CHINA-ECONOMY: RESETTLEMENT OF CHINESE MILLIONAIRES ABROAD
|
In its latest list the New World Wealth, a company which provides information on the global wealth sector, noted that out of the top 10 nations with the most millionaires, China came in fifth, with 608,500 millionaires in 2014. The US topped the list with 4.1 million. However, China topped the list of most high net worth individuals changing their domicile, or permanent home, with 91,000. Indians came in second, with 61,000 out of 226,800 millionaires, leaving their native country. The report says that the Chinese millionaires primarily moved to the US, Hong Kong, Singapore and the UK. Hong Kong was the third most popular choice for the super-rich, with China providing the majority of its net inflow of 29,000 millionaires. (Indian high net worth individuals tended to move to the United Arab Emirates, the UK, the US and Australia.) The report suggested the major reason for the Chinese outflow is the country’s stringent tax regimes but also that Chinese parents are concerned about raising kids in an environment with dirty air, lack of clean water and frequent food and beverage safety scandals.
|