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Despite China’s massive growth story Chinese millionaires want to leave the country.The move was motivated in large part by access to better education abroad and a better quality of life. The resulting flow of funds is however a positive sign to cash-strapped European countries and the U.S..
One of every seven young Chinese millionaires is trying to leave the country, according to a report from the Bank of China and Hurun Research Institute (via The Times of India).
The study surveyed 980 Chinese millionaires with over $1.57 million or 10 million yuan in assets. The average of respondents was 42.
14% of millionaires in 18 cities have applied for or are in the process of applying for migration to other countries. 1/3rd of them have foreign assets and as many are expected to start investing abroad. 1/3rd of those who had invested overseas did so with the aim of migrating abroad.
China had 535,000 millionaires in 2010 according a report by Capgemini and the number of millionaires made it the region with the fourth largest high net-worth individual market after the U.S., Japan and Germany.