HSBC Global Entrepreneurial Wealth Report 2025: 94% with Positive Business Outlook, 90% Personal Wealth Will Get Better, Top 4 Entrepreneurs Asset Class ownership – Life Insurance, Non-Primary Property, Private Assets, Public Equities, Top 3 Investment Portfolio to Increase – Own Business, Cash, Non-Primary Property, Top 5 Wealth Allocation – Personal Real Estate, Luxury Goods, Health & Wellness, Luxury Experiences, Charitable Donations, 56% with Multi-Resident, Top 4 Most Popular Residency Entrepreneurs Planning to Move to – Singapore 12%, United Kingdom 10%, Japan 9%, Switzerland 9%, Top 6 Countries Entrepreneurs Considering to Move Assets to – Singapore 15%, United Kingdom 11%, Switzerland 11%, United States 9%, Hong Kong 9%, Japan 9%, Top 5 Countries for International Expansion – Indonesia, Malaysia, UAE, Saudi Arabia, China, Top 5 Countries Entrepreneurs Interested in China Mainland – Indonesia, UAE, Saudi Arabia, Hong Kong, Malaysia

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HSBC Global Entrepreneurial Wealth Report 2025: 94% with Positive Business Outlook, 90% Personal Wealth Will Get Better, Top 4 Entrepreneurs Asset Class ownership – Life Insurance, Non-Primary Property, Private Assets, Public Equities, Top 3 Investment Portfolio to Increase – Own Business, Cash, Non-Primary Property, Top 5 Wealth Allocation – Personal Real Estate, Luxury Goods, Health & Wellness, Luxury Experiences, Charitable Donations, 56% with Multi-Resident, Top 4 Most Popular Residency Entrepreneurs Planning to Move to – Singapore 12%, United Kingdom 10%, Japan 9%, Switzerland 9%, Top 6 Countries Entrepreneurs Considering to Move Assets to – Singapore 15%, United Kingdom 11%, Switzerland 11%, United States 9%, Hong Kong 9%, Japan 9%, Top 5 Countries for International Expansion – Indonesia, Malaysia, UAE, Saudi Arabia, China, Top 5 Countries Entrepreneurs Interested in China Mainland – Indonesia, UAE, Saudi Arabia, Hong Kong, Malaysia

23rd October | Hong Kong

HSBC has released the HSBC Global Entrepreneurial Wealth Report 2025, providing key insights into 3,083 business owners & entrepreneurs with investible assets > $2 million or net worth > $20 million.  Positive Business Outlook – 94%.  Top 3 Reasons for concerns – Volatility in financial markets, Impact of inflation, Find balance between enjoying & growing wealth.  Top 3 Reasons for being positive – Opportunities for new investments / business ventures, Performance from investment portfolio, Outlook for business.  Top 4 Entrepreneurs Asset Class ownership – Life Insurance, Non-Primary Property, Private Assets, Public Equities.  Top 3 Investment Portfolio to increase – Own Business, Cash, Non-Primary Property.  Top 5 Wealth Allocation – Personal Real Estate, Luxury Goods, Health & Wellness, Luxury Experiences, Charitable Donations.  Residency – Multi-resident 56%.  Top 3 Reasons to change or add new residency – Expand business to new markets, New investment opportunities, Better quality of life for myself or my family.  Top 4 Most popular residency entrepreneurs planning to move to – Singapore 12%, United Kingdom 10%, Japan 9%, Switzerland 9%.  With 2nd Residency in Singapore – Malaysia 29%, Indonesia 27%, Hong Kong 27%, Philippines 22%.  Top 6 Countries entrepreneurs considering to move assets to – Singapore 15%, United Kingdom 11%, Switzerland 11%, United States 9%, Hong Kong 9%, Japan 9%.  Top 2 Concerns on relocation – Adjusting to an unfamiliar environment, Re-establishing business operations & client base.  Top 5 countries entrepreneurs interested in international expansion – Indonesia, Malaysia, UAE, Saudi Arabia, China.  Top 5 countries entrepreneurs interested in China Mainland – Indonesia, UAE, Saudi Arabia, Hong Kong, Malaysia.  Top 6 infrastructure for businesses – Advanced technology, Strong legal system, Reliable, fast & cheap telecommunications and Wi-Fi , Competitive labour market & skilled workers, Supply chain networks, Access to capital.  Tech or AI is positive driver of business outlook – 62%.  Top 2 Entrepreneurs concerns on next generation – Important to keep business in family & preserve its legacy, Expect next generation to take on family business.  Top 3 Advice to next generation – Build understanding of financial management, Start planning for future of your business as early as possible, Develop understanding of financial management & wealth preservation.  See below for key findings & summary | View report here

“ HSBC Global Entrepreneurial Wealth Report 2025: 94% with Positive Business Outlook, 90% Personal Wealth Will Get Better, Top 4 Entrepreneurs Asset Class ownership – Life Insurance, Non-Primary Property, Private Assets, Public Equities, Top 3 Investment Portfolio to Increase – Own Business, Cash, Non-Primary Property, Top 5 Wealth Allocation – Personal Real Estate, Luxury Goods, Health & Wellness, Luxury Experiences, Charitable Donations, 56% with Multi-Resident, Top 4 Most Popular Residency Entrepreneurs Planning to Move to – Singapore 12%, United Kingdom 10%, Japan 9%, Switzerland 9%, Top 6 Countries Entrepreneurs Considering to Move Assets to – Singapore 15%, United Kingdom 11%, Switzerland 11%, United States 9%, Hong Kong 9%, Japan 9%, Top 5 Countries for International Expansion – Indonesia, Malaysia, UAE, Saudi Arabia, China, Top 5 Countries Entrepreneurs Interested in China Mainland – Indonesia, UAE, Saudi Arabia, Hong Kong, Malaysia “

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HSBC Global Entrepreneurial Wealth Report 2025: 94% with Positive Business Outlook, 90% Personal Wealth Will Get Better, Top 4 Entrepreneurs Asset Class ownership – Life Insurance, Non-Primary Property, Private Assets, Public Equities, Top 3 Investment Portfolio to Increase – Own Business, Cash, Non-Primary Property, Top 5 Wealth Allocation – Personal Real Estate, Luxury Goods, Health & Wellness, Luxury Experiences, Charitable Donations, 56% with Multi-Resident, Top 4 Most Popular Residency Entrepreneurs Planning to Move to – Singapore 12%, United Kingdom 10%, Japan 9%, Switzerland 9%, Top 6 Countries Entrepreneurs Considering to Move Assets to – Singapore 15%, United Kingdom 11%, Switzerland 11%, United States 9%, Hong Kong 9%, Japan 9%, Top 5 Countries for International Expansion – Indonesia, Malaysia, UAE, Saudi Arabia, China, Top 5 Countries Entrepreneurs Interested in China Mainland – Indonesia, UAE, Saudi Arabia, Hong Kong, Malaysia

HSBC Global Entrepreneurial Wealth Report 2025

Summary

1. Respondents – 3,083 Business Owners & Entrepreneurs
2. Wealth – Investible assets > $2 million or Net worth > $20 million 
3. Personal Wealth Outlook – 90%
4. Business Outlook – 94%
5. Top 3 Reasons for concerns – Volatility in financial markets, Impact of inflation, Find balance between enjoying & growing wealth
6. Top 3 Reasons for being positive – Opportunities for new investments / business ventures, Performance from investment portfolio, Outlook for business
7. Top 4 Entrepreneurs Asset Class ownership – Life Insurance, Non-Primary Property, Private Assets, Public Equities
8. Top 3 Investment Portfolio to increase – Own Business, Cash, Non-Primary Property
9. Top 5 Wealth Allocation – Personal Real Estate, Luxury Goods, Health & Wellness, Luxury Experiences, Charitable Donations 
10. Residency – Multi-resident 56%
11. Top 3 Reasons to change or add new residency – Expand business to new markets, New investment opportunities, Better quality of life for myself or my family 
12. Top 4 Most popular residency entrepreneurs planning to move to – Singapore 12%, United Kingdom 10%, Japan 9%, Switzerland 9%
13. With 2nd Residency in Singapore – Malaysia 29%, Indonesia 27%, Hong Kong 27%, Philippines 22%
14. Top 6 Countries entrepreneurs considering to move assets to – Singapore 15%, United Kingdom 11%, Switzerland 11%, United States 9%, Hong Kong 9%, Japan 9%
15. Top 2 Concerns on relocation – Adjusting to an unfamiliar environment, Re-establishing business operations & client base 
16. Top 5 countries entrepreneurs interested in international expansion – Indonesia, Malaysia, UAE, Saudi Arabia, China
17. Top 5 countries entrepreneurs interested in China Mainland – Indonesia, UAE, Saudi Arabia, Hong Kong, Malaysia
18. Top 6 infrastructure for businesses – Advanced technology, Strong legal system, Reliable, fast & cheap telecommunications and Wi-Fi , Competitive labour market & skilled workers, Supply chain networks, Access to capital 
19. Tech or AI is positive driver of business outlook – 62%
20. Top 2 Entrepreneurs concerns on next generation – Important to keep business in family & preserve its legacy, Expect next generation to take on family business 
21. Top 3 Advice to next generation – Build understanding of financial management, Start planning for future of your business as early as possible, Develop understanding of financial management & wealth preservation

Hong Kong is a special administrative region of China. 

HSBC Global Entrepreneurial Wealth Report 2025

1) Entrepreneur Profile

• Respondents – 3,083 Business Owners & Entrepreneurs
• Wealth – Investible assets > $2 million or Net worth > $20 million 
• Countries – Hong Kong, China Mainland, Taiwan, Singapore, India, Indonesia, Malaysia, Thailand, Philippines, Switzerland, France, Saudi Arabia, UAE, UK & US 

2) Entrepreneurs Outlook

Personal Wealth Outlook:

• Get better – 90%
• Same – 8%
• Worse – 2%

Business Outlook:

• Positive – 94%
• Neutral – 5%
• Negative – 1%

Top 3 Reasons for concerns:

1. Volatility in financial markets 
2. Impact of inflation 
3. Find balance between enjoying & growing wealth

Top 3 Reasons for being positive:

1. Opportunities for new investments / business ventures
2. Performance from investment portfolio
3. Outlook for business

3) Asset Class & Investment Portfolio

Top 11 Entrepreneurs Asset Class ownership:

1. Life Insurance – 54%
2. Non-Primary Property – 52%
3. Private Assets – 46%
4. Public Equities – 46%
5. Cryptocurrencies – 44%
6. Commercial Real Estate – 41%
7. Fixed Income – 36%
8. Commodities – 30%
9. Hedge Funds – 18%
10. Derivatives – 16%
11. Digital Assets – 14%

Investment Portfolio to increase:

1. Own Business – 42%
2. Cash – 29%
3. Non-Primary Property – 28%
4. Cryptocurrencies – 27%
5. Private Assets – 27%
6. Public Equities – 25%
7. Life Insurance – 18%
8. Fixed Income – 18%
9. Commodities – 16%
10. Hedge Funds – 8%
11. Digital Assets – 8%
12. Derivatives – 7%

Top 10 Wealth Allocation:

1. Personal Real Estate – 53%
2. Luxury Goods – 53%
3. Health & Wellness – 50%
4. Luxury Experiences – 50%
5. Charitable Donations – 37%
6. Precious Metals & Stones – 34%
7. Fine Wines & Rare Vintages – 26%
8. Art & Collectibles – 24%
9. Yachts – 7%
10. Planes – 7%

4) Entrepreneurs Residency 

Residency:

1. Multi-resident – 56%
2. Considering new residences – 57%

Top 9 Reasons to change or add new residency:

1. Expand business to new markets – 67% 
2. New investment opportunities – 67% 
3. Better quality of life for myself or my family – 63% 
4. New culture – 57% 
5. Better education opportunities for myself or my family – 52% 
6. Better economic outlook – 49% 
7. Improved personal security & safety – 47%
8. Tax efficient with wealth – 33%
9. Closer to family – 29%

Most popular residency entrepreneurs planning to move to:

1. Singapore – 12%
2. United Kingdom – 10%
3. Japan – 9%
4. Switzerland – 9%
5. United States – 8%
6. Germany – 6%
7. UAE – 6%
8. China – 6%
9. Hong Kong – 5%
10. France – 5% 

With 2nd Residency in Singapore:

1. Malaysia – 29%
2. Indonesia – 27%
3. Hong Kong – 27%
4. Philippines – 22%
5. India – 19%
6. Thailand – 17%
7. China – 13%

Top 3 Concerns on relocation:

1. Adjusting to an unfamiliar environment 
2. Re-establishing business operations & client base 
3. Making new social connections or adapting to a new community 

Top 10 Countries Entrepreneurs considering to move assets to:

1. Singapore – 15%
2. United Kingdom – 11%
3. Switzerland – 11%
4. United States – 9%
5. Hong Kong – 9%
6. Japan – 9%
7. France – 8% 
8. Germany – 8%
9. UAE – 8%
10. China – 7%

5) International Expansion 

Top countries entrepreneurs interested in international expansion:

1. Indonesia – 68%
2. Malaysia – 65%
3. UAE – 60%
4. Saudi Arabia – 59%
5. China – 59%
6. Thailand – 55%
7. Philippines – 55%
8. India – 53%
9. United States – 45%
10. Hong Kong – 42%
11. United Kingdom – 42%
12. France – 37%
13. Taiwan – 33%
14. Singapore – 31%
15. Switzerland – 29%

Top countries entrepreneurs interested in China Mainland:

1. Indonesia – 83%
2. UAE – 81%
3. Saudi Arabia – 79%
4. Hong Kong – 76%
5. Malaysia – 75%
6. Thailand – 70%
7. Taiwan – 64%
8. Switzerland – 57%
9. India – 54%
10. Philippines – 46%
11. Singapore – 41%
12. United Kingdom – 40%
13. France – 33%
14. United States – 28%

6) Business Infrastructure, Technology & AI

Top 17 infrastructure for businesses:

1. Advanced technology – 48% 
2. Strong legal system – 47% 
3. Reliable, fast & cheap telecommunications and Wi-Fi – 47% 
4. Competitive labour market & skilled workers – 44% 
5. Supply chain networks – 44% 
6. Access to capital – 44% 
7. Raw materials – 43% 
8. Transport infrastructure – 43% 
9. Freedom of & access to information – 42% 
10. Professional services networks – 42% 
11. Supportive regulatory system – 41% 
12. Favourable tax rates or incentives – 41% 
13. Healthcare infrastructures – 41% 
14. Low-cost electricity – 39% 
15. Networks of other entrepreneurs or mentors – 38%
16. Government subsidies or grants – 34%
17. Incubator or accelerator program – 32%

Top 3 Preferred expansion strategies:

1. Investing in AI – 51%
2. Increase staff – 43%
3. Decrease staff – 8%

Tech or AI is positive driver of business outlook – 62%

7) Next Generation

Top Entrepreneurs concerns on next generation:

1. Important to keep business in family & preserve its legacy – 77%
2. Expect next generation to take on family business – 70%
3. Important next generation do their own thing – 54%
4. Fear that large inheritance will create disputes within the family – 50%
5. Worry inheriting significant wealth will erode the values & work ethic of next generation – 50%
6. Concerned next generation have no interest in continuing the family business – 49%
7. Worry that next generation do not have right skills to manage wealth – 48%
8. Concerned about impact that large inheritances have on social inequality – 47%
9. Difficult discussing which roles or responsibilities in the business are best suited to different members of next generation – 45%
10. Difficult discussing money with  next generation – 40%

Top Advice to next generation:

1. Build understanding of financial management – 38%
2. Start planning for future of your business as early as possible – 36%
3. Develop understanding of financial management & wealth preservation – 36%
4. Practice financial discipline & avoid overspending or over-leverage – 34%
5. Think beyond immediate gains & focus on developing a long-term strategy – 34%
6. Prioritise your wellbeing & work-life balance – 34%
7. Build your network of advisors & peers – 32%
8. Develop specialist knowledge within a sector – 31%
9. Surround yourself with experienced executives – 30%
10. Seek advice from finance & legal professionals as early as possible – 29%
11. Talk to your family about wealth & financial planning – 29%
12. Use your wealth to give back to society & community – 27%
13. Develop your education (Eg. MBAs) – 25%

HSBC Global Entrepreneurial Wealth Report 2025

The findings are based on extensive research conducted by Ipsos UK on behalf of HSBC among 2,939 high net worth business owners with at least US$2m of investable assets. A third (956) were ultra high net worth with a net worth of more than US$100m. The research was conducted online in mainland China, France, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, Switzerland, Taiwan, Thailand, Saudi Arabia, UAE, UK and US. Fieldwork was conducted between 19th April and 21st May 2025. See the report for the full methodology.

HSBC Private Bank – HSBC Private Bank 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 – HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 57 countries and territories. With assets of US$3,214bn at 30 June 2025, HSBC is one of the world’s largest banking and financial services organizations.

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