Author: Aoife Moriarty
Released today, the eighteenth volume of Barclays Wealth Insights examines the global landscape of wealth as it stands in 2014.
This year’s report focuses on one major trend in particular: the rise of the ‘global citizen’. And, according to Barclays, high net worth entrepreneurs are almost twice as likely as the rest of the world’s HNWIs to be planning a move abroad.
In a global survey of over 2,000 HNWIs, 29 per cent of entrepreneurs said they planned to relocate to another country in the next five years, compared with 16 per cent of the total global high net worth population.
The primary reason entrepreneurs cited for an imminent move abroad was economic opportunity (41 per cent). This was followed by starting a new business (29 per cent) and pursuing an international career (27 per cent).
(Image Credit: Barclays)
Another key statistic in the report is that an eye popping ‘one in five’ of the UK’s wealthy say they will move to another country in the next five years. These future HNW emigrants have been influenced by lifestyle factors including a better climate (44 per cent), retirement (36 per cent) and a lower cost of living (22 per cent).
Despite their itchy feet, 89 per cent of HNWIs who were brought up in the UK live there now, according to the data, demonstrating that the wealthy often return to their roots after living abroad.
An impressive 38 per cent of all Europeans planning a move have North America in their sights, while 11 per cent plan to make Asia Pacific their new home.
Commenting on the findings, Christian Berchem, Head of UK Clients and Family Offices for Barclays Wealth and Investment Management, said: “While many high net worth Britons still value the safety and security of North America, we know that a number are turning to places such as Singapore, the UAE and Brazil, as the new global business and lifestyle hubs.
“In an increasingly online world, where it is easy to switch on and do business from almost anywhere, it is often the simple things that drive individuals to new places to live, including climate, security, and work-life balance.”