Business
More than half of entrepreneurs are considering moving to a new country. Singapore is their top option
The Merlion statue in the central business district of Singapore, on Tuesday, July 8, 2025.
Lionel Ng | Bloomberg | Getty Images
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Moneyed entrepreneurs are looking to move, but not necessarily for the reasons you would expect, according to a new survey by HSBC.
The bank polled 2,939 business owners with at least $2 million in investible assets or a total net worth of $20 million during April and May of this year. A whopping 57% reported they were considering adding a new residence over the next 12 months, up from 55% in last year’s survey. Wanderlust is greater among Gen Z entrepreneurs, with just over three-quarters in that cohort reporting they were considering a move.
When asked about their reasons for moving to a new country, only a third of all respondents cited tax efficiency as a motivator. Tax savings ranked eighth overall behind other factors such as improved security and safety (47%) and better education opportunities (52%). Respondents to the survey could select multiple options. The most popular motives at 67% each were to expand their business to new markets or to gain access to new investment opportunities. The desire for a better quality of life came in a close third at 63%.
Taxes, the report said, “create acres of news coverage, but among the majority of our entrepreneurs, this does not appear to be the deciding factor about where to live.”
The report comes as a wealth tax proposal has gained traction in France and amid fears that recent U.K. tax changes will cause a wealth exodus.
A relatively small proportion of U.S. respondents to the HSBC survey cited interest in moving, but those who did were most likely to show interest in experiencing a new culture, accounting for 72% versus the global average of 57% and an average of 61% for ultra-high-net-worth individuals worth at least $100 million. According to the report, French entrepreneurs “are most content to enjoy their own culture” as only 39% indicated interest in moving.
Respondents were most likely to cite Singapore (12%) or the UK (10%) as potential destinations, with Japan and Switzerland tied at 9%. Despite the survey being conducted in the wake of U.S. President Donald Trump’s sweeping tariff announcement in early April, the U.S. was cited by 8% of respondents, the same percentage as last year. However, the U.S. came in fifth in terms of most-desired locations for moving after tying for second place last year.
This year’s report noted that Japan has gained traction with Asian entrepreneurs.
Switzerland was the only country where attaining a better quality of life was a bigger draw (57%) than accessing investment opportunities (49%) or expanding a business (48%). It was also the only hotspot other than Japan where experiencing a new culture ranked higher than educational opportunities.
While entrepreneurs are more likely to consider moving for business reasons, they were more likely to cite worries about adjusting to a new environment (40%) than about reestablishing their business operations (36%).
The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.
Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.
He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.
He will be sentenced next month.
District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.
He pleaded guilty to 76 offences on Thursday.
It came after he was convicted in his absence of 36 charges at a previous hearing.
During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.
They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.
But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.
JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.
Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra.
According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.
Expected Powertrain
The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.
Design
In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction.
Size
The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.
Price
Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.
Jetour
Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.
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