China's rich

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.
<div style="text-align: left;">
China's rich are heading for the airports (ImagineChina)
</div>
<div style="text-align: left;"> China's rich are heading for the airports (ImagineChina) </div>

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 destinations are the US and Canada, according to a survey conducted by Bank of China’s private banking unit and Hurun Research Institute.

The two firms interviewed high-net-worth individuals HNWI in 18 cities...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222