Xi puts the willies up China's super-wealthy

The Chinese president's crackdown on corruption and excess is not doing much for wealth creation in the country, if the latest Wealth-X and UBS report is anything to go by.
Xi Jinping
Xi Jinping

Chinese president Xi Jinping’s crackdown on corruption and excess is clearly worrying the country’s wealthy, especially if the latest Wealth-X and UBS report is anything to go by.

China ranks a lowly 14th among Asian nations in terms of the growth in number this year of so-called ultra high-net-worth individuals UHNWIs people with $30 million or more in net assets. It is also an unimpressive 15th for wealth growth.

“Although Chinese UHNWIs are still seizing opportunities through their large domestic market, many are choosing to relocate outside of China, or at least diversify their business interests internationally,” according to the report, which was published on...

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