Member Article

1 in 5 of North East’s wealthy plan to relocate in next five years

21% of high net worth individuals (HNWIs) in the North East are planning to move country in the next five years, according to the 18th volume in the Barclays Wealth Insights series.

The series attributes the opening up of markets and rise of technology leads to increased mobility, the second highest of any region after London.

Based on a global survey of more than 2,000 HNWIs comprising entrepreneurs, business leaders and investors, the report, Wealth Insights Volume 18: The Rise of the Global Citizen? provides an in-depth study into the global landscape of wealth, examining where individuals today live, work, retire and give their time and money.

The report shows that 41% of HNWIs in 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 the North East’s high net worth individuals who could ascend to become a truly multinational generation, with 54% of HNWIs in the North East expecting their children to live in more countries than they have done.

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

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

Community spirit is stronger among HNWIs in 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 the North East preferring to give to local rather than global causes – also the highest in the country.

Regional Director of Newcastle, Barclays Wealth and Investment Management, Andrew Miller, said: “The innate sense of belonging and loyalty demonstrated by high net worth individuals in 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 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 anytime soon.”