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 their departure are theeconomic environment and their children’s education.
Expatriates from China’s most affluent families are primarily seeking to escape the country’s poor investment conditions and high tax rates . In addition, many of them feel that the Chinese government supports the public sector more than the private sector, resulting in a public opinion that is distrustful of large fortunes. 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. As scientific and technical skills become 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 supply 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
