Half of Chinese Millionaires Leaving China

Almost half of wealthy Chinese citizens are planning to move, with the United States and Canada as most popular destinations.

A report by Bank of China and Hurun Report, the publisher of luxury magazines, revealed that 46 percent of Chinese with assets of at least $1.6 million were considering emigrating. About 14 percent have already started moving.

Most of those who are planning to move said that they are seeking better education for their children. They were also concerned with the security of their assets in China. Because of this, they are also looking at bringing investments to the country where they intend to move. Some have already invested.

China has 271 billionaires as compared to 189 last year and there are 960,000 with at least $1.6 million. The country’s booming economic growth have allowed more Chinese to build their fortunes.

Of the 960,000 Chinese millionaires, 55% derived their wealth from their private business; 20% are property speculators; 15% are stock market gurus; and the remaining 10% are high earning salaried executives. It should be noted also that 30% of the millionaires are female.

Rigid education system, rising living costs and corruption is what’s playing against China and pushing millionaires to look for their place abroad.