Entrepreneurs move for markets, not taxes

A global HSBC survey of nearly 3,000 wealthy business owners finds 67% would move to expand into new markets or access investments, while only one‑third cite tax efficiency. Singapore leads preferred destinations and the U.S. slipped to fifth, with Gen Z entrepreneurs most likely to relocate. — This challenges tax‑centric narratives about elite migration and refocuses policy on security, education, investment access, and quality‑of‑life as key levers in the global competition for founders and capital.