What do wealthy Chinese want to do with all that money? Get out of China, it seems.
A new survey of rich Chinese citizens shows that nearly half want to live somewhere other than China. The poll, released by the Hunrun Report and the Bank of China, found that among those worth at least 10 million yuan (about $1.6 million), 46 percent would like to leave China. The findings bolster anecdotal reports that Chinese citizens are increasingly interested in living elsewhere, taking advantage of programs like the US investor visa, which is granted to foreigners who invest over a certain amount in American companies. Fourteen percent of survey respondents have already started the process of settling outside China.
The survey found that one-third of the respondents already had significant investments overseas and turned away from China as a place to live because of security concerns, education for their children, inflation and other issues.