Jun 19, 2024 09:17 PM
(This post was last modified: Jun 19, 2024 09:20 PM by C C.)
https://youtu.be/Ci7qlxaYZuI
VIDEO EXCERPTS: . . . I'm not sure businesses and investors are reassured. Local [Chinese] governments need more revenue. It is hard for the tax bureaus to go after state-owned firms. Private businesses are much easier targets.
Meanwhile, China saw the world's biggest outflow of high net worth individuals last year, as it expected to see a record exodus of 15,200 in 2024. Dealing a further blow to its economy, according to a new report from an investment migration firm. As a side note, the UK is also seeing a relatively large outflow of high net worth individuals.
The report found that uncertainty over China's economic trajectory and geopolitical tensions are top reasons for Chinese millionaires (in US dollar terms) to leave the country. The top destinations for these migrants are the UAE, the US, Singapore, Canada and Australia.
[...] Quote: "In our experience, the high net worth individuals that normally move most are the ones with between 30 million and one billion US dollars in wealth."
A Japanese financial media outlet writing on the report explains that the large number of rich Chinese heading elsewhere could add to the strain on the nation's fragile economy. A prolonged property crisis has sunk large developers and badly dented the country's wealth, while weighing on debt laden local governments.
Singapore has traditionally attracted rich Chinese due to its proximity to China, cultural links, and use of Mandarin. But that city-state has stepped up scrutiny of inbound Chinese wealth. Singapore recently denied two Chinese individuals permission to set up a family office -- a common way to acquire citizenship -- after a money laundering scandal.
[...] Geopolitical concerns cited as a leading reason for surging international millionaire migration. We may be seeing a red flag globally as the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval.
Millionaires are voting with their feet in record numbers. In many respects, this great millionaire migration is a leading indicator signaling a profound shift in the global landscape and the tectonic plates of wealth and power. With far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home...
China's rich flee in record numbers
https://www.youtube-nocookie.com/embed/Ci7qlxaYZuI
VIDEO EXCERPTS: . . . I'm not sure businesses and investors are reassured. Local [Chinese] governments need more revenue. It is hard for the tax bureaus to go after state-owned firms. Private businesses are much easier targets.
Meanwhile, China saw the world's biggest outflow of high net worth individuals last year, as it expected to see a record exodus of 15,200 in 2024. Dealing a further blow to its economy, according to a new report from an investment migration firm. As a side note, the UK is also seeing a relatively large outflow of high net worth individuals.
The report found that uncertainty over China's economic trajectory and geopolitical tensions are top reasons for Chinese millionaires (in US dollar terms) to leave the country. The top destinations for these migrants are the UAE, the US, Singapore, Canada and Australia.
[...] Quote: "In our experience, the high net worth individuals that normally move most are the ones with between 30 million and one billion US dollars in wealth."
A Japanese financial media outlet writing on the report explains that the large number of rich Chinese heading elsewhere could add to the strain on the nation's fragile economy. A prolonged property crisis has sunk large developers and badly dented the country's wealth, while weighing on debt laden local governments.
Singapore has traditionally attracted rich Chinese due to its proximity to China, cultural links, and use of Mandarin. But that city-state has stepped up scrutiny of inbound Chinese wealth. Singapore recently denied two Chinese individuals permission to set up a family office -- a common way to acquire citizenship -- after a money laundering scandal.
[...] Geopolitical concerns cited as a leading reason for surging international millionaire migration. We may be seeing a red flag globally as the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval.
Millionaires are voting with their feet in record numbers. In many respects, this great millionaire migration is a leading indicator signaling a profound shift in the global landscape and the tectonic plates of wealth and power. With far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home...
China's rich flee in record numbers