The last 10 high net worth entrepreneurs that moved to the island created around 1,000 jobs, a new report claims.

It says the wealthy newcomers either established new businesses or created joint ventures with other high net worths and existing residents.

Research also found the island’s abundant space was an ’important distinction’ for those living and wanting to establish businesses.

The 75-page investigation into the Isle of Man’s private wealth sector, called ’Isle of Man Private Wealth Report 20/21’ includes an overview of the Isle of Man and its private wealth sector, as well as looking at private wealth themes and future trends.

The probe was produced by Gibson Strategy, a business consulting firm specialising in the financial services industry and was compiled from interviews with 42 island-based individuals.

One respondent said: ’The last 10 high net worth or ultra high net worth entrepreneurs that have moved to the island, have actually created around 1,000 jobs.’

The report’s findings suggest the island’s advantage is the safety and security it offers.

One of the people quoted said: ’My weakest link is my kids and my wife. I want to live somewhere where it is safe.’

Another said parents are able to give their children more freedom than if they lived elsewhere and another said children of high value residents are able to grow up anonymously.

The report also said many participants think the Isle of Man is safer than the Channel Islands.

One person said: ’There’s still lots of people who never lock their doors or leave their keys in the car.’

And its release coincides with evidence that in recent weeks people have been making inquiries about moving to the island.

Business News recently reported that KPMG had noted growing interest in moving to the island.

It appears that historically new residents came from the north of England, claims the publication. But this has changed over the past decade with the growth in e-gaming and digital businesses enticing younger people from further afield. These people tended to be more active and ’get involved in the local community and buy investments’.

One person interviewed for the report said: ’I’ve been with the firm 30 years, and it used to be a hard-bitten gritty northerner, where there’s muck there’s brass, whereas it’s now someone in their late 30s, early 40s, who’s made their money in a digital type business.’ In a chapter on the property market it concluded many prefer to build bespoke homes rather than live in existing property. Whilst another person was quoted as saying: ’You can sell your business, jump on a plane, move over here, find a nice house for a couple of million in the countryside, register with the tax office, apply for the tax cap and that is you, resident.’

The study said there was a perception the island attracts those seeking anonymity rather than notoriety.

One person said: ’There are some properly wealthy people who just love the fact they have a secure lifestyle, they can wander around, they don’t have any pressures of people running around after them, any paparazzi or anything like that.’

Another person said they ’wanted to stay under the radar’ while another commented there was ’plenty of privacy’.

Business News reported earlier this year it was estimated there has been a slight rise, to more than 70 people using the tax cap in the island.

[The tax cap is an upper limit on the amount of income tax a high net worth individual would be expected to pay].

The tax cap rose again for high net worth residents up to £200,000 from £175,000 last year.

lHigh-net-worth individual is a term used by some in the financial services industry to designate persons whose investible wealth (assets such as stocks and bonds) exceed a given amount. Typically, they are defined as holding financial assets (excluding primary residence) with a value greater than $1 million, currently more than £777,000