According to official Chinese data*, the country currently boasts 55,000 billionaires. A number of them have decided to move abroad. Among the main reasons for leaving are theeconomic environment and children’s education.
Expatriates from some of China’s wealthiest families are seeking to escape China’s poor investment conditions and high tax rates . Moreover, many of them feel that the Chinese government supports the public sector more than the private sector, which has resulted in public opinion being wary of big business. The most popular destinations are currently the USA, Canada, the Caribbean Islands and other Asian countries.
At present, Chinese billionaires who emigrate are a minority, but this trend is growing over time. A parallel phenomenon sees young Chinese graduates moving abroad. While scientific and technical skills are becoming the key to competition, China has been experiencing a steady brain drain for the past twenty years. The number of graduates is increasing year on year, but the number of jobs requiring higher education has fallen by 15%.
In the opposite direction, many foreign expatriates come to settle in China, attracted by the country’s economic prosperity .
Moving to China? Don’t forget to take out expatriation insurance!
*Hurun 2010 report
