A recent survey by HSBC revealed that a significant percentage of wealthy entrepreneurs are considering adding a new residence in the coming year, with Gen Z entrepreneurs leading the pack in wanderlust. Surprisingly, the majority of respondents cited reasons other than tax efficiency for their potential move, such as expanding their business to new markets or gaining access to new investment opportunities. The desire for a better quality of life also ranked high among respondents, showing that taxes are not the sole driving factor for where these entrepreneurs choose to live.

Despite the potential wealth tax proposal in France and recent tax changes in the U.K. causing concerns about a wealth exodus, the survey found that interest in moving among U.S. respondents was relatively low. Those who did express interest in moving were more likely to prioritize experiencing a new culture over other factors. Switzerland emerged as a standout destination where attaining a better quality of life was a major draw, reflecting the diverse motivations driving high-net-worth individuals in their relocation decisions.