Global Entrepreneurs Eye New Horizons Beyond Tax Savings

Picture Credit: DTH Travel

Wealthy entrepreneurs are increasingly looking to relocate ,but not primarily for tax benefits according to a new HSBC survey of nearly 3,000 business owners with at least $2 million in investible assets or a net worth of $20 million.

The survey, conducted between April and May, found that 57% of respondents are considering adding a new residence within the next year, up from 55% last year. The appetite for relocation is strongest among Gen Z entrepreneurs, with more than 75% saying they are planning a move.

Interestingly, tax efficiency ranked only eighth among motivations for moving. Instead, entrepreneurs were driven by ambitions to expand their businesses to new markets and access new investment opportunities—both cited by 67% of respondents. A better quality of life (63%), education opportunities (52%), and personal safety (47%) also ranked highly.

“Taxes create acres of news coverage, but they’re not the deciding factor about where to live,” the report noted, countering common perceptions that the wealthy primarily move to avoid higher taxes.

The findings come as debates over wealth taxes intensify, particularly in France and the United Kingdom, where concerns of a potential “wealth exodus” are mounting.

When it comes to destinations, Singapore (12%) and the UK (10%) topped the list of preferred relocation spots, followed closely by Japan and Switzerland (9%). The United States, despite recent tariff tensions, remained in fifth place at 8%, unchanged from last year.

Entrepreneurs from Switzerland stood out for prioritizing quality of life over business expansion, while Japanese and Asian business owners increasingly view Japan as a rising hub for opportunity and cultural experience.

Despite their global ambitions, many entrepreneurs expressed anxiety about relocation, with 40% citing difficulty adapting to a new environment as their biggest concern—more than those worried about rebuilding their businesses (36%).

Overall, the survey highlights a global shift among the ultra-wealthy: mobility is less about escaping taxes and more about expanding horizons, securing stability, and finding a better life balance.