Why Welsh Expats Are Eager to Invest Back in Their Homeland!
Exciting opportunities lie ahead for Wales as a new academic study highlights the untapped potential of Welsh entrepreneurs living overseas. The research indicates that many expatriates are eager to return and invest in their roots, but there’s work to be done to facilitate this exciting reinvestment.
Dr. Sarah Louisa Birchley, a renowned expert on global diaspora entrepreneurship, conducted an eye-opening study involving 1,700 Welsh emigrants across 45 countries. The findings? A remarkable 500 of these individuals are entrepreneurs, with a striking quarter expressing readiness to invest in their homeland.
“We must eliminate the barriers that hold them back from returning,” Dr. Birchley emphasized, pointing out that the Welsh government is keen to explore innovative ways to engage with the diaspora.
“The narrative about Wales isn’t reaching these entrepreneurs effectively,” Dr. Birchley stated, stressing the need for clear communication about the opportunities awaiting them back home. “They need to know what’s possible in Wales to entice them back.”
Supported by Welsh Water and a Newport-based organization, the research revealed that over half of the emigrants would consider returning to Wales, showcasing a promising “brain gain” opportunity for the country.
The report titled “Brain Drain to Brain Gain” unveiled some impressive statistics:
- 25% of Welsh diaspora entrepreneurs are ready to invest in Wales within the next year.
- 45% hold master’s degrees or higher, showcasing a well-educated demographic.
- 62% are eager to engage in knowledge transfer and mentoring for those in Wales.
- The Welsh diaspora is linked to key sectors such as technology (24%), creative industries (7%), and healthcare (6%).
How Many Welsh People Live Abroad?
According to estimates, more than three million Welsh people are living abroad, mirroring the number of those residing in Wales.
Dr. Birchley participated in a vibrant discussion about the Welsh diaspora at the illustrious Hay Festival Winter Weekend, alongside Julia Gillard, the former Prime Minister of Australia.
Wales has produced notable figures like Sir Terry Matthews, the nation’s first billionaire, who gained his fortune in telecommunications before investing over £100 million into Newport’s Celtic Manor Resort—his childhood home.
Cardiff-born billionaire Sir Michael Moritz has also made waves by donating £75 million to Oxford University, significantly aiding underprivileged students.
After graduating in 1976, he moved to the U.S. and became the only student from his school to attend Oxford—a true testament to the potential of Welsh talent abroad.
A “Valuable Resource”
Dr. Birchley believes that a stronger collaboration with the Welsh diaspora could unlock incredible potential for Wales. “We need to convene a stakeholder meeting to align our goals and engage this invaluable resource effectively,” she stated.
She highlighted the need to address more complex issues like tax implications, infrastructure, and housing for those looking to relocate their families.
Dr. Birchley urged organizations, including the Welsh government, universities, and businesses, to unite in harnessing the power of the diaspora. “It requires a collaborative effort to align our values and aspirations,” she concluded.
A spokesperson for the Welsh government added, “We’ve seen fantastic examples of how our diaspora can play a crucial role in supporting and investing in our communities and promoting Wales internationally. We’re always open to innovative ways to engage with our diaspora and will explore how this insightful report can shape future strategies.”
