[Super Rich] "I Hate Shared Prosperity"... Chinese Millionaires, China Exodus

This Year, 13,500 Millionaires Expected to Leave China

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This year, it is projected that 13,500 Chinese millionaires will leave their homeland. With China's economic growth slowing down and President Xi Jinping promoting the policy of 'common prosperity,' wealthy individuals are embarking on a 'China exodus.'

[Image source=Yonhap News]

On the 13th (local time), Bloomberg cited a report released by Henry & Partners, a global citizenship and residency advisory firm, to convey this.

According to the report, 13,500 wealthy individuals with investable assets of over one million dollars in China are expected to leave China this year. Last year, China topped the list with a net outflow of 10,800 millionaires leaving their home country, and it is expected to remain the country with the highest number of millionaires fleeing this year as well.

Next were India (6,500), the United Kingdom (3,200), Russia (3,000), Brazil (1,200), Hong Kong (1,000), and South Korea (800). In South Korea's case, it is estimated that 800 millionaires will leave their home country this year, doubling from 400 last year.

The main reason Chinese millionaires are turning their backs on their homeland is cited as President Xi's common prosperity policy. It is analyzed that around the time of Xi's third term confirmation, the common prosperity agenda was set, prompting a mass exodus of wealthy individuals from China. The market evaluates that China has begun shifting the core of its economic policy from growth to redistribution. Bloomberg also analyzed that for wealthy individuals who had been living abroad to avoid China's COVID-19 lockdowns, immigration reasons have been added.

Andrew Amolis, Head of Research at asset information firm New World Wealth, said, "The growth of wealth within China has slowed over the past few years," adding, "This means that the recent departure of millionaires could have a greater impact on China than usual." China achieved remarkable economic growth from 2000 to 2017, but since then, the growth rate of millionaires has remained minimal.

Meanwhile, Australia is expected to become the country attracting the most wealthy individuals this year, with an influx of 5,200 millionaires. It is followed by the United Arab Emirates (UAE) and Singapore, respectively.

This content was produced with the assistance of AI translation services.