Singapore Tops List as Entrepreneurs Eye Global Moves for Opportunity and Lifestyle

A new HSBC survey reveals that more than half of the world’s wealthy entrepreneurs are considering relocating to another country — and Singapore has emerged as their top destination.

The poll, conducted between April and May, surveyed 2,939 business owners with at least $2 million in investible assets or a net worth of $20 million. About 57% said they plan to add a new residence within the next year, up from 55% last year. The wanderlust is strongest among Gen Z entrepreneurs, with more than three-quarters considering a move.

While many assume taxes drive relocation decisions, the study shows otherwise. Only one in three respondents cited tax efficiency as a factor — ranking eighth overall. The top motivators were expanding into new markets (67%), accessing investment opportunities (67%), and seeking a better quality of life (63%). Other popular reasons included better education (52%) and greater personal security (47%).

“Taxes create acres of news coverage, but among the majority of our entrepreneurs, this does not appear to be the deciding factor about where to live,” the report noted.

Amid growing talk of wealth taxes in France and new U.K. tax policies sparking fears of a “wealth exodus,” interest in moving is highest in Asia. Singapore (12%) ranked first, followed by the U.K. (10%), Japan (9%), and Switzerland (9%). The U.S., despite its economic might, fell to fifth place at 8%, tied with last year’s results.

The report also found cultural differences in motivations: Swiss entrepreneurs valued quality of life most, while Japanese and Asian respondents leaned toward new cultural experiences. French entrepreneurs, on the other hand, appeared most content to stay put, with only 39% expressing interest in moving abroad.

Interestingly, while many business owners are drawn by global expansion, 40% expressed concerns about adapting to new environments, outweighing fears about reestablishing their companies (36%).