A growing number of wealthy persons are moving from country to country more frequently, according to the latest Wealth Insights report from Barclays.

With globalisation and the liberalisation of markets making it far easier for ambitious individuals to start and grow international businesses, a growing number of high net worth individuals are becoming increasingly international in their outlook and behaviour, and moving from country to country more frequently, according to the latest Wealth Insights report from Barclays.

The report, called The Rise of the Global Citizen?, questioned more than 2,000 high net worth individuals from around the world and found that entrepreneurs and the wealthy in emerging markets are most likely to be planning a move to another country in the next five years.

According to the report, nearly half (47 per cent) of HNW individuals in China and a third (36 per cent) in Qatar and Latin America (34 per cent) are considering a move, compared to just 7 per cent in Japan, 6 per cent in the US and 4 per cent in Switzerland.

While the Chinese (78 per cent) and Qatari (39 per cent) wealthy are the most driven by better educational and employment opportunities for their children, those in Latin America are looking to have better economic security (29 per cent).

High net worth entrepreneurs are twice as likely as the rest of the world’s wealthy population to be planning a move abroad, with just under a third (29 per cent) of wealthy entrepreneurs planning to move to a different country within the next five years, compared to 16 per cent of the total global HNW population.

The report said that of entrepreneurs currently planning to move, 41 per cent are looking to move for economic opportunity, 29 per cent are doing so to start a new business and 27 per cent to pursue an international career, suggesting that high net worth business owners are increasingly looking to new markets for growth.

Barclays also said that nearly half (43 per cent) of those surveyed have lived in more than one country.

“The wealthy are increasingly being motivated to move between countries in order to fulfil their international career aspirations, seize financial opportunities and ensure a better quality education for their children,” the report said.

Wealth concentration

Developed markets remain the destinations of choice for most wealthy migrants, with North America having the greatest overall pulling power for HNW individuals.

There is a strong migratory exchange between North America and Europe, with 38 per cent of HNW individuals in Europe planning to move there.

North America also represents the destination of choice for individuals from Asia Pacific (43 per cent) and Latin America (65 per cent) who are leaving their region.

“The wealthy have a choice of going anywhere in the world and they go where they can get professional services, and access to everything from property through to arts and entertainment,” says globalisation and mobility expert James Faulconbridge, professor at Lancaster University.

“Certain cities have become parts of that circuit and the places to be seen in where the events and the lifestyle plays out,” he added.

Migration drivers

According to the Barclays report, nearly half (43 per cent) of those surveyed have lived in more than one country.

While the movement of wealthy individuals is often attributed to financial motivation, the survey suggested that, in many cases, other issues take precedence when determining migration choices.

The survey said that 35 per cent of respondents were planning a move to another country because they desire a better climate, while 20 per cent were looking to move in order to experience another culture.

For the younger HNW individuals (under 45), the top priorities when considering a move to another country are better education for their children (37 per cent), economic opportunity (29 per cent), and career development (29 per cent). For those over 65, retirement and economic security are of greater importance.

Nicholas Rollason, head of business immigration at London-based law firm Kingsley Napley, said that wealthy individuals typically adopt a pragmatic approach to migration.

“It’s not necessarily that they want to become citizens of that country because of a particularly strong attachment or connection; it comes from the head rather than the heart,” said Rollason.

“They would look at what they need to achieve, which tends to be children’s education, asset protection, freedom of travel and security,” he added.