A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Moneyed entrepreneurs are looking to move, but not necessarily for the reasons you would expect, according to a new survey by HSBC.
The bank polled 2,939 business owners with at least $2 million in investible 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 greater among Gen Z entrepreneurs, with just over three-quarters in that cohort reporting they were considering a move.
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 security and safety (47%) and better education opportunities (52%). Respondents to the survey could select multiple options. The most popular motives at 67% each were to expand their business to new markets or to gain access to new investment opportunities. The desire for a better quality of life came in a close third at 63%.
