Americans just love to own their own businesses, whether here in America or in another country. In fact, nearly one-third of American expats are entrepreneurs, according to the Expat Survey 2014, a global study of nearly 8,000 expats living in 128 countries.
As we await the results from the second annual Expat Survey, I thought I would give you a sampling of the some of the findings from last year’s study that were specific to Americans. The study’s research director, Emma Wood, provided these findings.
First and foremost, American expats like to run their own businesses. The study analysis showed that 31.1 percent of those who completed the survey said they were self-employed, and nearly 17 percent said they either owned the business or were a partner. Just over a quarter of those self-employed worked for a family-owned or partially family-owned business.
That tracks with MYIA research a few years ago. We asked American adults who were considering or planning a move abroad why they wanted to move. About 40 percent said they were moving abroad to start a new business. We also know that Milllennials make up the majority of the new American expat generation and are by far the most entrepreneurial generation in decades.
We also learned a few other interesting things about the Americans who responded to last year’s massive expat study:
43 percent said it was their first time abroad
57 percent moved abroad because they wanted a different lifestyle
Quality of life was the #1 reason given when asked why living in their new country is better than living in America
Income taxes topped the list of reasons why living in their new country is worse than living in America (read our article, “FATCA Impacts American Expat Local Banking.”)
Most said they will retain their U.S. citizenship and at some point return home to America
We’ll cover the new results from The Expat Survey 2015 when they become available in September.