China's Super Rich Look Abroad for a Secure Future

They made their fortunes from China’s economic boom, but many of China’s wealthy are hoping to leave the country, taking their money with them. It’s a growing trend among China’s millionaires and billionaires. According to the Associated Press, moving overseas is the top wish of China’s wealthy. It’s apparently driven by the desire to enjoy what wealth alone can’t buy in their homeland.

For observers, it’s not too difficult to see why. While the Chinese regime has fostered an environment for economic growth, for some, its iron-fist rule, prevalent corruption and lack of personal freedoms are pushing the country’s well-to-do overseas.

[Jin Chu, Online Author]:
“This isn’t an issue of patriotism. [China’s] political system is too dark and corrupt and has no future. When the future is bleak, someone would seek to further develop in a relatively brighter and more just society after they’ve made their riches. This is a basic human desire for goodness, it’s nothing strange.”

Among the top destinations for China’s rich are the United States, Canada and Australia. For them, these countries offer a better education system for their children, a higher standard of living, and, most of all, freedom and security for their assets.

[Sun Wenguang, Retired Professor]:
“Currently, the Communist Party rules the country by dictatorship. There is no democracy. Consequently people do not feel their personal freedoms and rights are protected. The state’s power is not limited, and therefore, people do not have a sense of security.”

China’s Merchants Bank and US consultant Bain & Co published a report in April stating that 27% of the 20-thousand Chinese with more than $15-million dollars have already emigrated abroad. Another 47% are considering it. Together, these wealthy people have invested more than $560-billion dollars overseas.