47 per cent of Chinese super rich want to leave the country: Barclays survey
PUBLISHED : Monday, 15 September, 2014, 11:13am
UPDATED : Monday, 15 September, 2014, 11:17am
James Griffiths [email protected]
47 per cent of Chinese high net worth individuals said they planned to move abroad within the next five years, with 30 per cent citing Hong Kong as their preferred destination. Photo: Bloomberg
Around half of rich Chinese aim to move to another country within the next five years to find better education and job opportunities for their children, according to a Barclays survey.
Of more than 2,000 high net worth individuals - those with more than US$1.5 billion in total net assets - respondents from mainland China were the most eager to move, with 47 per cent saying they planned to in the next five years, compared with just 16 per cent of Hongkongers.
Some 23 per cent of Singaporeans said they planned to relocate within five years, the second highest, followed by 20 per cent of British respondents. American and Indian billionaires are the most attached to their homelands, with only 6 and 5 per cent saying they wanted to leave.
"The reality is that most ultra-high net worth individuals in China are probably making money in China right now," said Liam Bailey, head of residential research at London brokerage Knight Frank LLP. "So, for business reasons, they need to be relatively close. That might prevent some of them going further afield."
Reasons cited for wanting to leave include better educational and employment opportunities for children overseas (78 per cent), preferable economic climate and greater security (73 per cent), and better health care and social services (18 per cent).
Around 30 per cent of Chinese respondents said Hong Kong was their top destination, followed by Canada at 23 per cent. Immigration to Canada has become more difficult in recent months after an investor visa scheme used by many rich Chinese was scrapped due to an insurmountable backlog of applications.
A revamped scheme is expected to be launched later this year, but Canadian citizenship and immigration minister Chris Alexander told the South China Morning Post in March that the required amount needed to qualify would be more than double that of the previous visa's C$800,000 (HK$5.6 million).
"We want Chinese investors in Canada and the door is open, the pathways are multiple," Alexander said. "We are making these changes for them."
