European HNW individuals want to go places, showing a footloose propensity that wealth managers must cater for, a survey reveals.

A majority of European high net worth individuals polled recently – some 53 per cent – plan to relocate in the next decade and 41 per cent have already made the move, highlighting how wealth managers must cater to such a cosmopolitan clientele.

The evidence comes from a survey, The Meaning of Life: The Dynamics of Work and Life for Europe’s Wealth Creators, conducted among 500 European HNW individuals by NPG Wealth Management and Scorpio Partnership, the consultancy. Those covered in the survey had an average net worth of €3.6 million ($4.1 million).

Almost two-thirds of HNW millennials (64 per cent) intend to move abroad in the future, the survey said. 

“For the wealthy, the world is shrinking; international mobility and a cross-border lifestyle are no longer the preserve of the UHNW but a reality for the majority of HNWs too. These findings highlight that wealth managers need to be prepared to deliver advice that spans outside of their own borders and ensure that their clients have investment solutions that meet multi-jurisdictional compliance requirements,” said Marc Stevens, chief executive of NPG Wealth Management.

The report shows that moving to a new country could be the fast-track to financial success. Those who have moved abroad in the last decade typically enjoy salaries that are €140,000 higher than those who have not. However, these rewards come at a price. Individuals who have relocated are more likely to approach life with a “work hard” philosophy, typically spending over 70 hours a week in the office.