Farewell to All This: Majority of Wealthy Chinese Seeking to Emigrate

Steven Schwankert | Aug 18, 2014 9:00 am | 3 comments | 2559 reads

The next time you attend a farewell party for an expatriate friend, realize that it isn't just foreign passport holders who are heading elsewhere.

Sixty-four percent of High Net Worth Individuals (HNWI) in China – people having personal wealth of RMB 10 million or more – are in the process of moving to another country or territory, or planning to do so, according to the Hurun Report, which tracks the habits and prefences of these HNWI.

With rising costs and rising wealth in China making life elsewhere more affordable, HNWI are looking at other options in the face of issue such as education and pollution here.

Beijing still has the country's highest concentration of HNWI, with 184,000 as of August 2013. While not necessarily the first choice for emigration, Australia is the HNWI's first choice as a travel destination.

Read more about the emigration phenomenon here.

Photo: The News Tribe

Comments

New comments are displayed first.

Comments

ReneeWine's picture ReneeWine Submitted by Guest on Fri, 08/22/2014 - 21:12

squid wrote:

If Beijing has nearly 200,000 individuals in this wealth bracket, then this means in all of China there would be close to one million who fall into this bracket. And according to this article 64% of them are planning on leaving the country? 640,000? Pray tell, where in the world did they get this information? They surveyed a million of these people and asked them?

That's ludicrous.

As to my observation, the majority of rich Chinese persons would love to live in China. They do not want to move out of China.

squid's picture squid Submitted by Guest on Thu, 08/21/2014 - 19:14

If Beijing has nearly 200,000 individuals in this wealth bracket, then this means in all of China there would be close to one million who fall into this bracket. And according to this article 64% of them are planning on leaving the country? 640,000? Pray tell, where in the world did they get this information? They surveyed a million of these people and asked them?

That's ludicrous.

Validate your mobile phone number to post comments.