HSBC Global Entrepreneurial Wealth Report 2024: 1,882 Entrepreneurs with 33% > $100 Million Net Worth, Average 1.73 Businesses Per Entrepreneur, Top 3 Reasons for Business Optimism are Technological Advancements, Business Opportunities & Performance, My Abilities as Business Owner, Top 3 Purpose of Wealth are Lifestyle & Enjoyment, Family & Legacy, Financial Security, Top 5 Personal Wealth Allocation are Investments, Real Estate for Personal Use, Cash, Luxury Goods, Investing in Other Businesses, Top 10 Markets to Relocate to are Singapore, Switzerland, United Kingdom, United States, Germany, Top 5 Markets to Move Assets are Switzerland, United States, United Kingdom, Singapore, France, Top 10 Markets to Do Business in Next 12 Months are France, Singapore, Germany, United States, United Kingdom, Top 3 Motivations & Triggers to Exit are Poor Health, Personal / Family Reason, Next Generation Ready to Take Over
29th November 2024 | Hong Kong
HSBC has released the HSBC Global Entrepreneurial Wealth Report 2024, providing key insights into 1,882 business owners & entrepreneurs with investible assets > $2 million or net worth > $20 million, and around 33% respondents with > $100 million net worth. Average No. of Businesses per Entrepreneur – 1.73 Businesses. Top 3 Countries with Most Serial Entrepreneurs – UAE, India, United Kingdom. Entrepreneurs Outlook & Insights – Top 3 Reasons for Business Optimism – Technological Advancements, Business opportunities & Performance, My Abilities as Business Owner. Outlook on Personal Wealth in next few years – A lot better 46%, Little better 45%, Same or Worse 9%. Top 4 Reasons Personal Wealth will be better (External Factors) – Performance of investment portfolios, Macroeconomics, Government policy in the location(s) where I hold my personal wealth, Geopolitics & its impact on international markets. Top 4 Reasons Personal Wealth will be better (Internal Factors) – Business opportunities & performance, My abilities as a business owner, Diversification of business, Receiving inheritance. Top 5 Purpose of Wealth – Lifestyle & enjoyment, Family & legacy, Financial security, Business investments, Status & recognition. Top 5 Personal Wealth Allocation – Investments, Real estate for personal use, Cash savings, Luxury goods, Investing in other businesses. Top 10 Markets to Relocate to – Singapore, Switzerland, United Kingdom, United States, Germany, France, Japan, Australia, UAE, Malaysia. Top 10 Markets to Move Assets – Switzerland, United States, United Kingdom, Singapore, France, Germany, Hong Kong, Japan, Australia, UAE. Top 10 Markets to Do Business in next 12 months – France, Singapore, Germany, United States, United Kingdom, Japan, Hong Kong, Mainland China, Switzerland, Malaysia. Top 3 Motivations for running a business – Building personal wealth, Financial freedom for myself &/or my family, Run a profitable business. Top 5 Challenges in Business – Building trust with clients / suppliers, Competitive threats & challenges, Cost of raw materials, Access to funding or finance, Ensuring staff well-being. Business & personal lives are completely intertwined – 74%. Business does not define me – 41%. On Succession Planning, Wealth Transfer & Exits – Top 5 Entrepreneurs by countries to keep business in family & persevere legacy – India, Switzerland, Singapore, UAE, France. Top 4 Entrepreneurs by countries already discussed Wealth Transfer – United States, United Kingdom, Hong Kong, Singapore. Started developing exit plans or full exit plan in place – 31%. Top 5 Entrepreneurs by countries with plan to exit within 5 years – Hong Kong, China, UAE, Switzerland, Singapore. Top 5 Entrepreneurs by countries do not intend to sell or hand down business – France, Switzerland, Singapore, India, UAE. Do not want my children or heirs to have the stress of managing a family business – 44%. Top 5 Entrepreneurs by countries not started Succession Planning – Taiwan, Hong Kong, France, China, India. Top 3 Experiences as ex-Entrepreneur – Able to take on new professional opportunities after exiting business, Exiting business was a bit like losing part of my identity, Felt reluctant to let go of the business. Top 3 Motivations & Triggers to exit – Poor health, Personal / family reason, Having someone from the next generation who is ready to take over. Top 3 Motivations & Triggers to exit for ex-Entrepreneurs – Personal / family reasons, The business reached a certain level of growth, New opportunities elsewhere. Top 5 things could be done better for ex-Entrepreneurs – Planned my next steps, Had a more realistic understanding of my company’s value, Planned how to invest in new ventures. See below for key findings & summary | View report here
“ HSBC Global Entrepreneurial Wealth Report 2024: 1,882 Entrepreneurs with 33% > $100 Million Net Worth, Average 1.73 Businesses Per Entrepreneur, Top 3 Reasons for Business Optimism are Technological Advancements, Business Opportunities & Performance, My Abilities as Business Owner, Top 3 Purpose of Wealth are Lifestyle & Enjoyment, Family & Legacy, Financial Security, Top 5 Personal Wealth Allocation are Investments, Real Estate for Personal Use, Cash, Luxury Goods, Investing in Other Businesses, Top 10 Markets to Relocate to are Singapore, Switzerland, United Kingdom, United States, Germany, Top 5 Markets to Move Assets are Switzerland, United States, United Kingdom, Singapore, France, Top 10 Markets to Do Business in Next 12 Months are France, Singapore, Germany, United States, United Kingdom, Top 3 Motivations & Triggers to Exit are Poor Health, Personal / Family Reason, Next Generation Ready to Take Over “
HSBC Global Entrepreneurial Wealth Report 2024
HSBC has released the HSBC Global Entrepreneurial Wealth Report 2024, providing key insights into 1,882 business owners & entrepreneurs with investible assets > $2 million or net worth > $20 million, and around 33% respondents with > $100 million net worth. See below for key findings & summary | View report here
HSBC Global Entrepreneurial Wealth Report 2024
Summary
- Respondents – 1,882 Business Owners & Entrepreneurs
- Wealth – Investible assets > $2 million or Net worth > $20 million
- Above $100 million net worth – Around 33% of Respondents with more than $100 million net worth
- Countries – France, Hong Kong, India, mainland China, Singapore, Switzerland, Taiwan, UAE, UK & US
- Average No. of Businesses per Entrepreneur – 1.73 Businesses
- Top 3 Countries with Most Serial Entrepreneurs – UAE, India, United Kingdom
Outlook & Insights
- Top 3 Reasons for Business Optimism – Technological Advancements, Business opportunities & Performance, My Abilities as Business Owner
- Outlook on Personal Wealth in next few years – A lot better 46%, Little better 45%, Same or Worse 9%
- Top 4 Reasons Personal Wealth will be better (External Factors) – Performance of investment portfolios, Macroeconomics, Government policy in the location(s) where I hold my personal wealth, Geopolitics & its impact on international markets
- Top 4 Reasons Personal Wealth will be better (Internal Factors) – Business opportunities & performance, My abilities as a business owner, Diversification of business, Receiving inheritance
- Top 5 Purpose of Wealth – Lifestyle & enjoyment, Family & legacy, Financial security, Business investments, Status & recognition
- Top 5 Personal Wealth Allocation – Investments, Real estate for personal use, Cash savings, Luxury goods, Investing in other businesses
- Top 10 Markets to Relocate to – Singapore, Switzerland, United Kingdom, United States, Germany, France, Japan, Australia, UAE, Malaysia
- Top 10 Markets to Move Assets – Switzerland, United States, United Kingdom, Singapore, France, Germany, Hong Kong, Japan, Australia, UAE
- Top 10 Markets to Do Business in next 12 months – France, Singapore, Germany, United States, United Kingdom, Japan, Hong Kong, Mainland China, Switzerland, Malaysia
- Top 3 Motivations for running a business – Building personal wealth, Financial freedom for myself &/or my family, Run a profitable business
- Top 5 Challenges in Business – Building trust with clients / suppliers, Competitive threats & challenges, Cost of raw materials, Access to funding or finance, Ensuring staff well-being
- Business & personal lives are completely intertwined – 74%
- Business does not define me – 41%
Succession Planning, Wealth Transfer & Exits
- Top 5 Entrepreneurs by countries to keep business in family & persevere legacy – India, Switzerland, Singapore, UAE, France
- Top 4 Entrepreneurs by countries already discussed Wealth Transfer – United States, United Kingdom, Hong Kong, Singapore
- Started developing exit plans or full exit plan in place – 31%
- Top 5 Entrepreneurs by countries with plan to exit within 5 years – Hong Kong, China, UAE, Switzerland, Singapore
- Top 5 Entrepreneurs by countries do not intend to sell or hand down business – France, Switzerland, Singapore, India, UAE
- Do not want my children or heirs to have the stress of managing a family business – 44%
- Top 5 Entrepreneurs by countries not started Succession Planning – Taiwan, Hong Kong, France, China, India
- Top 3 Experiences as ex-Entrepreneur – Able to take on new professional opportunities after exiting business, Exiting business was a bit like losing part of my identity, Felt reluctant to let go of the business
- Top 3 Motivations & Triggers to exit – Poor health, Personal / family reason, Having someone from the next generation who is ready to take over
- Top 3 Motivations & Triggers to exit for ex-Entrepreneurs – Personal / family reasons, The business reached a certain level of growth, New opportunities elsewhere
- Top 5 things could be done better for ex-Entrepreneurs – Planned my next steps, Had a more realistic understanding of my company’s value, Planned how to invest in new ventures
HSBC Global Entrepreneurial Wealth Report 2024
1) Entrepreneur Profile
- Respondents – 1,882 Business Owners & Entrepreneurs
- Wealth – Investible assets > $2 million or Net worth > $20 million
- Above $100 million net worth – Around 33% of Respondents
- Countries – France, Hong Kong, India, mainland China, Singapore, Switzerland, Taiwan, UAE, UK & US
Average No. of Businesses per Entrepreneur:
- UAE – 1.98
- China – 1.91
- India – 1.90
- Switzerland – 1.84
- United Kingdom – 1.78
- United States – 1.77
- Singapore – 1.65
- Hong Kong – 1.58
- France – 1.43
- Taiwan – 1.33
Average – 1.73
Serial Entrepreneurs:
- UAE – 45%
- India – 44%
- United Kingdom – 43%
- China – 41%
- Switzerland – 37%
- United States – 36%
- Singapore – 35%
- France – 26%
- Hong Kong – 26%
- Taiwan – 18%
Single Entrepreneurs:
- Taiwan – 81%
- France – 74%
- Hong Kong – 74%
- Singapore – 65%
- United States – 63%
- Switzerland – 63%
- China – 59%
- United Kingdom – 57%
- India – 56%
- UAE – 55%
2) Entrepreneur Outlook on Business & Wealth
Top 3 Reasons for Business Optimism:
- Technological advancements – 46%
- Business opportunities & performance – 42%
- My abilities as a business owner – 41%
Outlook on Personal Wealth in next few years:
- A lot better – 46%
- A little better – 45%
- Same – 7%
- Worse – 2%
Why Personal Wealth will be better in next few years (External Factors):
- Performance of investment portfolios – 49%
- Macroeconomics (inflation, interest rate) – 31%
- Government policy in the location(s) where I hold my personal wealth – 31%
- Geopolitics & its impact on international markets – 25%
Why Personal Wealth will be better in next few years (Internal Factors):
- Business opportunities & performance – 56%
- My abilities as a business owner – 52%
- Diversification of business – 42%
- Receiving inheritance – 17%
3) Entrepreneur Wealth
Top 5 Purpose of Wealth:
- Lifestyle & enjoyment – 84%
- Family & legacy – 83%
- Financial security – 75%
- Business investments – 35%
- Status & recognition – 20%
Top 11 Personal Wealth Allocation:
- Investments – 63%
- Real estate for personal use – 51%
- Cash savings – 51%
- Luxury goods – 40%
- Investing in other businesses – 38%
- Luxury experiences – 35%
- Charitable donations – 32%
- Cars, yachts, planes – 27%
- Art & collectibles – 25%
- Precious metals, stones – 24%
- Fine wines, rare vintages – 18%
4) Entrepreneur Business Insights
Top 10 Markets to Relocate to:
- Singapore – 9%
- Switzerland – 8%
- United Kingdom – 8%
- United States – 8%
- Germany – 7%
- France – 7%
- Japan – 6%
- Australia – 5%
- UAE – 5%
- Malaysia – 5%
Top 10 Markets to Move Assets:
- Switzerland – 9%
- United States – 8%
- United Kingdom – 8%
- Singapore – 8%
- France – 8%
- Germany – 6%
- Hong Kong – 6%
- Japan – 5%
- Australia – 5%
- UAE – 5%
Top 10 Markets to Do Business in next 12 months:
- France – 9%
- Singapore – 9%
- Germany – 9%
- United States – 9%
- United Kingdom – 8%
- Japan – 7%
- Hong Kong – 7%
- Mainland China – 7%
- Switzerland – 7%
- Malaysia – 5%
Top 14 Motivations for running a business:
- Building personal wealth – 44%
- To ensure financial freedom for myself &/or my family – 39%
- To run a profitable business – 38%
- Seeking new challenges and learning experiences – 34%
- Being able to improve and put what I’ve learnt into practice – 31%
- Being a business owner is part of my identity – 30%
- To make a difference in society – 29%
- Pursuit of a lifelong dream or passion project – 28%
- To do the best for my employees – 26%
- Meeting the expectations of my family – 26%
- To find purpose and recognition separate from the family name / legacy – 23%
- Identification of a gap or need in the market – 22%
- Preserving the family legacy – 21%
- I didn’t want to work for someone else – 17%
Top 14 Challenges in Business:
- Building trust with clients / suppliers – 34%
- Competitive threats & challenges – 33%
- Cost of raw materials – 31%
- Access to funding or finance – 30%
- Ensuring staff well-being – 30%
- Staff recruitment & retention – 29%
- Difficulties maintaining work-life balance – 27%
- Regulatory pressures – 26%
- Gaining recognition in the industry – 26%
- Managing the impacts of geopolitics – 24%
- Weight of responsibility to others for success of the business – 24%
- Being seen as an expert in my area – 22%
- Meeting climate change or ESG responsibilities – 22%
- Feeling lonely – 11%
5) Entrepreneur Insights
Business & personal lives are completely intertwined:
- Agree – 74%
- Neutral – 23%
- Disagree – 12%
Business does not define me:
- Agree – 41%
- Neutral – 20%
- Disagree – 37%
6) Succession Planning & Wealth Transfer
Entrepreneurs to keep business in family & persevere legacy:
- India – 88%
- Switzerland – 83%
- Singapore – 81%
- UAE – 81%
- France – 77%
- Hong Kong – 74%
- United States – 72%
- United Kingdom – 72%
- China – 71%
- Taiwan – 68%
Average – 78%
Entrepreneurs already discussed Wealth Transfer:
- United States – 38%
- United Kingdom – 30%
- Hong Kong – 29%
- Singapore – 26%
- Taiwan – 24%
- India – 24%
- France – 23%
- Switzerland – 23%
- UAE – 22%
- China – 22%
- Average – 26%
Exit Plan:
- Full exit plan in place – 12%
- Started to develop my exit plan, but not finalised it – 19%
- Starting thinking but no plans / No plans – 66%
Plan to exit within 5 years
- Hong Kong – 36%
- China – 27%
- UAE – 26%
- Switzerland – 22%
- Singapore – 21%
- United States – 20%
- India – 20%
- Taiwan – 19%
- United Kingdom – 18%
- France – 18%
Average – 23%
Do not intend to sell or hand down business:
- France – 61%
- Switzerland – 58%
- Singapore – 57%
- India – 54%
- UAE – 49%
- United Kingdom – 48%
- Taiwan – 43%
- China – 41%
- United States – 35%
- Hong Kong – 35%
Average – 48%
Inter-generational expectations:
- I don’t want my children or heirs to have the stress of managing a family business – 44%
- I do not expect next generation to take on the business, it’s important they do their thing – 43%
- I am concerned the next generation have no interest in continuing the family business – 41%
- I haven’t thought about the next generation / their future in family business – 32%
Not started Succession Planning:
- Taiwan – 65%
- Hong Kong – 64%
- France – 59%
- China – 59%
- India – 57%
- Singapore – 56%
- Switzerland – 54%
- UAE – 48%
- United Kingdom – 40%
- United States – 36%
Average – 52%
Experience as Successor of Family Business:
- I was completely trusted to take on maintaining the family business – 81%
- I take pride in upholding the family name through the family business – 80%
- My family supports/supported me in my role within the family business – 79%
- My family supported me to explore opportunities outside the family business – 76%
- Being part of a family business is an important part of my culture – 75%
- Taking on the business was the only way to balance family dynamics – 61%
- It is very stressful taking on management of a family business – 52%
- Being in the family business has held me back from my own professional goals – 50%
- I was expected to take on the business, it was not an option to do my own thing – 50%
7) Insights on Exits for Entrepreneurs
Exit Plan:
- Full exit plan in place – 12%
- Started to develop my exit plan, but not finalised it – 19%
- Starting thinking but no plans / No plans – 66%
Top 7 Feelings as a current entrepreneur towards exiting business:
- Having trust in children or heirs to take on the business will be a key factor in my decision – 72%
- I don’t see it as the end of my professional career, I plan to look out for/take on new opportunities – 60%
- Exiting my business feels like losing part of my identity – 56%
- I feel reluctant to let go of the business – 52%
- I worry about losing the influence and control I currently have – 47%
- I worry that exiting the business will lead to a loss of my professional purpose – 46%
- I worry the business will not survive after my exit – 43%
Top 7 Experiences as ex-Entrepreneur:
- I was able to take on new professional opportunities after exiting my business – 73%
- Exiting my business was a bit like losing part of my identity – 58%
- I felt reluctant to let go of the business – 48%
- I lost a sense of my professional purpose after exiting the business – 44%
- My children/heirs really stepped up when it came to managing to the business after my exit – 43%
- I felt I lost the influence and control I had after exiting the business – 38%
- The business did not perform well after my exit – 24%
Top 15 Motivations & Triggers to exit:
- Poor health – 27%
- Personal / family reasons – 25%
- Having someone from the next generation who is ready to take over – 25%
- Changes in the market conditions – 22%
- The business reached a certain level of growth – 22%
- New opportunities elsewhere – 20%
- Desire for career change – 17%
- Poor business performance – 16%
- Finding a suitable buyer for my business – 16%
- Legal or regulatory issues – 15%
- Unfavourable political environment – 15%
- No longer being able to keep up with the competition -15%
- Merger or acquisitions offer – 15%
- Conflicts within management team (e.g. disagreements with co-owners) – 13%
- No longer enjoying my role in the business – 13%
Top 15 Motivations & Triggers to exit for ex-Entrepreneurs:
- Personal / family reasons – 40%
- The business reached a certain level of growth – 31%
- New opportunities elsewhere – 31%
- Changes in the market conditions – 23%
- Desire for career change – 21%
- Finding a suitable buyer for my business – 21%
- Having someone from the next generation who is ready to take over – 15%
- Conflicts within management team (e.g. disagreements with co-owners) – 15%
- No longer enjoying my role in the business – 15%
- Legal or regulatory issues – 14%
- Poor health – 13%
- No longer being able to keep up with the competition -12%
- Poor business performance – 11%
- Unfavourable political environment – 10%
- Merger or acquisitions offer – 10%
Top 5 Things could be done better for ex-Entrepreneurs:
- Planned my next steps (family time, leisure) – 36%
- Had a more realistic understanding of my company’s value – 30%
- Planned how to invest in new ventures – 25%
- Started overall business preparations much earlier – 25%
- Planned how to save and invest in the financial markets – 24%
HSBC Global Private Banking
HSBC Global Private Banking provides investment and wealth management solutions for private investors, families, business owners, entrepreneurs and single and multi-family offices. Our global private bank is proud to serve clients with excellence across Asia, Europe, the Americas, the Middle East and North Africa and connect them to meaningful opportunities worldwide.
HSBC Global Entrepreneurial Wealth Report 2024
Research was conducted by Ipsos UK on behalf of HSBC Global Private Banking. A total of 1,882 business owners or ‘entrepreneurs’ who chose to take part in the survey (split 1,798 current business owners and 84 former business owners) were included in the quantitative research. The quantitative research consisted of a 20-minute online survey with participants from ten markets across the globe: France, Hong Kong, India, Mainland China, Singapore, Switzerland, Taiwan, the UAE, the UK and the US. The survey was available in English, Simplified Chinese, Traditional Chinese, Chinese (Hong Kong), Swiss French, Swiss German, Arabic, Gujarati, Hindi, Kannada, Marathi and Telugu. Quota sampling was applied. The fieldwork was conducted between 8th July and 3rd August 2024 , using online panels. Participation in the quantitative survey required respondents to be aged 18 or over, currently own or have previously owned a business, have claimed investable assets of $2M USD / £1.5M GBP or a total net worth of $20M USD, and a main residency (more than six months of the year) in one of the markets listed. Data has not been weighted, and any data shown as ‘All entrepreneurs’ or ‘all’ indicates a score that has been calculated on the full sample and is not weighted by country/ territory or market. The qualitative research consisted of 36 qualitative, in-depth one-hour online interviews across six different markets including the US, the UK, India, Singapore, Mainland China and Hong Kong. Participation in the qualitative interview required the respondent audience to be aged 18+, currently own or previously owned a business, have investable assets of $2M USD (£1.5M GBP in the UK). Participants chose to participate in this research. Data was collected online, and fieldwork took place between April-May 2024. 11 qualitative, in-depth interviews were also conducted online with experts from HSBC Global Private Banking across the target markets to complement the results and the insights generated by the project.
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