UK becoming less attractive to rich Chinese

By ANGUS McNEICE | China Daily | Updated: 2017-07-20 09:12

The United Kingdom has become a less popular destination for wealthy Chinese people who are thinking of emigrating, as it grapples with economic and political uncertainty ahead of its departure from the European Union.

Canada overtook the UK to move into second place on the list of preferred destinations, according to a new report.

The survey, conducted by the Shanghai-based Hurun Research Institute in association with Beijing's Visas Consulting Group, found the United States remained the most popular destination with Chinese millionaires.

Canada had been in third place, behind the UK, for the previous two years.

The report surveyed 304 Chinese people with a net worth of between $1.5 million and $30 million. Around half were from Beijing, Shanghai, Guangzhou and Shenzhen.

Rupert Hoogewerf, chairman of the Hurun Report, said less than half of those surveyed were considering immigration, the lowest on record. The figure has remained at around 60 percent during the last decade.

Respondents were quizzed on criteria including education, investment destination preferences, immigration policy, property purchasing, tax, medical care, visa-free travel, and ease of adaptability.

Considerations around education and the environment continue to be the main reasons for emigrating overseas.

Hoogewerf said: "Education and pollution are driving China's rich to emigrate. If China can solve these issues, then the primary incentive to emigrate will have been taken away."

The rest of the top 10 are Australia, Malta, Portugal, Ireland, Spain, Antigua and Dominica.

Malta, Antigua and Dominica entered the top 10 for the first time.

"Ultra-high-net-worth individuals, with over $30 million, have different considerations, with taxes and quality of life ranking higher," Hoogewerf added.

More than 60 percent of respondents were optimistic about China's economic development during the next three years, while 84 percent were concerned about the devaluation of the yuan, up from 50 percent last year. Thirty four percent said they were considering moving to a different city within China.

London maintained 14th position on the list of preferred cities for property. Los Angeles was the most popular, followed by Seattle, San Francisco, New York and Vancouver.

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