MORE THAN one in five wealthy individuals in Yorkshire and the North East are planning to move country within the next five years, according to new research from Barclays.
The bank said the opening up of markets and rise of technology has led to increased mobility among high net worth individuals.
Based on a global survey of more than 2,000 entrepreneurs, business leaders and investors, the report looks at the global landscape of wealth, examining where individuals today live, work, retire and give their time and money. The report shows that 41 per cent of HNWIs in Yorkshire and the North East have already lived in more than one country, and 20 per cent have lived in three or more, with the most common destinations being the US (33 per cent), France (29 per cent) and Singapore (14 per cent).
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 per cent 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.
Some 90 per cent 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 per cent 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 per cent of HNWIs in the region preferring to give to local rather than global causes – also the highest in the country.
People surveyed had total worth of £1m or more.