HSBC launches global study of the business ambitions of entrepreneurs

HSBC Global Private Banking today publishes research for the first time on the business ambitions of entrepreneurs around the world.

The Global Entrepreneurial Wealth Report surveyed business owners in nine markets including the US, UK and mainland China. The study found that entrepreneurs often have a global outlook, with nearly half living in more than one market and three quarters trading overseas. Most entrepreneurs (60 per cent) expect Europe to become more of a focus for their businesses and families over the next three to five years. 

The survey found that more than a third are considering an exit from their business but that entrepreneurs with more than USD20 million of assets are three times less likely to have made plans to pass on their wealth. A third are concerned about passing on their wealth to younger family members due to concerns about their work ethic.

Following an exit, most entrepreneurs intend to remain in the business world and a third would like to invest in or start another venture. Using the proceeds for charitable causes or sustainable investing is a popular choice for entrepreneurs in India (70 per cent), mainland China (58 per cent) and the UAE (56 per cent) but less so in the US (37 per cent), UK (37 per cent) and France (34 per cent).

Annabel Spring, CEO of Global Private Banking and Wealth at HSBC, said: “From manufacturing textiles to developing battery technologies or even new vaccines, entrepreneurs enhance our lives with their ability to make change happen. This report shows entrepreneurs often live global lives – with business opportunities around the world, a need for internationally diversified portfolios and a desire to create lasting legacies for their families. We can help them with all of this.” 

Barry O’Byrne, CEO of Global Commercial Banking at HSBC, said: “This report shows that many successful entrepreneurs are agile, mobile and internationally minded, and are often driven by a desire to change the world around them. Entrepreneurs need support at every stage as they found, grow and exit their businesses. With an international network spanning over 50 markets, and a full suite of banking services underpinned by digital innovation, we’re able to meet the needs of entrepreneurs more effectively than ever.”

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