Member Article

20% Yorkshire high net worth individuals plan to move within 5 years

More than one in five wealthy individuals in Yorkshire and the North East are planning to move country within the next five years.

This is according to the Barclays Wealth Insights series, as the opening up of markets and rise of technology leads to increased mobility among high net worth individuals (HNWIs).

Based on a global survey of more than 2,000 HNWIs comprising entrepreneurs, business leaders and investors, the report examines where individuals today live, work, retire and give their time and money.

The report shows that 41% of HNWIs in Yorkshire and the North East have already lived in more than one country, and 20% have lived in three or more, with the most common destinations being the US (33%), France (29%) and Singapore (14%).

However, it is the offspring of Yorkshire and the North East’s high net worth individuals that could ascend to become a truly multinational generation, with 54% of HNWIs in the region expecting their children to live in more countries than they have done.

Despite this trend towards an increasingly global lifestyle, for a large proportion of HNWIs in Yorkshire and the North East, home is still where the heart is.

90% of HNWIs say they live in the region because it was where they were born or grew up, indicating that the vast majority of wealthy in Yorkshire and the North East return to their roots even after living abroad.

Community spirit is stronger among HNWIs in Yorkshire and the North East than in any other region, with 52% saying they identify strongly with their local community, the highest across the country.

This is also reflected in their attitudes towards philanthropic giving, with 67% of HNWIs in Yorkshire and the North East preferring to give to local rather than global causes, also the highest in the country.

Martin Cuthbert, regional director, Yorkshire, Barclays Wealth and Investment Management, said: “The innate sense of belonging and loyalty demonstrated by high net worth individuals in Yorkshire and the North East is testament to what a fantastic place the region is to live, do business and raise a family.

“As borders open up and advancements in technology make the world a more connected place, no doubt we will start to witness greater numbers of wealthy individuals planning to move themselves, their families and their businesses to new destinations.

“However, what is evident is that Yorkshire and the North East is still a hub for business, entrepreneurial activity and wealth creation, as well as charitable activity and endeavours, and there is no sign of that changing any time soon.”

This was posted in Bdaily's Members' News section by Clare Burnett .