More than half of the Chinese millionaires consider the possibility to immigrate or have already taken steps to leave the country, according to a survey that highlights the business elite fears on quality of life and financial prospects in China, according to the Wall Street Journal. The United States is the most popular immigration destination, according to the survey conducted on a sample of 980 Chinese with fortunes over 10 million yuan ($1.6 million), published Saturday by the Bank of China and the research group Hurun Report.
Although the growth rate has reduced, China registered a GDP growth of 9.1 percent in the third quarter, and the International Monetary Fund forecasts growth of 9.5 percent for the whole year 2011. However, many Chinese who have benefited from the country’s economic growth have expressed, in private conversations, concern about a number of social problems such as birth control policies, food safety, pollution, corruption, underperforming of the system school or less stronger legal system.
Rupert Hoogewerf, founder and publisher of Hurun Report said that the reason most often cited for millionaires who want to immigrate is the education of children, followed by quality of medical treatment and fear of pollution in China. The trend is confirmed by Western embassies, who noted in 2011 an increase in applications for investment visas that allow immigration if the applicant invests a certain amount of money in the destination country. Real estate analysts have noted an increase in Chinese people purchasing expensive properties in Western cities, particularly London, Sydney and New York.
Bank of China and Hurun Report estimated at 960,000 the number of Chinese with personal wealth of at least 10 million yuan and at 60,000 the number of people with fortunes of at least 100 million yuan. The survey, conducted during May to September, was held in 18 cities, including Shanghai, Wuhan, Nanjing, Dalian and Suzhou, on a sample of persons with a mean age of 42 years and average personal wealth of 60 million yuan. Of these, 46 percent say they think to immigrate, and 14 percent either already immigrated or have applied for immigration. Among people with fortunes of at least 100 million yuan, 55 percent consider the possibility of immigration and 21 percent live already abroad or have submitted applications for immigration.