Exodus of China's Wealthy

A recent survey found that 64% of wealthy Chinese have emigrated or are planning to do so.

They might make their money in China, but that’s not where they want to stay. A recent Hurun Report survey of 393 Chinese millionaires found that 64% of wealthy Chinese (US$1.6 million or more) have emigrated or are planning to do so. Already, a third of the super-rich (more than US$16 million) have bought homes in foreign countries.

The US is the favored destination — increasingly so. In 2010, 772 Chinese received investor green cards (for people who invest at least US$1 million in US businesses). By 2012, that number had skyrocketed to 6,124.

Three factors seem to propel the exodus: pollution, the attraction of Western education and a growing crackdown by Chinese authorities on corruption.

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