HURUN: Most Chinese Millionaires Pursue Life in America

In a recent survey of more than 200 Chinese people defined as “high-net-worth” and who have emigrated or plan to do so, America is the most desirable destination.(Photo by Bestpicko on / CC BY)

By Joon Kim

TAIPEI-Even as China’s economy is distributed evenly among its most affluent families at the top, more than a third of rich Chinese “are currently considering” emigrating to another country, with the United States taking the top, according to an economic study published last month.

These results came in from a yearly statistical report compiled by the Hurun Research Institute, an English-based Chinese research firm, and the Visas Consulting Group, an immigration advisory program. The report surveyed at least 200 Chinese individuals with an average high net worth of $4.5 million.

The rankings, which enlisted the top 10 countries rich Chinese wanted to emigrate to, was dominated by the United States for the fourth year in a row, which “far surpasses other countries,” the report states. “President Trump’s tax cuts also saw it score 8 points higher in the tax category this year,” said Rupert Hoogewerf, the founder and chairman of the Report.

Concentrated in the Americas, Europe, and the Pacific, top immigration choices didn’t faze the ripples of Brexit, a nationwide referendum that passed last year, withdrawing the economic prowess of the United Kingdom from the European Union. In fact, the UK placed second after the United States, attracted by its strong educational, medical and welfare systems.

More than a third of rich Chinese surveyed “are currently considering” emigrating to another country, according to a report from the Hurun Research Institute. (Photo by Andrew Choy on / CC BY)

“At present, British property represents good value, with uncertainty over Brexit and the weakness of the pound making it relatively cheap,” said Mr. Hoogewerf. Entries below include Ireland, Canada and Australia.

Overseas property comprises 11 percent of the Chinese rich’s total assets. They prioritize high cost-effectiveness and investment value of their purchases when they consider buying real estate outside China.

Foreign exchange deposits remain the top way for respondents to opt their investments, with “immovable property” placing second.

Each Chinese rich would consider spending on average $80,000 to buy properties, the report says, to as much as $1.8 million US dollars.

However, 9 of 10 of those surveyed plans to stay in China after they retire.