News You Really Need To See: “Almost Half of China’s Rich Want to Emigrate”

“Almost Half of China’s Rich Want to Emigrate”

Bloomberg Businessweek, September 15, 2014

http://www.businessweek.com/articles/2014-09-15/almost-half-of-chinas-rich-want-to-emigrate#r=hpt-ls

Even as the number of Chinese millionaires grows, the number of those aiming to leave China is getting ever larger.  About half of China’s wealthy are considering moving to a new country within five years, says a just-released report by U.K.-based bank Barclays. The survey of more than 2,000 individuals around the world, all with personal wealth over $1.5 million, showed Chinese are more eager to emigrate than the very well-off in any other region.  Forty-seven percent of rich Chinese planned to move abroad in the next half-decade.  That compared with 23 percent in Singapore and 16 percent in Hong Kong. One-fifth of rich Brits intended to emigrate, while only 6 percent of Americans and 5 percent of Indians had that plan… Not surprisingly, given China’s high-pressure, exam-based school system, bettering children’s education and improving their future job prospects were named as the main reasons to emigrate by 78 percent of respondents.  A better economic situation was mentioned by 73 percent, while health care and social services were cited by 18 percent; the U.S. and Europe were the favored destinations.”

Quickie Analysis:  So now China can’t keep its millionaires, despite what the state invested in them.  Sort of like US manufacturing jobs. 

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