The restless rich and what to do about them
The latest Forbes report, according to New World Wealth and LIO Global, says about 91,000 high net worth individuals from the Chinese mainland have settled overseas in the last 14 years. The report categorizes the rich on the mainland as anyone with net assets of $1 million, not counting their primary residence, and says most of the mainland's rich are heading to the United States, Hong Kong, Singapore or the United Kingdom.
Why are wealthy Chinese so eager to leave the mainland? Hurun Consultancy, together with the Visas Consulting Group, did some digging and found that the main reasons are quite apolitical. The top three factors driving the millionaires' desire for emigration, with each accounting for 20 percent, were concerns over their children's education, pollution and food safety.
It is believed that some individuals are making exit plans to escape the recent crackdown on corruption targeting those with ill-gotten wealth. No one in China will miss them but the authorities need to stop them.