Chinese super-rich seeking refuge abroad
by Wang Zhicheng
46% are preparing to emigrate to the U.S., Canada, Australia, Singapore. Insecurity and fear of social unrest; desire for a clean environment and better education for their children.
Beijing (AsiaNews) - Almost half of Chinese millionaires are thinking of emigrating abroad, concerned about political and social tensions as well as pollution, 14% have already done so, or are preparing affairs to leave. Among the most popular destinations are the USA, Canada, Singapore and Australia.
This phenomenon was revealed by research carried the Hurun Report and the Bank of China on 980 millionaires, whose wealth is above 10 million Yuan each (about 1.17 million Euros).
The primary reason that impels them to migrate is the search for a better quality education for their children. In this they follow the example of China's leaders: we know that Xi Jinping, Hu Jintao's likely successor as president, takes his children abroad to study. Along with education, they also cite the desire for less polluted cities than those in China and the fear of poisoned or manipulated food.
Another cause for their concern is the country's social insecurity. Recent years have seen a surge in the so-called "mass incidents": strikes, riots, protests. According to Sun Liping of Qinghua University there were 180 thousand incidents in 2010, nearly three times those of the previous three years. These riots could lead to clashes, or even a change in politics - perhaps a return to Maoism - which would penalize those who have enriched themselves on party privileges, and in doing so become an object of the wrath for the population.
There is also legal uncertainty: the courts in China and allegations of corruption or illegality are manipulated according to the whim of Party policies and there is always the risk of finding oneself on the wrong side.
On the other hand, many of these millionaires have often accumulated wealth through corrupt methods. For years, the Party has been calling on members (and their family members) to explicitly declare all sources of income and property, but have failed to achieve any results. Emigrating abroad is the best way to keep wealth secure, removing it from all possible controls.
But this is creating problems in host countries. At least one third of respondents said they had engaged in 'investment immigration', which allows a person to emigrate after they agree to first invest a certain amount of money in the host country." In the U.S., for example, this year at least 3 thousand wealthy Chinese have applied for this type of visa. In 2007 there were only 270. But the U.S. and other countries demand accurate documentation on accumulated wealth and often the super-rich Chinese can not present it, given its ambiguous origin.
Nevertheless, in many countries - U.S., Canada, Italy, etc ... – offices are sprouting up with the aim of helping Chinese millionaires manage their capital and guide them in investments.
This phenomenon was revealed by research carried the Hurun Report and the Bank of China on 980 millionaires, whose wealth is above 10 million Yuan each (about 1.17 million Euros).
The primary reason that impels them to migrate is the search for a better quality education for their children. In this they follow the example of China's leaders: we know that Xi Jinping, Hu Jintao's likely successor as president, takes his children abroad to study. Along with education, they also cite the desire for less polluted cities than those in China and the fear of poisoned or manipulated food.
Another cause for their concern is the country's social insecurity. Recent years have seen a surge in the so-called "mass incidents": strikes, riots, protests. According to Sun Liping of Qinghua University there were 180 thousand incidents in 2010, nearly three times those of the previous three years. These riots could lead to clashes, or even a change in politics - perhaps a return to Maoism - which would penalize those who have enriched themselves on party privileges, and in doing so become an object of the wrath for the population.
There is also legal uncertainty: the courts in China and allegations of corruption or illegality are manipulated according to the whim of Party policies and there is always the risk of finding oneself on the wrong side.
On the other hand, many of these millionaires have often accumulated wealth through corrupt methods. For years, the Party has been calling on members (and their family members) to explicitly declare all sources of income and property, but have failed to achieve any results. Emigrating abroad is the best way to keep wealth secure, removing it from all possible controls.
But this is creating problems in host countries. At least one third of respondents said they had engaged in 'investment immigration', which allows a person to emigrate after they agree to first invest a certain amount of money in the host country." In the U.S., for example, this year at least 3 thousand wealthy Chinese have applied for this type of visa. In 2007 there were only 270. But the U.S. and other countries demand accurate documentation on accumulated wealth and often the super-rich Chinese can not present it, given its ambiguous origin.
Nevertheless, in many countries - U.S., Canada, Italy, etc ... – offices are sprouting up with the aim of helping Chinese millionaires manage their capital and guide them in investments.
.png)
See also
