Keep track of your finances
First, assess your budget and bank account. Review your professional, financial, patrimonial, and matrimonial situation. Are you a homeowner? Do you have one or more savings products, and if so, can they remain open abroad?
Define your objectives
What does "being rich" mean to you? Is it about personal enrichment, a better quality of life, finances (or all three)? Some people consider themselves rich if they have 1,000 euros left after paying their expenses. Others consider themselves rich only if they have 10,000 euros per month of "pocket money".
How far are you ready to go to become rich?
Defining your objectives is crucial to building wealth during your stay overseas. How much do you need to achieve a capital of 10,000 or 20,000 euros? Can you save money, and, if so, how much can you put aside every month to build up your capital? 500? 1000 euros? How long will it take you to reach your goal?
Make the right investments
Take stock of your current investments before moving abroad. Do you have movable and real estate assets or financial placements? Identify and break down the different sources of income and their frequency (stable income, such as rent; unstable, such as stock market shares). Real estate and life insurance are the preferred investments of expatriates, as they are profitable and easily "portable" anywhere. Next comes the stock market, which may be riskier, but even more profitable. And there is real estate. Have you thought about living off your rental income? Depending on your destination, investing in real estate can open the doors to wealth.
Choose the right country
Narrow down your first projection according to the cost of living in your host country. On what criteria is your choice based? If you want to pay as little tax as possible, you will probably choose the United Arab Emirates, Mauritius, Andorra, Malta, Antigua and Barbuda, Bulgaria, the Bahamas, Monaco or Portugal. If you are an entrepreneur, aim for the best countries to do business in. Forbes' 2022 ranking awards the trophy to the United States. Next come the United Kingdom, Australia and France. Contrary to popular belief, France has boosted its investments (especially via French Tech and France 2030) to attract investors and startups from around the world. Chile, Italy, Spain, Turkey, Mexico and Germany complete this top 10 list of best countries to invest in.
Choose a high-paying job
According to French sociologist Pierre Bourdieu, social reproduction is a sociological phenomenon whereby children reproduce what their parents have done (same studies, same job, etc.). Social position is transmitted from generation to generation. This social reproduction is very visible today and is even worsening with the crisis. One-third of today's billionaires were born into wealthy families. Three-quarters of the world's richest people studied finance, business and/or engineering. In other words, these are the most prominent sectors of the job market and also the highest-paying.
However, there's no need to panic. You can get rich without being a graduate of a top school. Several options are available:
- Acquire more skills in your professional sector in order to earn more money and meet your objectives; manage your income/expense base to generate more money.
- Take on a business that works and provides a quick return on investment (real estate, marketing...), and can expand abroad.
- Start your own business abroad.
Build and maintain your network
A strong network is vital to developing your business overseas. Being rich is also knowing how to surround yourself with the right partners. And you don't necessarily have to aim for the top and be turned away because you don't belong there. Working in a large company, attending informal parties as a waiter, or bartender, for example, and other parties might be enough. You are more likely to meet wealthy people in such informal settings.
Are you looking for billionaires?
Head to New York. The city is home to 106 billionaires whose total wealth is close to 600 billion euros. Beijing is home to 83 billionaires, Hong Kong to 67, and London to 65. Be open and curious without being clingy. Be patient. A network can take several months/years to build.
Put in the effort
Many people dream of earning their living as an annuitant, and you might have considered that at some point. However, even an annuitant works, even if it's just to make sure everything is going well. You would never entrust the keys to your house to a stranger, would you? Entrusting your wealth to agencies without worrying about what they are doing with it isn't the safest way of guaranteeing your income. So it is very important that you try to get some basic knowledge of accounting, investment, and the stock market. Also, inquire about your expat country's legislation. Don't expect that leaving everything in the hands of an investment fund or an agency is a guarantee for a laidback attitude. Keep an eye on everything and update your knowledge continuously.
Think forward
The more effort you make, the more likely you'll find yourself to be on your own for the first few months or even years of your new life abroad. You have already left your comfort zone by moving abroad, the way back could be even more complicated. Keep challenging yourself by investing in products that will pay off in the long run. Consider setting up a retirement savings plan. Set aside a "risk" envelope to test new markets and reserve a "safety mattress" to deal with the unexpected.
