50% of China’s Wealthiest Looking to Settle Abroad: Hong Kong & Canada Top Choices
A Barclays Wealth report covering 2000 individuals with net worth in excess of $1.5 million and 200 individuals with net worth in excess of $15 million highlighted the international outlook and behavior of high net worth citizens of the global economy. According to the report that covered 17 nations, half of those who were surveyed stated that they had lived or were living in another country other than their country of birth. Further, many respondents indicated their desire to shift in the near future.
The report also highlighted the desire of wealthy residents of mainland China to move to another country in the future. In fact, 47% of high net worth individuals in China said they were eager to move to another nation. The Chinese constituted the biggest group of individuals desirous of shifting to another country. Singapore and Britain were next with the percentage of respondents favoring a shift to another country at 23% and 20% respectively.
Millionaires in the USA and India seemed to be the most patriotic amongst all millionaires. Only 6% American respondents and 5% Indian respondents indicated that they wanted to leave their homeland.
Apart from the startling bit about wealthy Chinese, the report also highlighted the growing mobility amongst the world’s wealthiest individuals. A fifth of all respondents had lived in three or more countries. Another interesting conclusion that the report threw up was that entrepreneurs were twice as likely to shift in the next five years as compared to other individuals.
What was the most preferred reason to leave? Interestingly, better education and employment for children was the most preferred reason chosen by 78% of all respondents. A better and more secure economic climate came second at 73% while quality of health care and social services was stated as a reason by 18% of all respondents.
A third of the wealthy Chinese respondents named Hong Kong as the preferred destination while Canada was the second most-preferred destination with support from 23% of all the respondents. Preference for Canada is a tad surprising considering that Canada had scrapped its investor visa scheme and the revamped scheme, expected to be launched later in 2014, may impose a 100% increase in investment requirements. Under the earlier scheme, the applicant was required to make an investment of C$800,000 (HK$5.6 million) to qualify for the visa.