More than half of high net worth business owners are considering moving abroad, according to HSBC Private Bank’s latest Global Entrepreneurial Wealth Report.
The research found 59% of entrepreneurs are diversifying their wealth internationally, 57% are looking to emigrate, and 49% plan to expand their business into new markets.
Singapore ranked as the top location to move personal wealth to at 15%, largely due to its status as a regional centre, while the UK and Switzerland were the next most popular wealth centres at 11% as entrepreneurs in Asia and the Middle East seek to diversify.
The entrepreneurs are focusing on cross-border trade and moving wealth across regions to adapt to the changing economic environment.
Despite the market volatility and geopolitical uncertainty, 94% of business owners are positive about their business prospects and 90% expect their personal wealth to grow in the future. Tech advancements and AI were cited as the top factors driving positivity at 62%.
Gabriel Castello, CEO of HSBC Private Bank, said: “In a year when long-established trade patterns have been challenged, entrepreneurs have adapted and thrived in the new environment.
“Their innovation and optimism has helped deepen trade routes and create corridors, particularly between the Middle East and wealth hubs in Asia.
“Our research demonstrates that entrepreneurs are positioning themselves for the next phase of global growth and using these corridors to diversify and create wealth.”
