1/3 of richest Chinese have left the country, 2/3 of remaining plan to

 

A new report shows that 64 percent of Chinese millionaires have either emigrated or plan to emigrate, taking their spending and fortunes with them. One-third of China's super rich - or those worth $16 million or more - have already emigrated.

The data offer the latest snapshot of China's worrying wealth flight, with massive numbers of rich Chinese taking their families and fortunes overseas. Previous studies show the main reasons rich Chinese are leaving is to pursue better educations for their kids, and to escape the pollution and overcrowding in urban China.

But analysts say there is another reason the Chinese rich are fleeing: to protect their fortunes. With the Chinese government cracking down on corruption, many of the Chinese rich—who made their money through some connection or favors from government—want to stash their money in assets or countries that are hard for the Chinese government to reach.

The Chinese wealthy now have about $658 billion stashed in offshore assets.

The mass millionaire migration out of China is also hitting luxury companies hard. China's luxury sales last year fell 15 percent, the biggest drop in over a half a decade. Spending on gifts, which made up a sizable portion of luxury sales, fell 25 percent.

Bentley Motors last week said that its sales in China slowed last year in part because of "the migration of high net worth individuals from China."

In other words, it isn't that wealthy buyers in China are spending less—they're just disappearing.

Most are looking for permanent residences. The United States was their top destination, which any real estate agent in San Francisco, Seattle or New York can confirm. Europe is their second favorite destination, followed by Canada, Australia, Singapore and Hong Kong.

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Recent Comments »

jacktripper site profile image  

1/18/14 2:09 PM by jacktripper

But why did they come here? I've learned from a lot of commonwealthers America is a violent hellhole... Why not Canada or Australia?

MrFluffyHippo site profile image  

1/18/14 12:20 AM by MrFluffyHippo

Even Hippos

thesleeper site profile image  

1/18/14 12:14 AM by thesleeper

There are other reasons.1. There is a hidden debt crisis in China, the provinces have borrowed money that the central government has not accounted for.2. The Chinese development model, like ISI, was very resource and capital intensive. Now that labor costs are going up, that model will not produce gains as in previous decades.3. 3-D printers are going to take away their competitive advantage. Why buy a Chinese made plastic spatula when you can push a button and make it yourself?

Paramount Donkey site profile image  

1/17/14 10:17 PM by Paramount Donkey

Hahaha that shit is funny!

StephenLangdown site profile image  

1/17/14 9:49 PM by StephenLangdown

WTF?

Sprawl'n'Stall site profile image  

1/17/14 9:45 PM by Sprawl'n'Stall

They could have shown the cum on a woman's face or butt. Not this. Yeuukkk

Rantuckjr site profile image  

1/17/14 9:39 PM by Rantuckjr

All part of the master plan to take over the world

AngryFoamy site profile image  

1/17/14 9:17 PM by AngryFoamy

The responses in this thread are gold Jerry, GOLD!

TFK_HowsYourLegAndy site profile image  

1/17/14 9:07 PM by TFK_HowsYourLegAndy

Hahaha

InconsiderateSerra site profile image  

1/17/14 9:04 PM by InconsiderateSerra

They realize how incredibly vulnerable they are under that system.



 

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