Young and internationally-mobile UHNWs can ‘maximise their career prospects’ through an education in Switzerland, an influential new report has found.
Switzerland has topped Henley & Partners’ new global ‘Opportunity Index’, which ranks the best destinations for HNWs in terms of accessing the best education in the world – and the ease at which HNWs can move there and gain citizenship.
The Alpine education hub scored a chart-topping 85 per cent on the index, which has ranked countries on their earning potential, career advancement opportunities, economic mobility and ‘liveability’ – in addition to the quality of education each destination delivers.
Switzerland’s schools, which are widely regarded as world-leading, often come with hefty price tags. Institute auf dem Rosenberg, for instance, has fees upwards of $150,000.
Meanwhile, the USA came in second place with a score of 82 per cent, followed by Singapore with an appraisal of 79 per cent.
Both Singapore and Switzerland scored a maximum 100 per cent when it comes to earning potential, although the Asian city-state gained 55 per cent when it comes to accessing a ‘premium education’, compared to 72 per cent for Switzerland.
Anglophone countries performed well in the index, with Australia in fourth place, followed by Canada and the UK in fifth and sixth place.
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Austria, Hong Kong, Spain and the UAE were also in the top ten destinations. Among them, Hong Kong and the UAE ranked highly for HNW earning potential, with scores of 76 per cent and 77 per cent respectively, while Spain ranked highly for its economic mobility, outpacing even Singapore, with a score of 93 per cent. (When it comes to earning potential, Spain did not make the top ten).
[See also: The Spear's Schools Index: Our rankings of the world's best schools]
The limits of a top education in the UK
According to Henley, its new Opportunity Index ‘quantifies the impact and probability of success that a premium education, coupled with additional residence rights and/or alternative citizenships acquired through investment migration, can have on preserving and growing multi-generational wealth.’
In other words, a high-quality education cannot guarantee the best long-term outcomes for HNWs.
‘Economic research also shows over two-thirds of income variation between individuals globally is simply attributable to which country they live and work in,’ Tess Wilkinson, director of Henley & Partners Education, said of the new rankings. ‘Combining world-class academics with related residence or citizenship rights to access those lucrative job markets is key.’
The UK gained a score of 79 per cent for its ‘premium education’, the highest in the index. Yet when it comes to ‘earning potential’, the UK came in tenth place with 59 per cent, significantly lower than the perfect 100 per cent score of Switzerland.
Relocating to Switzerland, through the Swiss Residence Program (which requires HNWs pay Switzerland’s ‘lump sum’ fee) or through a pre-approved business investment of at least $1.16 million as part of the Swiss Business Investor Program, could increase opportunities for UK-based HNWs. By relocating, their ‘total opportunity score’ would rise from 73 per cent to 85 per cent.
When combined together, education and investment migration opportunities are ‘intergenerational enablers’ allowing young HNWs to succeed later in life, according to Dominic Volek, Henley’s group head of private clients.
‘Successfully balancing wealth generation and opportunity creation are key characteristics of ascendant economies and vibrant societies,’ Volek said.
‘Our index helps guide families on tailored investment migration strategies to clear pathways for their children and heirs to access the world’s best schooling, most lucrative job markets, and enhanced quality of life through the privileges and flexibility of alternative residence and citizenship by investment options that give them the right to study, live, work, and invest in countries of their choice.’
[See also: Alpine mountaineering and leadership bootcamps: The world of elite summer schools]
