The Merlion statue in Singapore’s central business district, Tuesday, July 8, 2025.
Lionel Ng | Bloomberg | fake images
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide for high-net-worth investors and consumers. Register to receive future issues, directly to your inbox.
Wealthy businesspeople are looking to move, but not necessarily for the reasons you might expect, according to a new survey by HSBC.
The bank surveyed 2,939 business owners with at least $2 million in investable assets or a total net worth of $20 million during April and May of this year. A whopping 57% reported they were considering adding a new residence over the next 12 months, up from 55% in last year’s survey. Wanderlust is highest among Gen Z entrepreneurs, and just over three-quarters of that group reported they were considering moving.
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 increased safety and security (47%) and improved educational opportunities (52%). Respondents could select multiple options. The most popular reasons, at 67% each, were expanding their business into new markets or gaining access to new investment opportunities. The desire for a better quality of life came in a close third at 63%.
Taxes, the report said, “create acres of news coverage, but among most of our business owners, this does not appear to be the deciding factor about where to live.”
The report is published as a wealth tax proposal has gained traction in France and amid fears that recent tax changes in the UK will cause an exodus of wealth.
A relatively small proportion of Americans who responded to the HSBC survey mentioned interest in moving, but those who did were more likely to show interest in experiencing a new culture, representing 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 businesspeople “are happier to enjoy their own culture,” as only 39% indicated interest in moving.
Respondents were most likely to cite Singapore (12%) or the United Kingdom (10%) as potential destinations, with Japan and Switzerland tied at 9%. Although the survey was conducted in the wake of US President Donald Trump’s sweeping tariff announcement in early April, the United States was cited by 8% of respondents, the same percentage as last year. However, the United States came in fifth in terms of most desired places to move to after tying for second place last year.
This year’s report noted that Japan has gained ground among Asian entrepreneurs.
Switzerland was the only country where achieving a better quality of life was a greater attraction (57%) than accessing investment opportunities (49%) or expanding a business (48%). It was also the only hotspot, besides Japan, where experiencing a new culture ranked higher than educational opportunities.
While business owners are more likely to consider moving for business reasons, they are more likely to cite concerns about adapting to a new environment (40%) than about reestablishing their business operations (36%).
