Nearly ten percent of entrepreneurs consider moving assets to Hong Kong, HSBC surveys

Nearly ten percent of global entrepreneurs are considering relocating personal assets to Hong Kong, according to HSBC private bank's global entrepreneurial wealth report, which also found that almost 60 percent are diversifying wealth internationally.

The survey, conducted between April 19 and May 21, interviewed 2,939 high-net-worth entrepreneurs with at least US$2 million (HK$15.6 million) in investable assets.

The survey found that Hong Kong is especially attractive to Asian entrepreneurs seeking diversification, with 22 percent of mainland Chinese and 26 percent of Taiwanese entrepreneurs naming it their preferred destination for allocating funds.

Among mainland Chinese entrepreneurs, 78 percent expressed interest in expanding their business to Hong Kong.

Despite market volatility and geopolitical uncertainties, most Hong Kong entrepreneurs remain optimistic. Some 93 percent expect positive business prospects, and 84 percent are confident about their personal wealth, citing business outlook and investment portfolio performance as key drivers.

Hong Kong entrepreneurs are highly mobile. About 80 percent hold multiple residencies, ranking third globally, well above the 56 percent global average. More than half hold dual residency in mainland China or Singapore, with others in Taiwan, Japan, the UK, and France. On the business front, 42 percent plan to expand into new markets within the next 12 months.

Luxury spending is prominent among Hong Kong entrepreneurs. Nearly half buy high-end fashion and jewelry, followed by real estate and vehicles. A third invest in art and collectibles, above the global average of around one quarter.

STAFF REPORTER