More than half of entrepreneurs are considering moving to a new country. Singapore is their top option
News Summary
According to HSBC's Global Entrepreneurial Wealth Report 2025, over half (57%) of wealthy entrepreneurs globally are considering adding a new residence in the next 12 months, up from 55% last year. Gen Z entrepreneurs show an even greater desire to relocate. The report surveyed 2,939 business owners with at least $2 million in investable assets or a total net worth of $20 million. Surprisingly, only a third of respondents cited tax efficiency as a motivator for moving, ranking it eighth among other factors. The most popular reasons for relocation were expanding their business to new markets or gaining access to new investment opportunities (67% each), followed closely by a desire for a better quality of life (63%), and improved security/safety (47%) and better education opportunities (52%). Singapore (12%) and the UK (10%) were cited as the top potential destinations, with Japan and Switzerland tied at 9%. Despite U.S. President Donald Trump's sweeping tariff announcement in early April this year, the U.S. was cited by 8% of respondents, the same percentage as last year, but dropped from tying for second place to fifth among most-desired locations.
Background
This analysis is based on HSBC's Global Entrepreneurial Wealth Report 2025, which surveyed 2,939 wealthy entrepreneurs globally between April and May 2025. These entrepreneurs possess at least $2 million in investable assets or a total net worth of $20 million. The report comes as France is advancing a wealth tax proposal and fears loom that recent U.K. tax changes will cause a wealth exodus. Furthermore, U.S. President Donald Trump issued a sweeping tariff announcement in early April 2025, adding uncertainty to the global economic and investment landscape.
In-Depth AI Insights
Are the stated drivers for entrepreneurial migration the full story? - The report highlights business expansion, investment opportunities, and quality of life as primary drivers, with tax efficiency ranking low. In 2025, amidst heightened global economic and geopolitical uncertainties, this suggests entrepreneurs are seeking more than simple tax avoidance; they are prioritizing deeper asset and operational security, market diversification, and long-term growth prospects. - Singapore's top position likely stems from its political and economic stability, robust legal framework, and strategic role as an Asian financial hub, offering attractions beyond mere tax incentives. The UK, despite tax reform concerns, maintains its appeal as a global business nexus and cultural center. - Despite President Donald Trump's tariff announcement in early April, the U.S. maintained an 8% mention rate but dropped in ranking. This could imply that while tariff policies introduce uncertainty, the dynamism of the U.S. market still holds appeal for domestic entrepreneurs seeking new cultural experiences and specific investment opportunities, even as its overall attractiveness to international entrepreneurs may have slightly waned. What are the long-term implications of this continued exodus of wealthy entrepreneurs and capital for major economies? - For countries like France (facing wealth tax proposals) and the UK (recent tax changes), a sustained outflow of wealthy entrepreneurs could lead to a 'brain drain' and erosion of the tax base. This not only means reduced tax revenue but also potentially diminishes their innovation capacity and economic dynamism, as entrepreneurs are key drivers of job creation and economic growth. - This trend may force governments to re-evaluate their tax and regulatory policies to strike a balance between attracting and retaining high-net-worth individuals. Failure to effectively address this could impact these nations' competitiveness in the global economy over the long term. What investment opportunities can be gleaned from this global entrepreneurial migration trend? - Real Estate Markets: Premium residential and commercial properties in favored destination cities like Singapore and Switzerland may see sustained demand, presenting investment opportunities. - Wealth Management Services: As high-net-worth individuals and their assets move across borders, financial service firms specializing in international wealth planning, tax advisory, and asset allocation are poised for growth. - Emerging Markets and Diversified Investments: Entrepreneurs' preference for new markets and investment opportunities could drive capital towards new industries and innovative sectors in regions like Asia (e.g., Japan), which investors should monitor.