More than half of entrepreneurs are considering moving to a new country: HSBC

A version of this article originally appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to high-net-worth investors and consumers. become a member to receive future editions straight to your inbox.

Moneyed entrepreneurs are looking to move, but not for the reasons you’d expect, according to a new survey by HSBC.

The bank surveyed 2,939 business owners with at least $2 million in investable assets or a total net worth of $20 million in April and May of this year. A whopping 57% reported they were considering adding a new home in the next 12 months, up from a whopping 55% in last year’s survey. Wanderlust is greater among Gen Z entrepreneurs, with just over three-quarters of this group reporting they are considering making a move.

When asked about their reasons for moving to a new country, only a third of respondents cited tax efficiency as a motivator. It ranked eighth overall, behind other factors such as tax savings, improved safety and security (47%) and better educational opportunities (52%). Survey participants can select more than one option. The most popular motivations were expanding their business into new markets or gaining access to new investment opportunities, at 67% each. The desire for a better quality of life ranks third with 63%.

Taxes “generate acres of news coverage, but for the majority of our entrepreneurs, this does not appear to be a deciding factor in where to live,” the report said.

The report comes amid fears that a wealth tax proposal is gaining traction in France and recent tax changes in the UK will lead to an exodus of wealth.

While a relatively small portion of U.S. respondents to the HSBC survey expressed interest in moving, those who moved were most likely interested in experiencing a new culture. The rate is 72% versus a global average of 57%, and for ultra-high net worth individuals worth at least $100 million, the average is 61%. According to the report, French entrepreneurs are “most satisfied with enjoying their own culture,” with only 39% showing interest in moving.

Respondents most commonly cited Singapore (12%) or the United Kingdom (10%) as potential destinations; Japan and Switzerland tied with 9%. Although the survey was conducted following US President Donald Trump’s sweeping tariff announcement in early April, 8% of respondents cited the US, the same rate as last year. But the United States ranked fifth in the most desirable places to move, after tying for second place last year.

This year’s report stated that Japan attracts the attention of Asian entrepreneurs.

Switzerland was the only country where achieving a better quality of life (57%) was more attractive than accessing investment opportunities (49%) or expanding a business (48%). It was also the only hotspot outside of Japan where experiencing a new culture ranked higher than educational opportunities.

While entrepreneurs were more likely to consider relocating for work reasons, they were more likely to express concerns about adapting to a new environment (40%) rather than reestablishing their business operations (36%).