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 wealthy investors and consumers. Register to receive future editions, straight to your inbox.
Wealthy entrepreneurs are looking to move, but not necessarily for the reasons you might expect, according to a new survey 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 were considering adding a new residence in the next 12 months, up from 55% in last year’s survey. The urge to travel is greatest among Gen Z entrepreneurs, with just over three-quarters of this cohort saying they are 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 motivating factor. Tax savings ranked eighth overall, behind other factors such as improved safety and security (47%) and better educational opportunities (52%). Survey respondents could select multiple options. The most popular motivations (67% each) were to expand into new markets or gain access to new investment opportunities. The desire for a better quality of life comes in third place with 63%.
Taxes, the report said, “create acres of media coverage, but for the majority of our entrepreneurs, it doesn’t seem to be the deciding factor in where to live.”
The report comes as a proposed wealth tax has gained traction in France and amid fears that recent tax changes in the UK could cause an exodus of wealth.
A relatively small proportion of US respondents to the HSBC survey mentioned interest in moving, but those who did were most likely to show interest in experiencing a new culture, representing 72% compared to a 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”, since only 39% of them indicated that they would like to move.
Respondents were most likely to cite Singapore (12%) or the UK (10%) as potential destinations, with Japan and Switzerland tied at 9%. Although the survey was conducted following 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 comes in at number five in terms of the most sought-after moving locations, having tied for second place last year.
This year’s report highlights that Japan has gained ground among Asian entrepreneurs.
Switzerland is the only country where obtaining a better quality of life is a more important attraction (57%) than access to investment opportunities (49%) or developing a business (48%). It was also the only hotspot, other than Japan, where experiencing a new culture took priority over educational opportunities.
Although entrepreneurs are more likely to consider moving for business reasons, they are more likely to cite concerns about adapting to a new environment (40%) rather than resuming business operations (36%).