Possibly the most eye-opening statistic WiC has seen in a while has emerged courtesy of a survey authored by consultancy Bain and China Merchants Bank. It polled China’s “rich” and found that over half had either got citizenship to another country or were considering it. The stat reveals an alarming lack of confidence in their home country – perhaps reflecting concerns about China’s social fabric and environment (or maybe its efforts to clamp down on ill-gotten riches). Around 2,600 were surveyed and 60% of those with $10 million or more said they were considering using their wealth to “buy” residence in countries such as Australia, Canada and the UK, or had already done so.
The 21CN Business Herald called it the “coming third migration”. In the first, Chinese left the country in the bleak 1970s as stowaways on ships leaving Fujian. The second occurred in the 1980s as Chinese left to study at foreign universities. But this third exodus would prove most costly: apart from loss of talent, these rich departees would presumably take much of their wealth out of China with them.
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