A recent global report from HSBC reveals that more than half of entrepreneurs are considering moving themselves (and their business) to another country. (1) For decades, the United States has been considered the beating heart of entrepreneurship, home to Silicon Valley startups, world-class universities, and major venture capital markets.
But as economic pressures, regulatory constraints and changing global dynamics intensify, many business owners are re-evaluating where they can create and preserve wealth.
Entrepreneurs don’t just participate in the economy: they lead it. They launch new businesses, create jobs, fuel innovation, and often transform entire industries. When large numbers of founders consider moving, it could change the flow of investments and weaken U.S. competitiveness in the long term.
Some entrepreneurs are looking overseas to benefit from more favorable tax regimes and business incentives, while others are drawn to emerging markets where growth is accelerating faster than in the United States. Still, the United States remains one of the top global destinations for founders outside its borders. This raises an important question:
Is America still the best place in the world to start and grow a business – or is the next great entrepreneurial era happening elsewhere?
Entrepreneurs, especially young business owners, are preparing for what could be the next phase of globalization. According to the survey, many people want to diversify their sources of wealth and move closer to emerging growth markets. In terms of business strategy, the first choice of Millennials and young entrepreneurs is to invest in artificial intelligence (AI). (2)
Expanding into new markets came in second, however, with 51% of Millennials surveyed saying it was important to their growth. Just under half of U.S.-based entrepreneurs said international expansion was their preferred strategy. (3)
Many entrepreneurs, particularly those with high net worth, defined as those with a net worth between $10 million and $100 million, and ultra-high net worth entrepreneurs with assets greater than $100 million, are members of Generation X and baby boomers. These people are more likely to want to emigrate to explore new cultures. (4)
But according to the report, “those who are in the early stages of their careers, free from family ties, tend to be the most flexible in seeking new opportunities abroad. 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 around the world, and regional moves are generally more attractive than long-distance moves.
In the Indo-Pacific and East Asia regions, Singapore ranked as the top destination due to its central location, political stability, favorable tax environment, and reputation as a safe and well-regulated financial center. The city-state offers efficient infrastructure, easy access to regional markets, and strong legal protections for investors, making it particularly attractive to founders seeking to manage and diversify international wealth.
Better yet, entrepreneurs are attracted to Singapore not only for its business-friendly environment, but also for its connectivity to Asia’s fast-growing economies, its high quality of life and its openness to global talent.
But the United States remains a top destination for global entrepreneurs due to its depth of capital markets, strong innovation ecosystem, and well-established legal and financial infrastructure. Although “interest in the United States is not as strong as it might have been a few years ago,” the report notes that while many American entrepreneurs are considering moving abroad, international business owners still view the United States as a powerful magnet for investment and expansion. It ranks among the preferred destinations for those seeking growth opportunities, access to technology and venture capital, and stable rule of law. (6)
The report highlights that the United States combines business-friendly conditions with a culture of entrepreneurship and innovation, making it particularly attractive to founders in sectors such as technology, finance and healthcare. Global entrepreneurs associate the United States 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 various wealth management and family office options, particularly in centers like New York, Miami and San Francisco.
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Despite growing interest in offshoring overseas, most American entrepreneurs still view the United States as the best springboard for long-term growth. HSBC’s survey found that U.S.-based founders are among the least likely 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% citing strong consumer demand as reasons to stay.
This loyalty persists even in difficult conditions. Since 2022, high interest rates and stricter lending standards have made it more difficult for small businesses to borrow and grow. The NFIB Small Business Optimism Index fell in September and its uncertainty index reached one of the highest levels on record, reflecting growing concerns about inflation, financing and regulation. (7)
But these headwinds have not dampened the intentions of entrepreneurs. Business creation in the United States remains historically high: In August 2025 alone, 473,679 new business applications were created, according to census data. A separate survey from MetLife and the U.S. Chamber of Commerce found that small business confidence hit a record high in the third quarter of 2025, even as many owners recognized rising costs. (8, 9)
In other words, even as some U.S. entrepreneurs explore tax-efficient 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 United States, current trends point to a recalibration: entrepreneurs seeking to exert leverage abroad without completely disconnecting from the American economy. This push-pull dynamic will determine whether the United States remains the global entrepreneurial hub or faces increased competition from burgeoning global hubs.
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HSBC (1), (2), (3), (4), (5), (6); FIB (7); MetLife (8); American Chamber of Commerce (9)
This article provides information only and should not be considered advice. It is provided without warranty of any kind.
