China's wealthy take 2.8tr yuan overseas - and it's expected to double
Around 3pc of overall GDP leaving China, report says
China’s top affluent citizens sent 2.8 trillion yuan (HK$2.5 trillion) overseas in 2011, about 3 per cent of the nation's gross domestic product that year, said a report by the Boston Consulting Group and China Construction Bank.
Hong Kong has attracted the largest number of these wealthy investors, followed by the US, Canada, Switzerland, Singapore and Australia, said the report, based on a survey of more than 2,000 high net worth individuals, those with more than 6 million yuan in liquid assets.
That wealthy class holds 33 trillion yuan in total assets and has been diversifying investment in foreign countries to seek higher return, better protection and to meet immigration needs, said BCG partner Huang He, according to Caixin.com.
The money tansferred overseas by wealthy investors is expected to double in the next few years, said the wealth report.