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Half of China’s rich plan to emigrate
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NEARLY half of super-wealthy Chinese individuals are considering leaving the mainland, a survey said yesterday, with most citing better overseas educational and employment opportunities for their children.
The global survey of 2,000 high net-worth individuals by Barclays Wealth found that 47 percent of the wealthy Chinese who were questioned plan to move overseas within the next five years.
Hong Kong is their preferred destination, cited by 30 percent of respondents, followed by Canada with 23 percent — although earlier this year Ottawa closed an immigrant investor visa scheme that had been popular among wealthy Chinese.
The results show that “better educational and employment opportunities for their children is the main pull factor for Chinese high net-worth individuals,” according to the survey.
China has seen double-digit economic expansion in recent decades but faces mounting uncertainty over its pace of growth.
China’s economic expansion has also occurred at great environmental cost — particularly in large cities such as Beijing and Shanghai — another factor among the country’s super-wealthy in considering a move overseas.
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