The Times of India

China’s young millionaires set to migrate abroad in big numbers
The Times of India

One out of seven young millionaires in China is trying to migrate to other countries despite the country’s massive improvements in infrastructure and living standards, a study supported by the Bank of China, showed.

The 40-page report, released by the bank and the Hurun Research Institute, revealed that 14% of millionaires in 18 cities across China have either applied or are in the process of applying for migration to other countries. It also showed that nearly one-third of them own foreign asserts and a similar number were planning to invest abroad.

One third of the respondents, who have invested overseas, said they did so with the specific purpose of migrating abroad. Half of such investors also said they were trying to obtaining better access to foreign education for their children. More than 60 percent of rich Chinese are in favor of handing over their businesses to their children in future.