Half of China's super-rich want to leave
Updated: 2011-11-02 11:16
Nearly half of Chinese millionaires are considering leaving the country, while 14% have or are in the process of applying for emigration, according to "Private Banking White Paper 2011" released jointly by a Hurun Research Institute and the Bank of China, says an article on the CNN website on Nov 1.
The results are based on interviews conducted in 18 major cities, with the average asset holdings of the 980 surveyed 60 million yuan (US$9.44 million), and the average age of 42, says the article.
For Chinese millionaires, North America is their top choice, says the report. The United States is their most popular immigration destination, attracting 40% of the respondents who are interested in leaving China, followed closely by Canada (37%) followed by Singapore and Europe.
While half of the investors said they want to leave for better overseas education opportunities for their children, says the article, observers believe that personal and capital safety is an increasing concern for the rich who are choosing to transfer their wealth overseas.
One quarter of China's top 1000 richest people obtained their wealth from property, compared to less than 10% among the world's 1000 richest, the report says.
The outflow of super-rich is worrisome to some China observers. Hu Xingdou, a Beijing-based scholar, warns that if the cash fails to flow back to the mainland due to recession, Chinese economy might face a collapse.