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June 7, 2014

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More rich in China thinking of emigration

MORE of China’s richest people are considering emigration to secure a better future for their children, according to a report on the nation’s high net worth individuals — those with more than 6 million yuan (US$1 million) in personal assets.

Education, pollution and food safety concerns are the top three reasons for considering emigration, the report found.

A survey carried out in March and April found that 64 percent of 141 respondents, who had an average of 42 million yuan in personal assets, had either already emigrated or planned to do so in the future.

That is 4 percentage points higher than last year, the rise mainly driven by the number of “super-rich” considering emigration, according to the report.

China is said to have around 3 million high net worth individuals with 67,000 of them in the super-rich category, having 100 million yuan or more.

Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, which carried out the survey with the Visas Consulting Group, said: “Fundamentally, they are looking out for the next generation. This is the age of Chinese globalization.”

Better educational opportunities for their children were the biggest motivation for 21 percent of the respondents.

Hoogewerf said that as China’s economy grew, entrepreneurs wanted their children to have an international understanding. It was no coincidence, he said, that the United States, where most of the world’s top 10  universities are based, is the top destination for China’s high net worth individuals, with 52 percent of the respondents choosing it, compared with 21 percent for Canada, which came second.

Pollution and food safety issues were important considerations as well, he said, accounting for 20 percent and 19 percent respectively.

The report said it was no surprise that real estate was the top overseas investment choice for more than 40 percent of the respondents, given their plan to stay for the long term. Some 70 percent expressed an interest in buying homes for themselves rather than as a pure investment.

Two-thirds of them said they would consider changing nationality after moving to another country.




 

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