Money, as the saying goes, leaves China. The country’s millionaires and billionaires are emigrating in record numbers, and an emigration of 15,200 people is expected in 2024.
Henley
The reasons given by immigrants to justify their move vary, as expected, but most mention the uncertainties implicit in China’s current economic scenario and how those uncertainties raise questions about long-term investment returns. The current housing crisis and housing turmoil feature prominently in this assessment. of uncertainty, especially as falling asset values have hurt household wealth and consequently cast doubt on China’s overall prospects for economic expansion. Some, in their decision, refer to the downgrading of China’s monetary outlook through two rating agencies, Moody’s and Fitch. The motivator, and for obvious reasons, is President Xi Jinping’s hostility toward proprietary businesses and private wealth in general.
Singapore has long been the preferred destination for such immigrants. But recently, Singapore has stepped up its scrutiny of incoming Chinese wealth. Even those who have nothing to hide would arguably prefer the hassles and loss of privacy now implied in a haven in Singapore. Canada and the United States will continue to be popular opportunities for the Chinese and their money. The UAE has also gained popularity, offering a zero source of income taxes, a lavish lifestyle, and “golden visas” that simplify investment budget management. and private. Japan has also gained popularity due to its proximity to China, its horny lifestyle, and the fact that it can become one of the safest countries in the world.
To be fair to China, it is not the only country experiencing an exodus of Americans and wealthy families. South Korea and Taiwan have also noted such outflows. In the case of those two countries, security is the main concern rather than the economy. In the first, North Korea’s belligerence is of great importance. For Taiwan, it is China’s belligerence that is driving others who can put their lives, property and families safe from danger. Questions about the United States’ willingness to protect Taiwan will undoubtedly have an effect, especially if Donald Trump enters the White House in 2025.
China watchers may notice two telling messages in this migration news. The first is that he makes an obviously negative comment about President Xi Jinping’s economic control. Second, the outflow of this wealth will further hinder Beijing’s efforts to revitalize the Chinese economy; there is no way to quantify the effect.
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