The Merlion Statue in Singapore's central business district, on Tuesday, July 8, 2025.
Lionel Ng | Bloomberg | Getty Images
A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide for the affluent investor and consumer. Sign up to receive future editions straight to your inbox.
Valuable entrepreneurs want to move, but not necessarily for the reasons you might expect, according to new research from HSBC.
The bank surveyed 2,939 business owners with at least $2 million in investable assets or a total net worth of $20 million in April and May of this year. A whopping 57% said they are considering adding a new home in the next 12 months, up from 55% in last year's survey. Wanderlust is higher among Gen Z entrepreneurs, with just over three-quarters of that cohort reporting they are considering a switch.
When asked about their reasons for moving to a new country, only a third of all respondents cited tax efficiency as a motivator. Tax savings ranked eighth overall, behind other factors such as improved safety (47%) and better education opportunities (52%). Survey respondents could select multiple options. The most popular motives, each at 67%, were to expand their business into new markets or access new investment opportunities. The desire for a better quality of life came in a close third at 63%.
Taxes, the report said, “generate acres of coverage, but for the majority of our business owners, it does not appear to be the deciding factor about where to live.”
The report comes as a proposal for a wealth tax has gained popularity in France and amid fears that recent British tax changes will trigger an exodus of wealth.
A relatively small portion of U.S. respondents to the HSBC survey mentioned an interest in moving, but those who did were most likely expressing an interest in experiencing a new culture. 72% versus the global average of 57% and an average of 61% for ultra-high net worth individuals worth at least $100 million. According to the report, French entrepreneurs are “most satisfied with enjoying their own culture”, as only 39% showed interest in moving.
Respondents were most likely to name Singapore (12%) or Britain (10%) as potential destinations, while Japan and Switzerland were tied at 9%. Despite the survey being conducted in the wake of US President Donald Trump's major tariff announcement in early April, the US was mentioned by 8% of respondents, the same percentage as last year. However, the US came in fifth place in terms of most desirable moving locations, after finishing tied for second place last year.
This year's report noted that Japan has gained traction with Asian entrepreneurs.
Switzerland was the only country where achieving a better quality of life was a greater appeal (57%) than gaining access to investment opportunities (49%) or expanding a business (48%). It was also the only hotspot outside Japan where experiencing a new culture took precedence over educational opportunities.
Although entrepreneurs are more likely to consider relocating for business reasons, they more often cited concerns about adapting to a new environment (40%) than reviving their business operations (36%).
