One in five wealthy Midlanders to move abroad

More than 2,000 hight net worth individuals around the world were surveyed for the latest Barclays' Wealth Insights report.

Of those surveyed from the Midlands 37 per cent had already lived in more than one country and 14 per cent in three or more.

It also found 20 per cent planned to move country in the next five years, as the opening up of markets and rise of technology leads to increased mobility

Despite this move towards global mobility, 38 per cent in the Midlands still identify strongly with their local community and 52 per cent said they preferred to give to local, rather than global causes

The survey also found that 56 per cent of the wealthy expected their children to live in more countries than they had done.

Also 92 per cent said they live in the region because it is where they were born or grew up, indicating that the wealthy in the Midlands almost always return to their roots even after living abroad. Other reasons for choosing to live in the region include through marriage or their partner (28 per cent) and for economic security (13 per cent).

Paul Keiser, regional director at Barclays Wealth and Investment Management, said: "The overwhelming sense of belonging and loyalty demonstrated by high net worth individuals in the Midlands is testament to what a fantastic place the region is to live, do business and raise a family.

"As borders open up and advancements in technology make the world a more connected place, no doubt we will start to witness greater numbers of wealthy individuals planning to move themselves, their families and their businesses to new destinations. However, what is evident is that the Midlands is still a hub for business, entrepreneurial activity and wealth creation, and there is no sign of that changing any time soon."