Based on a survey by Scorpio Partnership, the report analyzes the behavior of around 2,600 wealthy entrepreneurs across 18 countries in North America, Asia and Europe, with over $17 billion in aggregate wealth.

The findings are significant considering, for example, that there is a “big unmet” need for advice on business succession planning as well as other issues such as personal liability concerns that owners face, Mitch Drossman of US Trust previously said. A report by the firm showed that many business owners are not taking enough steps to protect their personal and family’s financial assets, and are struggling with “competing priorities” across their work, personal and financial lives.

BNP Paribas's latest report on the sector adds to this detailed information about the mindset of Gen Y entrepreneurs , which it called “Millennipreneurs” - a breed of entrepreneurs that tend to create more companies, with larger headcounts and target profits, and therefore potentially different wealth management needs. Family Wealth Report is in contact with the firm for some extra insight about the impact of its latest findings on the wealth management sector and will update in due course.

The US, China and Germany were voted by respondents as the best locations for setting up a business. China has the largest percentage of entrepreneurs posting higher profits last year, at 68.8 per cent, while the country also places above-average importance on corporate social responsibility, the report said. Meanwhile, Germany is a highly attractive country for first-generation entrepreneurs, according to the report, with 63.4 per cent of founders being the first in their family to start a business. Entrepreneurs are also highly active in Belgium, with each entrepreneur starting on average 6.7 businesses compared to the global average of 5.7 companies per entrepreneur, it added.

The majority of Millennials surveyed come from families with a history of running their own businesses and, as a group, each has already established on average 7.7 companies, compared with an average of 3.5 among those over the age of 50 and Baby Boomers. With that said, the business sectors in which they are prospering are not that different from the previous generation, it emerged. The top three wealth creation sectors cited were retail , professional services and technology . The top three “industries of the future” were ranked as financial services , social media and e-commerce .

Female focus

The report also looked at female entrepreneurs, and said these individuals tend to be more ambitious and have been more successful than their male counterparts. “They also take a different approach to entrepreneurship in terms of leadership, financing and objectives,” said BNP Paribas Wealth Management's co-chief executive, Sofia Merlo. Three-quarters of female “Millennipreneurs” are expecting business profits to increase in the next 12 months and also expect close to a 35 per cent gross profit margin for 2015.

The top three wealth creation sectors identified by this subset were retail , professional services and fashion . If they were to switch business sector, they would go for e-commerce , travel, hospitality and leisure , and social media . They also said the top three criteria for success are making a profit on their initial investment , passing the business down to the next generation and having a positive social impact .

Poland, Spain and China have the highest rates of activity by successful female entrepreneurs, while Swiss, German and Belgian female entrepreneurs are the most likely to be first-generation entrepreneurs with no history of business ownership in their family , the report said. The preferred sources of finance used by females starting a business – reported as personal savings , bank loans and personal loans from friends or family – indicate that women are more likely to rely on self-financing rather than a bank loan for their starting capital, it added.