China's millionaires prepared to take their money and leave
Friday, November 4, 2011
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Almost 50% of the Chinese millionaires consider emigrating from China looking for more social, political and economic security.
The Hurun Research Institute and Bank of China conducted a research targeting China's "high net worth individuals".
Those included were people with personal assets above 10 million yuan ($1.58 million) from 18 major cities including, Beijing, Shanghai, Wuhan, Nanjing, Dalian and Suzhou.
The respondent's average age was 42, while their average personal assets was 60 million yaun. There are 960,000 Chinese millionaires in China (30% of them females), and 271 billionaires up from 189 billionaires last year.
The survey showed that 46% of the Chinese millionaires have plans to emigrate from China, while 14% have already started to take their money overseas, and the rest are planning to invest abroad in the next three years.
The most popular destinations are: United States 40%, Canada 37%, Singapore 14%, Europe 11%, Other places 9%, Hong Kong 5% and UK 2%.
The country's strong economic growth helped many Chinese expand their wealth. "55% derived their wealth from private business; 20% are property speculators; 15% work in the stock market and 10% are high earning executives".
However those people are expressing increased concerns about "social issues such as China's one-child policy, food safety, pollution, corruption, poor schooling and a weak legal and medical system".
They are also worried from "high inflation, a bubbly real-estate sector and a sharp slowdown in external demand", but the children's education, a desire for better medical treatment and fear of pollution seem to be the main reasons.
Although China has strict controls on rich Chinese who try to move their money out of the country, they managed to find some windows, and this year there was a significant increase in the number of applications for investment visas.
Source : ecpulse.com
The Hurun Research Institute and Bank of China conducted a research targeting China's "high net worth individuals".
Those included were people with personal assets above 10 million yuan ($1.58 million) from 18 major cities including, Beijing, Shanghai, Wuhan, Nanjing, Dalian and Suzhou.
The respondent's average age was 42, while their average personal assets was 60 million yaun. There are 960,000 Chinese millionaires in China (30% of them females), and 271 billionaires up from 189 billionaires last year.
The survey showed that 46% of the Chinese millionaires have plans to emigrate from China, while 14% have already started to take their money overseas, and the rest are planning to invest abroad in the next three years.
The most popular destinations are: United States 40%, Canada 37%, Singapore 14%, Europe 11%, Other places 9%, Hong Kong 5% and UK 2%.
The country's strong economic growth helped many Chinese expand their wealth. "55% derived their wealth from private business; 20% are property speculators; 15% work in the stock market and 10% are high earning executives".
However those people are expressing increased concerns about "social issues such as China's one-child policy, food safety, pollution, corruption, poor schooling and a weak legal and medical system".
They are also worried from "high inflation, a bubbly real-estate sector and a sharp slowdown in external demand", but the children's education, a desire for better medical treatment and fear of pollution seem to be the main reasons.
Although China has strict controls on rich Chinese who try to move their money out of the country, they managed to find some windows, and this year there was a significant increase in the number of applications for investment visas.
Source : ecpulse.com
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Very responsible citizens. They in the first place created pollution by accumulating their wealth and now they just want to leave the mess they themselves created and leave for greener pastures.
hi serge ,
yes you are completely right , thank you so much .
ayman