Half of China's rich plan to move overseas
According to a recent report by the Shanghai-based Hurun Research Institute in association with Visas Consulting Group, Australia is the fourth most popular destination for Chinese nationals to emigrate to. The U.S. still remains the most popular destination, for the first time ever, Canada surpassed the U.K. in rankings. Australia came in at fourth.
This particular survey focused on Chinese who have accumulated assets of between $1.5 million and $30 million. It is estimated that China’s personal investable wealth stands at an impressive $20 trillion — much of that money has gone into the purchase of overseas property.
The Hurun-Visas Association report claims that Chinese are emigrating overseas primarily to seek a better education for their children (76 percent), and a cleaner living environment (64 percent).“Education and pollution are driving China’s rich to emigrate.
If China can solve these issues, then the primary incentive to emigrate will have been taken away,” said Rupert Hoogewerf, Chairman and Chief Researcher of the annual Hurun Report. Yet the fear of a falling Chinese currency is also driving many rich Chinese — and their money — abroad. Fully 84 percent of Chinese millionaires are concerned about the devaluation of the yuan, up from 50 percent last year. Half are worried about the exchange rate of the dollar, foreign exchange controls and property bubbles in China. Over 60 percent of wealthy Chinese are "optimistic" about China's economic development, but only 22 percent said that China's "high-speed development will continue and 44 percent said it will slow down.
"Many Chinese are still not satisfied with [the] local environment," said David Chen, a lawyer with Visas Consulting Group.
A whopping 84% of respondents -- an increase of 50% over last year -- said they worry about the devaluation of the yuan, which fell to its lowest level in eight years in November before recovering slightly in the first half of 2017.
Edited by : WooBuyers News.
Source Credit: CNN, Business Insider