Three out of five wealthy Chinese want to immigrate

[Source: Jason Chow; WSJ]

China’s rich continue to want to invest and move abroad in large numbers, but their goals have begun to shift, consulting firm Bain & Company said in a report released Tuesday.

Three out of five wealthy mainland Chinese are looking to immigrate out of China while another third own investments abroad, Bain said in its “China Private Wealth Report, 2013,” based on a survey conducted earlier this year of 3,300 “high-net-worth individuals” with at least 10 million yuan (US$1.6 million) in investable assets.

Jennifer Zeng, the lead author of the report, said the desire for overseas immigration and investment is a defensive measure for China’s rich. “The more they look for risk diversification, the more they look elsewhere,” said Ms. Zeng in a phone interview from Beijing.

She pointed out that the proportion of wealthy Chinese with overseas investments has doubled to 33% since 2011, the last time the survey was completed. Among the ultra-high-net-worth Chinese – those with at least 100 million yuan of investable assets – 51% said they had money invested overseas.

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