A total of 46.5 percent of China’s rich say they plan to emigrate overseas. Aside from the U.S., Canada, and the U.K. – now in third place – Australia, Portugal and Spain ranked among the top ten most popular destinations for Chinese millionaires looking to safeguard their savings and benefit from better education and healthcare.
For the first time this year, Malta, Antigua and Dominica, with their attractive investor visa programs, also appeared on the list.
The high levels of emigration mark something of a blow to the Chinese economy, which is currently undergoing a major reform program as it seeks to transition from a production-led economy to a service-led economy.
Rupert Hoogewerf, chairman and chief researcher of the annual Hurun Report, said that the figures had fallen from a once stubborn 60 percent, but insisted that more structural reforms in education and the environment were needed to retain the country’s wealthy.
“Education and pollution are driving China’s rich to emigrate. If China can solve these issues, then the primary incentive to emigrate will have been taken away.”
On Monday, China reported second-quarter gross domestic product growth of 6.9 percent, topping analyst expectations.