Mumbai:Even though most high networth individuals (HNWIs) have never travelled abroad, their heirs seem interested in doing so and becoming global citizens, according to a Barclays study released here today.

The report also revealed that just five per cent of wealthy individuals in India plan to travel to a different country in the next five years, compared to 47 per cent in China, 36 per cent in Qatar and 34 per cent in Latin America.

“Merely five per cent of wealthy individuals in India plan to travel to a different country in the next five years, compared to 47 per cent in China, 36 per cent in Qatar and 34 per cent in Latin America,” Barclays’ Director and Head of Wealth Advisory, Adrish Ghosh told PTI.

While 98 per cent of Indian high net worth individuals (HNWIs) have never lived in another country, their offspring aspire to be true global citizens, according to Barclays Wealth Insights report.

The report is based on a global survey of more than 2,000 HNWIs globally, as well as 100 HNWIs living across the country, comprising entrepreneurs, business leaders and investors.

The vast majority (91 per cent) of the country’s HNWIs believe that their children would live in more countries than they have, as globalisation and advances in technology have begun to lead to increased mobility among the world’s wealthy individuals.

The main reasons HNWIs in the country are keen to stay on in the country include having a good work-life balance (75 per cent cited this factor) and economic opportunity (51 per cent), he said.

Signalling burgeoning entrepreneurial environment in India, 47 per cent of the country’s HNWIs said that the primary reason for living in India is to start their own business, he said.

Just under a third (29 per cent) of wealthy entrepreneurs consider relocation within the next five years, compared to 15 per cent of global HNWIs, the report said.

For entrepreneurs currently planning a move, 41 per cent are looking at moving for economic opportunities, 29 per cent would do so to start a new business, while 27 per cent would move to pursue an international career, showing that high networth business owners are increasingly looking at new markets for growth, the report said.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in