Building generational wealth-passing down money or assets to other generations- takes careful consideration and planning. For some people, it can mean investing in real estate or passing down businesses.
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And for others, it can mean relocating to another country, where building that kind of wealth could be easier, or faster, thanks to a variety of reasons, such as tax policies, lower costs of living, or better business prospects.
“There’s a direct link between financial liberalization and the ability to build wealth,” said Peter C. Earle, economist at the American Institute for Economic Research. “So a good place to start a search for nations that are friendly to saving, investment, and entrepreneurialism are the business start-up time rankings.”
Another metric of national attitudes toward wealth and private property is found in the relative rankings of tax rates, added Earle.
“Tax codes are notoriously complex everywhere, and even more complicated toward expatriate businesspeople, but as a first step, one can look at corporate and personal taxes,” he said.
Here are a few of these countries to build generational wealth, according to experts.
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Singapore
Singapore is a hub for international business and finance. According to Taylor Kovar, CFP, and CEO at Kovar Wealth Management, the city-state’s resilient real estate market and banking sector are among the world’s most stable.
“With favorable tax policies and a commitment to innovation, Singapore is an attractive destination for investors and entrepreneurs,” said Kovar.
Switzerland
The country offers a stable economic environment with its banking secrecy laws and efficient financial services making it a preferred choice for wealth management, said Kovar.
“The Swiss real estate market, especially in cities like Zurich and Geneva, also presents lucrative investment opportunities,” he added.
As Wealth and Finance News noted, while the cost of living in Switzerland may be higher than in other countries, “the potential for long-term wealth accumulation and the unparalleled quality of life makes it a highly desirable destination for those seeking financial prosperity.”
United Kingdom
Despite economic uncertainties, the U.K. remains a financial powerhouse.
“London’s real estate market is evergreen, and the London Stock Exchange offers a diverse range of investment options,” said Kovar. In addition, the U.K.’s tech startup scene is burgeoning, providing opportunities for venture capital investments, he added.