Rich Chinese Continue To Flee China

Rich Chinese continue to flee China (CNBC, Jan 17, 2014):

Do the wealthy Chinese know something we don’t?

A new report shows that 64 percent of Chinese millionaires have either emigrated or plan to emigrate—taking their spending and fortunes with them. The United States is their favorite destination.

The report from Hurun, a wealth research firm that focuses on China, said that 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.

According to WealthInsight, the Chinese wealthy now have about $658 billion stashed in offshore assets. Boston Consulting Group puts the number lower, at around $450 billion, but says offshore investments are expected to double in the next three years.

A study from Bain Consulting found that half of China’s ultrawealthy—those with $16 million or more in wealth—now have investments overseas.

The mass millionaire migration out of China is also hitting luxury companies hard. Hurun said 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.

5 thoughts on “Rich Chinese Continue To Flee China

  1. They’re coming to the United States with their money as a sort of “fifth column”, not because they’re really wanting to “flee” their homeland. Think about it for a moment : what better way to make it EASIER for China to hegemonise the United States than having their citizens already IN PLACE here and OWNING large chunks of U.S. assets ? Next step : China pegs the Yuan to gold in some way and starts dumping U.S. Treasuries. Game, set, MATCH.

  2. Yes, that is the prolbem: Why are people so anti-white??

    AFRICA FOR THE AFRICANS, ASIA FOR THE ASIANS, WHITE COUNTRIES FOR EVERYBODY??

    Racism is only racism when it is the people of the country trying to defend their ethnic interests, not when their anti-white ‘leaders’ defend theirs.

    At what point would anti-whites allow whites such as this the right to protect their ethnic interests, to not be displaced in their country and have their society destroyed– all just so they can look good for the camera. Moral grandstanding and PC prudery aside, one would not dare argue for the converse–that would be called Genocide.

    Anti-whites expect an entire race to disappear from the face of the earth without even mentioning, not even whispering about it.

    Nobody’s flooding Africa with Non-Africans and giving them free health care, affirmative action and special privileges.

    Only White Countries are doing it, only White children are affected, and only White politicians are allowing it.

  3. Uhhhh…. Cecil ? Yoo, hoo, Cecil ? Knock, knock… anyone home ? The issue isn’t “race”, it’s about economic hegemony, in this case how China is quietly and deliberately placing and encouraging its wealthiest citizens to bring their money to the U.S. and BUY UP the United States. That way, not a SINGLE SHOT will need to be fired when China decides to foreclose.

  4. Having resided in China for 11 years I can say that the reason wealthy Chinese leave is because there is simply no justice or rule of law here. The laws actually on the books are not only poorly enforced and the judicial system rigged, the laws themselves often offer little to no protections to victims of violence and fraud. They simply don’t feel safe here and don’t feel like if they experience any legal issues that they will have a fair day in court.

    The other matter is Chinese government censorship and Chinese culture itself has the effect of limiting children’s intellectual and social development due to very strong tendencies to conform, avoid responsibility and shame, and avoid critical thinking. Educated Chinese would rather go somewhere where their children are free to fully develop their humanity free of government suppression.

  5. Stephan, help me out, what evidence do you have that there is any rule of law in the U.S.? If you think there is, than I invite you to read a book I’m currently reading called “Three Felonies A Day: How the Feds Target the Innocent” by Harvey Silverglate. Another great analysis of government and the American court system is “Government Indicted” by Marc Stevens over at marcstevens.net.

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