Global Entrepreneurial Wealth Report 2024

Today’s global world of business relies on entrepreneurs to create opportunities, break into new markets, and foster employment. But while some have become household names, many are running successful businesses outside of the spotlight. As such, it can be hard to get a handle on exactly what makes them tick, and what unites this diverse international group.

HSBC’s Global Entrepreneurial Wealth Report 2024 presents fascinating insights into the common characteristics, ambitions, and challenges of today’s global entrepreneurs. It reveals they have a positive, proactive approach to getting results and bringing fresh ideas and dynamism to the global economy. And while many feel their businesses define them, they are seeking a better work-life balance, and desire to build legacies they can pass on to the next generation, while being mindful of the responsibilities of running a family business.

Increased optimism

This year’s report – surveying over 1,800 respondents across 10 global markets – reveals that entrepreneurs are highly confident about seeking new business prospects and building their personal wealth in the next few years. They are also increasingly global, with more than half living in multiple locations – and nearly three-quarters considering business opportunities in different markets in the year ahead.

Challenges

Despite their positive, can-do outlook, being an entrepreneur is not without its challenges. Many feel the pressures of running a family business and struggle to strike the right work-life balance. And while most are keen to pass on their business (often a crucial part of their identity) to the next generation, they are also sensitive of their children’s autonomy; not wishing to unduly burden them with the responsibilities of running a business. This can make discussing an exit strategy, often conditional on having an heir to pass the business on to, more challenging, compounded by a reluctance to seek external support for wealth transitions.

Eternal entrepreneurs

While succession and exit planning can present challenges, not least the impact on personal identity, business owners are likely to run multiple businesses within their lifetime and often exit in order to seek opportunities elsewhere. This is perhaps because entrepreneurialism is part of their DNA, with owners seeking to build a dynamic global lifestyle, while investing significant energy into their enterprises.