The UK continues to be one of the most attractive locations in the world for wealthy business owners, despite recent questions about its position as a global financial wealth centre, according to HSBC Global Private Banking.

Its Global Entrepreneurial Wealth Report 2024 revealed that high and ultra high net worth (HNW) entrepreneurs still wanted to live in or move their personal wealth to the UK.

The report found that the UK was in the top three global destinations for wealthy business owners to move to and was seen as attractive as the US and Switzerland.

Furthermore, it is also as popular a destination as the US, France, and Singapore for business owners considering a transfer of some or all their personal wealth.

Singapore topped the list of countries wealthy entrepreneurs were considering moving to, while Switzerland was the most popular place business owners were contemplating moving their personal wealth to.

These findings come amid scrutiny on the UK as a global wealth hub following the Labour government’s election victory, with many raising concerns that tax changes and reform of the non-dom regime could put wealthy business owners off the country.

Of the entrepreneurs surveyed, 8 per cent were considering moving to the UK, the same proportion as Switzerland and the US, while the same percentage were contemplating moving some or all of their wealth to the UK.

The same proportion again were looking at the UK as a future business market, although this was slightly below France, Singapore, Germany, and the US, with 9 per cent of high and ultra HNW business owners considering these nations.

HSBC Global Private Banking also found that the UK’s entrepreneurs were confident their personal wealth would grow in future, with 59 per cent believing their personal wealth will get a lot better, higher than any other financial wealth centre analysed.

Global business owners were living more international lives, the report noted, with 53 per cent living in more than one location over the course of a year.

Furthermore, 73 per cent were looking to set up a business in a different market, 69 per cent were looking to move wealth abroad, and 55 per cent were considering setting up home in a different market.

“This wide-ranging research paints an intriguing portrait of today’s international business owners – and the global opportunities for them to house their wealth and business,” commented HSBC UK head of private banking, Charles Boulton.

“It confirms what we are also hearing from our clients – that the UK remains one of the most attractive places for high and ultra HNW entrepreneurs to live and work, not least because of its cultural diversity, trusted legal system, and world class schools and universities.”

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