Access to opportunity is one of the most desirable qualities that any jurisdiction can offer. This year, the 2023 WCR measured 188 countries in the world, looking at what these nations have to offer High Net-Worth Individuals (HNWIs) and the mass affluent. Both who are continually looking past their home borders for better opportunities. Let’s explore the top five places to do business in 2023…
Economic opportunity is a key motivator that measures the overall ability of a nation to extend wealth, material comfort, and other key benefits of a strong economy to all of its citizens.
Greater access to improved business environments and employment opportunities allows individuals to participate in the economy. Achieving their goals of securing their financial futures and raising the standard of living for themselves and their families is important to many.
Many HNWIs have shown a willingness to travel to access more powerful economies globally. Additionally, they also desire supportive business environments which enable them to fully realise their entrepreneurial potential.
A shift in economic growth from the West to emerging markets over the past few decades has led to new business hubs worldwide. Regions such as Asia, the Middle East, and South America have seen rapid economic growth, improved infrastructure and, in some cases, lighter regulation.
Entrepreneurs the world over are capitalizing on this, often by going through the citizenship by investment (CBI) route of a country that allows access to profitable business opportunities in booming markets across the globe.
World Citizenship Report 2023
The WCR looks at the top business hubs globally, among other motivators for individuals looking to widen their prospects. Other motivators explored by the WCR are: Safety and Security, Quality of Life, Global Mobility, and Financial Freedom.
Herewith, the top five places to do business in 2023
So which are the world’s most sought-after business hubs in 2023?
Singapore was crowned as the best place to do business this year with a score of 84.8 according to the WCR.
The country has a conducive environment for business given its regulatory environment, stable and efficient infrastructure to support starting a business, access to financial intermediation and services, and enforcement of contracts. The economy makes it easy for domestic and international businesses to make their mark in the world.
2. United States of America
In second place is the United States of America. As one of the most recognised economies in the world, the USA offers a lucrative open market that is a powerful growth engine for companies of all sizes. The predictable and stable political and judicial system where intellectual property is protected, resulting in a great place for business investment of any kind.
The country scored 83.7 in this year’s WCR.
3. Hong Kong (SAR China)
In third place with a WCR score of 83.1 is Hong Kong. The country has a free-enterprise, free-trade economy and the government has traditionally adopted a policy of non-intervention in the private sector, while at the same time providing the territory with a modern and sophisticated commercial infrastructure and a sound legal and administrative framework.
Taking fourth place, the Netherlands scored 82.4 and the country continues to be a good place to start a business. Netherlands has a stable business climate where ambitious companies can tap into innovation ecosystems to accelerate their businesses.
5. Switzerland and Japan
Tied at fifth place, ranking at 82.3 in the Economic Opportunity pillar, are Switzerland and Japan.
Switzerland, the 20th biggest economy in the world, is a well-known financial hub and great place to invest, thanks to its stable economy and strong business culture. The country is also known for its innovation and flourishing start-ups in the major cities.
Japan is considered to have one of the most politically stable countries in the world. It’s also known as one of the safest to travel in for work or business. Japan’s economy has gained momentum in 2023 with surveys of business activity indicating economic growth.
That’s our roundup of the top five places to do business in 2023. You might also want to read: Best places to invest in the Caribbean. To find out more about the World Citizenship Report – click here.