Credit: UBS

Union Bank of Switzerland (UBS) has published its first Global Entrepreneur Report, based on a survey of 156 UBS entrepreneur clients and network members across a full range of businesses accounting for approximately $19.1 billion in combined annual revenue, which equates to an average of $123 million each.

UBS Europe SE, Luxembourg Branch shared this news on Wednesday 12 February 2025.

Respondents from 26 markets took part using an online methodology. The survey was conducted from 26 September to 30 November 2024, with findings supported by short in-depth interviews focusing on key topics ranging from artificial intelligence to private wealth management and hiring plans.

“We believe it is crucial to explore what some of the world’s top entrepreneurs are thinking about and preparing for as we approach the midpoint of a decade that has generated both solid economic growth and technological breakthroughs but also a global pandemic and geopolitical conflicts,” said Benjamin Cavalli, Head of Strategic Clients at UBS Global Wealth Management. “While UBS is widely recognised as a leading global wealth manager, it’s often less known that thousands of our clients are entrepreneurs or come from business families, many of which span generations.”

As stated in the report, entrepreneurs’ perspectives provide invaluable insights into the state of the economy and key drivers of change. The respondents remained optimistic about the outlook for their industries over the next twelve months, with around six in ten (61%) stating that they are very or somewhat optimistic. Meanwhile, just under a fifth (17%) described themselves as very or somewhat pessimistic. Entrepreneurs in the Americas stood out as the most optimistic, according to the report. From a sectoral perspective, confidence was particularly strong among technology, healthcare and industrials entrepreneurs, while those in consumer discretionary and staples sectors expressed lower confidence levels.

Looking ahead, entrepreneurs expect businesses to ramp up investment. 51% believe that typical companies in their industries plan to increase investment slightly or significantly over the next twelve months. Over a five-year period, that figure rises to 86%, according to the survey.

Globally, entrepreneurs mainly anticipate investment in people and acquisitions, according to the report. 54% believe the typical company in their industry plans to invest in personnel over twelve months – not just hiring but also providing incentives or training – while 53% expect an upturn in strategic acquisitions or partnerships. Almost half (47%) of entrepreneurs surveyed anticipate a typical company in their industry will invest in IT spending and/or digital transformation, with 45% expecting investment in AI infrastructure, applications and/or models.

Expectations for investment in personnel are greatest in the Americas, while strategic acquisitions and partnerships rank highest in Europe, according to the report. In Asia-Pacific, investment in strategic acquisitions and partnerships, along with investment in AI infrastructure, applications and/or models, rank ahead of personnel.

Over the next twelve months, more than four in ten (44%) entrepreneurs expect businesses in their industries to significantly, or slightly, increase their workforces. In five years, that percentage rises to more than two thirds (68%) of entrepreneurs surveyed. Entrepreneurs in the Americas and Switzerland have the greatest expectations over five years, while very few entrepreneurs globally see significant decreases in the workforce over twelve months or five years.

The report also shows that more than half (52%) of entrepreneurs surveyed think that businesses in their sectors are having trouble hiring employees, while close to half (45%) say that remuneration/ incentives have had to be increased to retain employees. Hiring problems appear greater in the Americas and Europe than Asia-Pacific.

According to the report, in Europe, 52% of entrepreneurs surveyed were very or somewhat optimistic about the outlook for their industry over the next twelve months, while 59% and 87% said they would expect a typical company in their industry to significantly / slightly increase total investments over twelve months and five years, respectively. Half (50%) said a typical company would be planning to significantly / slightly increase their workforce in twelve months, with that share rising to 58% over five years. When asked what a typical company would be investing in strategic acquisitions, IT spending and/or digital transformation, personnel and AI infrastructure, applications and/or models were the top investment areas over twelve months.

Present in Luxembourg since 1973, UBS “acts as a cross-border competence centre for wealth management clients located in Europe with a special focus on the Nordics and Benelux, who are looking for personalised solutions that fit their wealth situation”.

IK