HSBC’s Global Entrepreneurial Wealth Report 2024 reveals that an impressive 94% of U.S. HNW and UHNW entrepreneurs are optimistic about future business prospects, and 88% believe their wealth will grow in the next 12 months, even as markets face uncertainties.

The study, conducted by Ipsos UK on behalf of HSBC Global Private Banking across ten markets—including the U.S., UK, Switzerland, China, and UAE—surveyed 1,798 HNW and UHNW business owners who chose to take part in the survey with at least $2 million in investable assets, and included interviews with both first-generation and multi-generational entrepreneurs. By examining entrepreneurs’ values, motivations, and ambitions, the research unveils the factors driving their optimism and the nuanced approaches to wealth management across borders.

“As a leading global wealth manager, HSBC is committed to empowering entrepreneurs across the U.S. and internationally,” said Racquel Oden, HSBC US Head of Wealth, Premier, and Global Private Banking. “This report gives us valuable insights into how these leaders view today’s business landscape, which in turn helps us better serve their evolving financial needs.”

Additional U.S. Highlights:

• A Supportive, Yet Challenging Environment: While 74% of U.S. entrepreneurs agree they feel government support (in the form of regulations, laws and policies) —slightly below the global average—their optimism is underpinned by a long-term vision rather than short-term political factors. However, inflation remains a top concern, with 43% selecting it as a major challenge, compared to 31% globally.
• Confidence in Opportunity and Ability: 51% of U.S. respondents cite the availability of business opportunities as a core driver of optimism about their business prospects, while 50% attribute their confidence to personal business acumen, showcasing faith in both the market and their own abilities.
• Succession and Expansion in Focus: While 55% of U.S. entrepreneurs are first-generation, only 25% have ventures outside the U.S. When considering international markets, France (20%) and the UK (20%) are top expansion destinations. The report also highlights the advanced succession planning among U.S. entrepreneurs, with 36% lacking a formal plan, a contrast to the global average of 52%.

About HSBC

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organizations.

HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through Wealth and Personal Banking, Commercial Banking, Private Banking, Global Banking, and Markets and Securities Services. Deposit products are offered by HSBC Bank USA, N.A., Member FDIC. It operates Wealth Centers in: California; Washington, D.C.; Florida; New Jersey; New York; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc.

For more information, visit: HSBC in the USA

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