it looks like a dam. 

The U.K. is making the same mistake

The same story is beginning to unfold in the U.K. London could be the global capital of flexible work and innovation, but as the anti-immigration sentiment keeps rising, and the government keeps aiming to appease the hardliners, it could be repeating America’s mistake. Every time a government adds friction to who can stay or build there, the message to founders is simple: Take your innovation somewhere else. Talented individuals who move fast won’t wait for paperwork, they will move wherever opportunity is easiest.

The real story is an innovation story

The irony is that this goes beyond immigration. In reality, it is an innovation story. When you lock out ambitious people, you export your own future. The next unicorns, the next breakthroughs, the next Silicon Valley won’t emerge from a single place. They’ll emerge from a network, composed of founders in Dubai; engineers in Tbilisi, Georgia; designers in Bali, Indonesia; and investors on flights between Singapore and Riyadh, Saudi Arabia. The future of innovation is borderless because the best people already are.

Can talented individuals still believe in America?

I say this as someone who once believed deeply in the American Dream. It was the North Star for millions of us. You didn’t have to be born into privilege because you could earn your way into it. But somewhere along the way, the belief that held it all together cracked. 

It applies to Americans, too. Many of my U.S.-born friends are now leaving the country in search of the same freedom they once symbolized. The political division has made it even uncomfortable to live there, and as they search for new horizons, they amplify a talent drain that, when we least expect it, could leave the country in dire straits. 

The truth is that America’s greatest strength was never an economic indicator despite its prominent standing. It was belief. The shared idea that if you worked hard enough, you could belong and have a good life. That belief built companies, cities, and entire industries. 

But this belief is now breaking down under the pressure of two trends. The U.S. economy itself is going through a difficult period (marked by rising uncertainty, higher taxes, and tariffs) which naturally makes life harder for businesses.

At the same time, other countries have begun to compete with the U.S. on very concrete dimensions: the UAE as a place to live for high-net-worth individuals; China as a source of technological innovation (and a place where businesses can grow by orders of magnitude); Portugal as a competitor to Florida, targeting retirees with savings; Spain as a digital nomad hub for those who value a calmer lifestyle; and the U.K., especially London, as a digital-nomad hub for those who thrive on intensity and movement.

The world’s best talent is no longer asking, “how do I get to America?” Instead, they’re looking at all of their options—countries who are actively trying to woo them and will welcome their contributions with open arms.