Citizens- of the wealthy world
Global citizens are mobile wealthy beings who have subsisted in several countries and are likely to have the broad geographical engagement. They are high net worth individuals (HNWIs) who either move to another country, plan to move to another country, or who plan to acquire –or actually acquire – a second nationality without relocating in the short term. With technology advancing, there is a rising trend of high net worth individuals becoming more transnational in their outlook and globally mobile, moving more recurrently from one country to the next.
Globalisation and the liberalisation of markets have made it easier for ambitious individuals to start and grow international businesses, as well as conduct and manage their affairs from almost any location. The fact that has led to a steep rise in the population of global citizens is the fact that today, a growing proportion of high net worth individuals are earning their wealth through entrepreneurship, rather than getting it through legacy. To nurture their projects, many of these entrepreneurs recognise that they need an international outlook and a readiness to follow the most promising business opportunities. The practice of acquiring ‘global citizenship’ is becoming popular among the world’s ultra-wealthy and an increasing number of super-rich.
There’s no restriction as to who can be called a global citizen. We surveyed more than 1,000 high net worth individuals and respondents were drawn from countries around the world, across Europe, North America, South America, the Middle East, Africa and Asia-Pacific. We have come up with the few selected category of people who have some common attributes and make the largest population of Global Citizens.
Stages of Relocation
Trigger: Cross border movement is a complex process and has been a feature of human societies for many centuries. There are many reasons why UHNWIs choose to migrate. They may choose to cross borders for a long duration amid political turmoil, chasing entrepreneurial spirits, travel & leisure, other personal subjects, regulatory concerns and as part of their professional activities amongst others.
Relocation: Most people begin with great expectations and a positive mind-set. The excitement, new sights, new smells, new tastes is intriguing and exciting in the beginning. However, this honeymoon phase comes to an end as the newcomer has to deal with different issues. At this stage the newcomer either gets stronger and stays, or gets weaker and goes home (physically, mentally or both).
Relocation phase- Living: After settling in and taking care of all formalities, it’s time to enjoy all that country has to offer. However, things are not that easy as finding a house similar to the one in native country, official documentations of different services and following regulations is generally more difficult than it used to be in the homeland.
Post settling issues: Relocation is defined as a process whereby a community’s housing, assets, and public infrastructure are rebuilt in another location. The laws of land in all countries are neither same, nor easy. It effectively takes a lot of years by a global citizen to actually start feeling the destination country as home country.
Conclusion
Today’s wealthy individuals are habitual country hoppers. According to a survey, just under half of them have lived in more than one country, and one in five have lived in three or more countries. As wealthy individuals move around more, they feel a growing sense of becoming multinational — three-quarters of respondents who have lived in five or more countries reported this.
Countries around the world are keen to attract this increasingly mobile population of wealthy individuals. In the wake of the global economic downturn, a host of countries, in regions including the EU, North America and the Caribbean, have begun offering citizenship programs based on investment. Economic programs are allowing foreigners to legitimately purchase citizenship or a residency permit but the investment amount in different countries vary. Dominica offers the cheapest option to become its citizen, where one can become a citizen for a US$100,000 investment (plus fees) and an in-person interview.
Currently, countries in the Middle East have the highest levels of foreign citizens in the world, according to United Nations figures. While many large Western nations are debating their level of global citizenship, it is actually those in the Middle East that have the greatest proportion of them compared to their population size. In terms of globetrotting, with the total number of trips per year in Norway averaging at 5.2, this is one nation that loves to explore.
Global citizens are a market no one would want to lose. These people are a different league and attract new set of prospects in various industries. This segment of people has seen significantly less research compared to the breadth of business opportunities it can offer going forward and it calls for a deep dive research in the field which may open doors to plethora of business opportunities.
The study included UHNWIs from various countries across a wide range of sectors.
