Switzerland ranks highly as a preferred destination for HSBC's wealthy clients when considering moving their assets partly or entirely abroad or even relocating permanently. The country continues to be one of the world’s most attractive locations for international mobility and opportunities. Additionally, Singapore, the USA, and the United Kingdom were frequently mentioned as potential destinations.

This year's «Global Entrepreneurial Wealth Report» by HSBC is based on a survey of 1'798 wealthy business owners with investable assets of at least $2 million (High Net Worth Individuals, HNWI). Of these, 583 belonged to the category of Ultra High Net Worth Individuals (UHNWI) with more than $100 million in assets. Among the 166 Swiss participants, the distribution was nearly even.

Plans for Relocation

According to the findings, 11 percent of respondents from the United Arab Emirates are considering relocating assets to Switzerland. The proportion considering emigrating from the UAE to Switzerland is 9 percent.

In Hong Kong, 8 percent of respondents are contemplating moving assets to Switzerland, while 7 percent are considering Singapore or the USA as destinations.

«This extensive study shows that Switzerland remains one of the most attractive places in the world to live and work,» says Gabriel Castello, CEO of HSBC Global Private Banking Switzerland.

Different Attitudes Among the Ultra-Wealthy

Swiss entrepreneurs display greater optimism and confidence in the positive momentum regarding their wealth compared to the global average. In Switzerland, 54 percent of respondents expect an improvement, while the global average is 46 percent.

Sixty percent of Swiss respondents see their own personal leadership qualities as key to increasing their wealth. Inflation is named as the biggest concern by 28 percent (compared to 31 percent globally). «Environmental issues» (20 percent) and “moral decline” (19 percent) are cited as problems significantly more often in Switzerland than globally, where only 13 and 11 percent, respectively, list these as concerns.

Less Focus on Luxury and Charity

Swiss entrepreneurs would primarily use their wealth for investments, savings, and real estate. Personal goals include health, well-being, and a comfortable lifestyle. Spending on luxury items and charitable purposes is lower in Switzerland compared to other markets. Emphasizing success over others is more important for Swiss respondents (33 percent compared to 20 percent globally).

More than four out of five entrepreneurs in Switzerland state that they are engaged in societal contributions, with this share being even higher among UHNWIs, at 93 percent.

It is also notable that Swiss entrepreneurs are more rooted and attached to their location. A significantly larger proportion has only one residence, and they are less likely to spend part of the year elsewhere. The likelihood of considering an international move is also lower.

Low Confidence in the Next Generation

Questions were also asked about generational succession. The greatest obstacle to succession in Switzerland, cited by 45 percent, is a lack of confidence in the next generation. Globally, this figure is only 35 percent.

Slightly more than half of Swiss entrepreneurs have no succession plans, and only 23 percent have started considering succession-related issues. Fifty-nine percent doubt that the next generation is ready to take over leadership.

The study was conducted by the British company Ipsos in France, Hong Kong, India, China, Singapore, Switzerland, Taiwan, the United Arab Emirates, the United Kingdom, and the USA.