Fifty percent of China´s rich are planning to leave the motherland within five years, shows a new study. WSJ´s wealth editor Wei Gu dives into the figures of the Barclay survey. It shows also that the world´s rich tend to be pretty mobile.
The survey, which questioned more than 2,000 high net-worth individuals with more than $1.5 billion in total net worth, found that 47% of Chinese respondents said they want to move, compared with a global average of 29%.
Singaporeans were the second-most eager to flee home, with 23% planning to relocate in five years, followed by 20% for the U.K. and 16% for Hong Kong. Indian and American rich are the least likely to move, with only 5% and 6% of respondents saying they would relocate.
The top reasons Chinese cite for moving abroad are better educational and employment opportunities for children (78%), economic security and desirable climate (73%), and better health care and social services (18%). Hong Kong is their top destination (30%), followed by Canada (23%).
But for all those money drain, China is also on the receiving end: It’s a top destination for Singapore’s high net-worth individuals, with 30% saying they want to move to the Middle Kingdom.
Around the world, a growing proportion of high-net-worth individuals are earning their wealth through entrepreneurship. They have bigger risk appetites than those who inherit money and are more willing to move to find the most promising business opportunities.
Asia, set to become the largest regional market by number of millionaires by the end of 2014 according to Barclays, has created a new generation of wealthy individuals keen to educate themselves and their offspring overseas.
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