According to HSBC‘s 2024 Global Entrepreneurial Wealth Report, ultra- and high-net-worth entrepreneurs are still interested in relocating their own wealth to the UK.
Based on the report, the UK is as desirable as the US and Switzerland and is in the top three nations in the world for rich business owners to relocate. For business owners who are thinking about transferring some or all of their personal fortune, the UK is just as popular as the US, France, or Singapore.
The report additionally finds that UK entrepreneurs are confident that their personal wealth will increase in the future. More than half (59%) anticipate their personal wealth will improve significantly, outperforming any other financial wealth centre in the survey.
Global business owners have worldwide lives, according to the poll, with 53% of them residing in many places during the course of a year. A majority (73%) want to start a firm in a different market, 69% want to transfer their capital overseas, and 55% are thinking about relocating.
Charles Boulton, head of private banking, HSBC UK, said: “This wide-ranging research paints an intriguing portrait of today’s international business owners – and the global opportunities for them to house their wealth and business. It confirms what we are also hearing from our clients – that the UK remains one of the world’s most attractive places for high and ultra-high net worth entrepreneurs to live and work, not least because of its cultural diversity, trusted legal system and world class schools and universities.”
Other major results from the Global Entrepreneurial Wealth Report include:
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- Global concerns: Entrepreneurs ranked inflation as their main global concern (31%), with climate change coming in second at 24%.
- Importance of a network: Mentorship is crucial for 82% of business owners, but 44% experience loneliness and 31% lack peer support.
- Family succession is a difficulty: While 81% trust the next generation to uphold their principles in running the family business, 35% are concerned about their children taking on leadership roles.
- Pride and pressure of a family firm: Family firms may be both rewarding and frustrating for individuals who inherit them. While 80% are proud to lead the business, 52% find it stressful, and 50% believe it hinders their professional development.
- Regrets from ex-entrepreneurs: Ex-entrepreneurs regret not having more help for exiting their business (58%), while 30% wish they had a more accurate knowledge of its value.
