According to a new WealthInsight white paper, one out of 20 millionaire entrepreneurs is "mobile," or an individual with more than US$1 million in assets with a domicile in a country other than their country of origin. PBI, in partnership with WealthInsight, further elaborates on mobile millionaire entrepreneurs in today’s global economy writes William Wesnofske.
Mobile entrepreneurs constitute 46.3% of all mobile millionaires, with the US being the largest destination for mobile entrepreneurs. 29.6% of entrepreneurs have obtained a US citizenship, followed by the UK with 19.8%.
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Although the US and UK are visibly the current most favourable destinations for almost half of mobile entrepreneurs, Singapore and Hong Kong are more favourable for business due to the ease in restrictions and regulations. Singapore was ranked first in the "Ease of doing Business Rankings" in 2013, followed by Hong Kong in second. With this being said, entrepreneur and investor visas have been introduced in countries such as Chile, Canada, and Australia in order to attract high net worth individuals seeking investment and business opportunities abroad. This was shown by the Australian government when they introduced a Significant Investor Visa in November of 2012, intended at entrepreneurs willing to invest at least A$5 million ($4.5 million) in approved investments.
Ouliana Vlasova, head of content at WealthInsight said: "In spite of government initiatives, an increasing number of mobile entrepreneurs request for a secondary citizenship rather than a full relocation to another country, as most mobile entrepreneurs prefer staying in their country of birth. As Canada and Australia have reformed their regulations recently, they are expected to witness an influx of mobile entrepreneurs, and an expansion of services required to meet their needs, such as advice on immigration and wealth management."
The financial services industry is the key industry for mobile entrepreneurs with 20% of them earning their wealth from the sector. Unsurprisingly, technology and telecommunications is in second place with 14.8%. It is expected that the technology and telecommunications sector will account for a larger share by 2019 as entrepreneurs exploit opportunities offered by technological advancements and innovation.
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Furthermore, the study said more than 55% of mobile entrepreneurs are aged between 45 and 64 years. Younger entrepreneurs prefer to live in the Americas while senior entrepreneurs prefer Europe.
