Almost half of China's wealthy covet foreign passports

Some 60% of rich Chinese want to emigrate to protect their wealth and the US and Canada are their preferred destinations.

Almost half of China's wealthy covet foreign passports
China's rich are heading for the airports (ImagineChina)

Despite the financial turmoil in the US and Europe, almost half of China’s rich are considering moving to the developed world to protect their wealth, educate their children and retire, signalling a lack of confidence in China’s rapid economic growth.

About 14% of wealthy Chinese those owning assets worth at least Rmb10 million $1.57 million are applying to emigrate or have already done so, while 46% are considering moving to a rich country. Their favourite...

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