WHEN British politicians talk about winning the “global economic race” (as they often do) they have athletes like Gregor Wilson in mind. Mr Wilson taught himself to code as a child. He started and built his first company while at university and sold it on graduating. His second venture, a software firm, is booming and will soon be ready to take on more staff. He is also preparing to leave Britain for good.

In the popular imagination, British expats are leathery retirees in the Mediterranean. But from 2006 onwards the weak pound, the bursting of Spain’s property bubble and rising taxes in France made the costas less attractive. The number of old Britons emigrating annually has more than halved since then. Dean Blackburn, head of HSBC Expat, part of the high-street bank, says that a different breed of emigrant is now on the march: the ambitious graduate bound for North America or Asia.

The sharpest rise has been among those moving to the glittering East (see chart). Mr Wilson will build his business in Hong Kong. The web, along with the reach of the English language and the cachet of a British degree, gives young people like him opportunities undreamed-of by their parents’ generation. They are also untethered for longer: on average, they buy a house and form a family later in life than did previous generations. Figures from the Office for National Statistics show that, since the eve of the economic crisis, emigration is down by 19% overall but up by 8% among 15- to 24-year-olds.

High housing costs help to drive young folk abroad. For the monthly rent on a rabbit hutch anywhere near central London, graduates live grandly elsewhere. “We can afford to travel around Australia, rent an apartment with a sea view and save some money,” explains Emma, a publisher and recent Oxford graduate who moved to Melbourne last year. Those with advanced degrees are especially likely to leave for countries where pay and research facilities are better. This is regrettable. Britain’s productivity rate is puny; firms and factories badly need such skilled employees. But it is also an opportunity—which the country is squandering. According to the World Bank, the British diaspora (at nearly 5m people, roughly the size of Scotland) is the largest of any rich country and the eighth biggest overall. Britain’s many expats could strengthen its trading links, channel investment into its economy and generally burnish the national brand. But Britain’s government seems to have “no coherent strategy” for engaging with them, says Alan Gamlen of the Oxford Diasporas Programme, a research unit at Oxford University. Of 193 UN member states, 110 have formal programmes to build links with citizens abroad. Britain is not one of them. The Foreign and Commonwealth Office’s database of Britons abroad is patchy. Of all the high-flying expats with British passports your correspondent asks, only one—Danny Sriskandarajah, a migration expert based in South Africa—has had any contact with local embassies or with UKTI, Britain’s trade-promotion body. And his Indian friend has received much more attention from his consulate.

Indeed, India is a trailblazer in this field. It has an entire ministry for its emigrants. Mr Gamlen says it partly has this to thank for the success of its IT industry, built by Indians lured home from Silicon Valley and Europe. Other countries are similarly welcoming. Italy and France even reserve parliamentary seats for their diasporas.

The British government would probably have to work harder than most to sustain ties with the country’s expats. Britons are relatively good at melting into other countries without trace. They are a individualistic bunch, have Commonwealth links and a native language that often makes it easy to integrate.

Kiwi seeds

New Zealand offers a good model for Britain’s hands-off diplomats to emulate. Wellington has spent 30 years encouraging firms and philanthropists to root out Kiwis abroad. Its proudest achievement is the Kiwi Expat Association, a public-private partnership that supports and connects overseas New Zealanders through social media and networking events, and helps them return home if they so wish. Britain might also make it easier to bring spouses into the country. Expats who want to move back with their non-British partners often collide with their home country’s ever-tougher immigration regime.

If Britain does not want its talented globetrotters, others do. Germany actively recruits Britons to take apprenticeships there. Middle Eastern governments tour British universities doling out visas. Mr Wilson was contacted out of the blue by the Chinese authorities, who invited him to relocate his firm and offered to pay for his flight. “America and China seem really keen to attract us,” he says. “Britain just doesn’t seem that interested.”