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July 18, 2015

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Wealthy Chinese increasingly relocating overseas

A TOTAL of 91,000 high net worth Chinese mainlanders have settled overseas between 2000 and 2014, according to a report by New World Wealth, a South Africa-based company providing information on the global wealth sector, and LIO Global, a residence planning consultancy.

The high net worth individuals are categorized as those with net assets of US$1 million or more, excluding their primary residences. The report said most of them moved to the US, China’s Hong Kong, Singapore and the UK and changed their domicile, or permanent home.

Among the top 10 regions with most millionaires, China ranked fifth with 608,500 millionaires in 2014, with the US topping with 4.1 million. However, the number of rich emigrants leaving China’s mainland was the most among other regions, followed by India, which had 61,000 of the 226,800 millionaires relocating to other parts of the world in the same period. France was third with 42,000 outgoing millionaires, followed by 23,000 from Italy and 20,000 from Russia.

“The main reason people go for a second residence or citizenship is to ensure freedom of global mobility and access, as well as security and protection of their wealth for their families,” said Nadia Read, head of LIO Global.

The report did not provide any specific motivation for the relocation of the Chinese wealthy. An earlier survey by Hurun found that better options for their children’s education and concerns about pollution and food safety drove them overseas.

Ranking by inflows, UK was in the first spot with a net inflow of 125,000 millionaires, followed by the 52,000 to the US and 46,000 to Singapore, the report said.


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