Oct 23, 2025
3 min read
Tax savings were among the least cited reasons for moving, with entrepreneurs more likely to cite personal security or expanding their business as motivations.
A version of this article appeared in the Wealth Newsletter with Robert Frank, a weekly guide for high net worth investors and consumers.Sign up to receive future editions delivered straight to your inbox.
High-net-worth entrepreneurs are looking to relocate, but not necessarily for the reasons you might expect, according to new HSBC research.
The bank surveyed 2,939 business owners with at least $2 million in investable assets or a net worth of $20 million in April and May of this year.A whopping 57% said they would add a new home in the next 12 months, up from 55% in last year's survey.Wanderlust is greater among Gen Z entrepreneurs;more than three-quarters of that cohort can consider themselves buyers.
When asked about the reasons for moving to a new country, only one third of the respondents cited tax efficiency as a motivation.Tax savings ranked eighth overall, behind factors such as better safety (47%) and better educational opportunities (52%).Participants in the survey had several options to choose from.The most popular goal of all of them, with 67%, was to expand their business to new markets or reach new investment opportunities.The desire for a better quality of life came in third with 63%.
Taxes, the report says, "generate acres of news coverage, but among most of our business people, it doesn't seem to be the deciding factor in where they will live."
The report comes as wealth tax proposals gain traction in France and amid concerns that recent tax changes in the UK will lead to an outflow of wealth.
A little bit of the U.S. Reminder replying HSBC attachment of the world's moving the world, but those who increase stories
Respondents were most likely to cite Singapore (12%) or the UK (10%) as potential destinations, with Japan and Switzerland tied at 9%. Despite the survey being conducted in the wake of U.S. President Donald Trump's sweeping tariff announcement in early April, the U.S. was cited by 8% of respondents, the same percentage as last year. However, the U.S. came in fifth in terms of most-desired locations for moving after tying for second place last year.
This year's report noted that Japan has gained traction among Asian entrepreneurs.
Switzerland is the only country that looks for better business than investment opportunities (49%) or business expansion.It is one of the most unique parts of Japan, and the new culture is higher than the educational opportunities.
Although entrepreneurs are more likely to consider moving for business reasons, they are more likely to express concern about adapting to a new environment (40%) than restarting their business (36%).
