Wandering China

An East/West pulse of China's fourth rise from down under.

Singapore among top migrant destinations for China’s super rich: Report [Today]


Chinese on the move, but this time its for a wholly different reason from previous waves of the Chinese diaspora: This has been visible throughout Singapore in the past few years. For instance, film and kung fu star Jet Li was made a Singaporean citizen in 2009 for his children’s education.

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Singapore among top migrant destinations for China’s super rich: Report
Agencies
Source – Today Online, published November 3, 2011

BEIJING – Nearly half of China’s super rich wants to migrate, said a survey released jointly by the Hurun Report, which also publishes an annual China rich list, and the Bank of China.

According to the South China Morning Post, the survey was conducted on people with assets of more than 10 million yuan (S$2.02 million). The poll was based on one-on-one interviews conducted in 18 major mainland cities from May to September. The average age of respondents was 42 years and had net worths of more than 60 million yuan, the survey said.

The report noted that 14 per cent of the 980 millionaires interviewed had either already moved overseas or were applying to do so.

According to a report in CNN, the United States is the top draw for China’s super rich. Followed by Canada, Singapore and Europe.

Founder and publisher of Hurun Report Rupert Hoogewerf said the most common reason cited by respondents was their children’s education, followed by a desire for better medical care and the fear of pollution in China.

“There’s also an element of insurance being taken out here,” he added, citing concerns about China’s one-child policy, food safety, corruption, rising inflation, weak education and legal systems.

Observers believe that personal and capital safety is an increasing concern for the rich who are choosing to transfer their wealth overseas, said CNN in its business 360 blog.

“We see too many worried entrepreneurs nowadays who are afraid that they would end up in prison for offending Chinese officials,” Beijing-based scholar Hu Xingdou told Ming Pao, a Hong Kong newspaper.

He believes the lack of legal protection in many areas has lead to the worsening of business environment in China, which is accelerating the emigration drive.

Mr Hoogewerf cautioned, though, that the survey results did not signal capital flight as many high net-worth individuals who were emigrating also said they were keeping much of their money invested in China.

China maintains capital controls that make it hard for rich Chinese to move their money out of the country, but there are substantial ways to get around the system.

Nearly a third of the respondents said they already had investments overseas, in many cases to enable them to migrate. Some countries offer residency to foreign citizens who are prepared to invest large sums, said news site Taiwan News. AGENCIES

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Filed under: Beijing Consensus, Charm Offensive, Chinese Model, Culture, Domestic Growth, Education, Green China, Influence, International Relations, Mapping Feelings, Overseas Chinese, People, Population, Social, Soft Power, The Chinese Identity, The construction of Chinese and Non-Chinese identities, Today Online

One Response

  1. Tincup says:

    Interesting. I know China is enormous…but I always here how education more advanced relative to our system….for the younger kids. Comments on pollution and corruption also very interesting.

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