The world’s wealthiest investors are becoming more mobile as they plan for additional residences around the world and look for global opportunities for their assets and businesses.
HSBC’s “Global Wealth Hubs: Drivers of Diversification 2022” report shows how wealthy business owners share a global mindset – where national and regional borders are viewed as opportunities.
The report is based on an analysis of a survey of high net worth (HNW) and ultra high net worth (UHNW) entrepreneurs on their attitudes towards their wealth and businesses in international markets. It focuses on five key global wealth hubs – each with their unique attractions, but which complement each other.
Hong Kong ranks top for business owners with multi-residency. It also forms part of the biggest wealth corridor in HSBC’s research, with 49% of Hong Kong entrepreneurs having an additional residency in mainland China, while 37% from mainland China have one in Hong Kong.
Singapore has become an international wealth hub in recent decades, particularly with the region’s entrepreneurs. The Singapore-India wealth corridor is the third largest in HSBC’s research with 19% of Indian entrepreneurs planning to move assets to Singapore in the next 12 months.
Lok Yim, regional head, global private banking, Asia Pacific, HSBC, said: “Hong Kong is uniquely positioned to attract entrepreneurs from mainland China, and the high level of two-way mobility helps drive the local economy, while strengthening Hong Kong’s status as an international wealth management hub.”
“Concurrently, we are observing growing wealth flows through Hong Kong and Singapore, driven by other rapidly expanding regions, particularly the Middle East, as global entrepreneurs increasingly seek geographic diversification. “
Switzerland retains its broad appeal across all ages and levels of wealth. It ranks first for entrepreneurs seeking to move their personal wealth to a new location over the next 12 months.
The UK is home to the largest percentage of multi-resident entrepreneurs surveyed in Western markets and is the most popular location for the oldest and the wealthiest surveyed entrepreneurs considering taking up residency.
The US “remains a magnet for the world’s wealthy and business owners”, ranking equal first alongside Singapore in the survey of 23 markets for HNW entrepreneurs considering it as a location to establish part or all of their business.
