Over half of American entrepreneurs are eyeing moves abroad, says survey — here’s why it matters for US jobs and growth

A recent global report from HSBC f found that more than half of entrepreneurs are considering moving themselves — and their businesses — to another country. (1) For decades, the United States has been viewed as the beating heart of entrepreneurship, home to Silicon Valley startups, world-class universities, and deep venture capital markets.

But as economic pressures, regulatory burdens and shifting global dynamics intensify, many business owners are reassessing where they can build and preserve their wealth.

Entrepreneurs don’t just participate in the economy — they drive it. They launch new companies, create jobs, fuel innovation and often transform entire industries. When large numbers of founders consider relocating, it could shift the flow of investment and weaken long-term U.S. competitiveness.

Some entrepreneurs are looking abroad to pursue more favorable tax regimes and business incentives, while others are attracted to emerging markets where growth is accelerating faster than in the U.S. Still, the U.S. remains one of the top destinations globally for founders outside its borders. This raises an important question:

Is America still the world’s best place to start and grow a business — or is the next great entrepreneurial era happening somewhere else?

Entrepreneurs, particularly younger business owners, are positioning themselves for what may be the next phase of globalization. According to the survey, many want to diversify their sources of wealth and be closer to up-and-coming growth markets. In terms of business strategy, the first choice for Millennials and younger entrepreneurs is investing in artificial intelligence (AI). (2)

Expanding to new markets is a close runner up, however, as 51% of Millennial respondents said this was important to their growth. Just under half of U.S.-based entrepreneurs said international expansion is their favored strategy. (3)

Many entrepreneurs, especially the high-net-worth kind, defined as one whose net worth is between $10 million and $100 million, and the ultra-high-net-worth entrepreneurs whose assets are above $100 million, are Gen Xers and Boomers. These individuals are most likely to want to emigrate to explore new cultures. (4)

But per the report, “Those at the earliest stages of their careers, unencumbered by family ties, tend to be the most flexible in seeking new opportunities overseas. And our research bears this out, with just over three-quarters of Gen Z entrepreneurs considering a move.” (5)

HSBC’s survey includes entrepreneurs from all over the world, and regional moves are generally more attractive than long-distance moves.

In the Indo-Pacific and East Asian regions, Singapore ranked as the top destination due to its central location, political stability, favorable tax environment, and reputation as a secure, well-regulated financial hub. The city-state offers efficient infrastructure, easy access to regional markets, and strong legal protections for investors, which make it especially attractive for founders seeking to manage and diversify international wealth.

Best of all, entrepreneurs are drawn to Singapore not only for its business friendliness but also for its connectivity to Asia’s fast-growing economies, high quality of life and openness to global talent.

But the United States still remains one of the top destinations for global entrepreneurs because of its deep capital markets, robust innovation ecosystem, and established legal and financial infrastructure. Even though “interest in the US is not as strong across the board as it might have been only a few years ago,” the report notes that while many U.S. entrepreneurs are considering moving abroad, international business owners still see the U.S. as a powerful magnet for investment and expansion. It ranks high among preferred destinations for those seeking growth opportunities, access to technology and venture capital, and stable rule of law. (6)

The report highlights that the U.S. combines business-friendly conditions with a culture of entrepreneurship and innovation, making it particularly attractive for founders in sectors such as technology, finance, and health care. Global entrepreneurs associate the U.S. with access to the world’s largest consumer market, strong property-rights protections, and a well-developed ecosystem of universities, accelerators, and investors that support high-growth companies.

For wealthier entrepreneurs, the country also offers diverse options for wealth management and family offices, particularly in hubs like New York, Miami, and San Francisco.

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Despite growing interest in relocating abroad, most American entrepreneurs still see the U.S. as the strongest launching pad for long-term growth. HSBC’s survey found that U.S.-based founders are among the least likely globally to say they plan to expand into international markets. Instead, they are doubling down on domestic opportunities, with 51% citing U.S. technology leadership, 44% citing market opportunities and 43% pointing to strong consumer demand as reasons to stay.

That loyalty persists even amid challenging conditions. Since 2022, high interest rates and tighter lending standards have made it more difficult for small businesses to borrow and scale. The NFIB Small Business Optimism Index slipped in September, and its Uncertainty Index hit one of the highest levels on record — reflecting growing concern about inflation, financing and regulation. (7)

But those headwinds haven’t dampened entrepreneurial intent. U.S. business formation remains historically high: in August 2025 alone, there were 473,679 new business applications, according to Census data. A separate survey from MetLife and the U.S. Chamber of Commerce found that small-business confidence reached an all-time high in Q3 2025, even as many owners acknowledged rising costs. (8, 9)

In other words, while some American entrepreneurs are exploring tax-friendly jurisdictions or global expansion strategies, the majority still view the United States as the best place to access capital, customers and innovation. Rather than an abandonment of the U.S., current trends point to a recalibration — entrepreneurs are seeking leverage abroad without fully disconnecting from the American economy. This push-pull dynamic will determine whether the U.S. remains the world’s entrepreneurial center or faces greater competition from rising global hubs.

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HSBC (1), (2), (3), (4), (5), (6); NFIB (7); MetLife (8); US Chamber of Commerce (9)

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