SAN FRANCISCO, Dec. 16, 2016 /PRNewswire/ -- According to the 2017 BNP Paribas Global Entrepreneur Report, the United States continues to be a top destination for entrepreneurs. The third annual study uncovers the characteristics, actions and ambitions of some of the world's most successful wealth creators. While the report represents a global scope, some of the United States specific findings were particularly positive. Conducted by Bank of the West's parent company BNP Paribas, this year's study found that, over the past year, 95 percent of United States respondents said their profits had increased or remained steady. Further, 94 percent reported that they expect profits to increase or stay consistent in the year ahead.
"Entrepreneurs are a highly-driven group, and each year this study helps us better understand their needs and goals both in the United States and around the world," said Pierre Ramadier, head of Wealth Management at Bank of the West. "Insights provide color to the stories of these elite demographic of business leaders."
The entrepreneurs surveyed, who have created an average of 3.5 companies during their careers, cite the United States, China, Germany, France and the United Kingdom as their top 5 markets for entrepreneurial opportunity, in that order. For these entrepreneurs, creating wealth is a family affair, with 71 percent saying they have a history of family activity in business ownership. This year's respondents were split into five subgroups, based on several business and demographic factors, dubbed Elite Entrepreneurs:
- Ultrapreneurs: Entrepreneurs with a net investable wealth exceeding $25 million. Ultrapreneurs tend to place more emphasis on social responsibility, with 77 percent saying they consider Corporate Social Responsibility an important or extremely important element of their business. They are also the most optimistic of the five groups, with 71 percent anticipating their profits will rise over the next 12 months.
- Serialpreneurs: Entrepreneurs who own or have established four or more operating companies. On average, Serialpreneurs have established 7.5 companies.
- Millennipreneurs: Entrepreneurs who were born between the years 1980 and 2000. Even at a young age, 31 percent of Millennipreneurs reported owning multiple businesses.
- Women Entrepreneurs: Female entrepreneurs reported an average personal net worth of $15.9 million. Additionally, their primary business has an average annual turnover of $8.6 million. In both areas, the average female entrepreneur outperforms the average male entrepreneur.
- Boomerpreneurs: Entrepreneurs over the age of 55 who started their ventures later in life — establishing their first companies at an average age of 37.
This group of Elite Entrepreneurs display unmatched passion and hunger for success, and they are thinking of the future as well. When asked to define success, one in four said that they consider making a profit on an initial investment success, followed by the ability to transfer a successful business to the next generation (21%). Top motivating factors for pursuing entrepreneurship include the opportunity to improve quality of life (79%) and the freedom to make independent business decisions (76%).
"Every entrepreneur's journey is unique, and these individuals have done an incredible job at establishing businesses and creating wealth for themselves and their families," said Kristin Nelson, senior vice president at Bank of the West Wealth Management Group. "We strive to help entrepreneurs and small business owners strategically navigate both their personal and business opportunities and be strategic in building wealth. With the local and regional expertise of Bank of the West and the global capabilities of BNP Paribas, we are able to provide tailored solutions to each individual."
Find out more about the lifestyles and priorities of Elite Entrepreneurs in the full report.
About BNP Paribas Wealth Management
BNP Paribas Wealth Management is a leading global private bank and #1 Private Bank in the Eurozone1. Present in three hubs in Europe, Asia and the US, over 6,600 professionals provide a private investor clientele with solutions for optimising and managing their assets. The bank has €341 billion worth of assets under management (as of September 2016) and has been elected "Best Private Bank for Entrepreneurs"2 in 2016.
About Bank of the West Wealth Management
Bank of the West Wealth Management provides wealth planning, investment management*, personal banking, philanthropy, and trust and fiduciary services. The group is part of BNP Paribas' global wealth management business of more than 6,600 professionals present in three hubs in Europe, Asia and the US with more than $11.4 billion** in assets under management in the United States and €341 billion ($383 billion) in assets under management globally as of September 30, 2016.
About Bank of the West
Bank of the West is a regional financial services company headquartered in San Francisco with $82.6 billion in assets as of September 30, 2016. Founded in 1874, Bank of the West provides a wide range of personal, commercial, wealth management and international banking services through more than 600 branches and offices in 23 states and digital channels. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 75 countries with more than 189,000 employees. To learn more about Bank of the West, visit About Us.
*Securities and variable annuities are offered through BancWest Investment Services, a registered broker/dealer, Member FINRA/SIPC, and SEC Registered Investment Adviser. Financial Advisors are Registered Representatives of BancWest Investment Services. Fixed annuities/insurance products are offered through BancWest Insurance Agency in California, (License #0C52321), through BancWest Insurance Agency in Utah and through BancWest Investment Services, Inc. in AZ, CO, IA, ID, KS, MN, MO, ND, NE, NM, NV, OK, OR, SD, WA, WI, WY, HI, GUAM and CNMI. BancWest Investment Services is a wholly owned subsidiary of Bank of the West. Bank of the West is a wholly owned subsidiary of BNP Paribas. Bank of the West and its various affiliates and subsidiaries are not tax or legal advisors.
**Assets under management refers to assets under administration, management, advisement, and on deposit, including assets with our affiliate BancWest Investment Services ("BancWest") as of September 30, 2016.
Deposit and loan products offered by Bank of the West, Member FDIC and Equal Housing Lender. In South Dakota, Bank of the West operates under the name Bank of the West California. Bank of the West Wealth Management offers products and services through Bank of the West and its various affiliates and subsidiaries.
Investment and Insurance products:
NOT FDIC INSURED
NOT BANK GUARANTEED
MAY LOSE VALUE
NOT A DEPOSIT
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
1 Source: BNP Paribas strategy team
2 Source: PWM / The Banker 2016
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SOURCE Bank of the West