Six in 10 (60 per cent) UK-based high net worth individuals (HNWI) are considering taking up residency in a different country over the next 12 months, although the UK remains attractive to overseas ultra HNWIs considering a move, according to a report from HSBC.

Its Global Wealth Hubs report analysed business owners from 23 countries, including Hong Kong, Singapore, the US, and Switzerland, and found that 55 per cent were considering moving location in the next 12 months and 69 per cent were thinking about moving wealth to a new country.

The study underlined that while the UK had the largest percentage of multi-resident entrepreneurs across Western markets, it was also the most likely to see its residents considering a move among Western markets.

However, the UK was where the highest proportion of the oldest and wealthiest business owners surveyed were thinking about taking up residency over the next 12 months, with 10 per cent of UHNWIs and 10 per cent of those over 45 considering it.

Similarly, the UK ranked equal first in the UHNW category and equal second among those aged 45 and older for those considering moving wealth to a new location.

For entrepreneurs thinking of moving all or part of their business, the UK ranked second globally for those aged 18 to 44 and first among those aged 18 to 24.

HSBC stated that the UK was a “hot spot” for industries that appeal to younger people, namely sport and the creative industries, and that it was a “global clean tech pioneer”.

Other factors, more broadly, that attracted people to the UK was its safe haven status, legal and regulatory infrastructure, education credentials, and leisure activity options.

Looking at the countries with HNWIs planning to move assets to the UK, the US had the highest proportion (17 per cent), followed by India (16 per cent), UAE (15 per cent), and France (9 per cent).

Meanwhile, 14 per cent of entrepreneurs from UAE were planning to personally move to the UK over the next 12 months, followed by the US (12 per cent), India (11 per cent), and Hong Kong (10 per cent).

“Entrepreneurs want to be surrounded by people and supported by structures that help make their businesses more successful,” commented HSBC Global Private Banking UK head, Charles Boulton.

“The UK has all the complementary parts of the value chain, underpinned by a deep talent pool and a strong regulatory and legal framework. The cities, countryside and culture also make it a very attractive place to live.”

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