Number of rich Chinese grows 23 per cent, and many want to emigrate to the United States

PUBLISHED : Friday, 27 November, 2015, 11:41pm
UPDATED : Friday, 27 November, 2015, 11:43pm

The number of wealthy mainlanders has grown 23 per cent year on year even as the country’s economy slows. For those who want to emigrate, Hong Kong is their most important global city, although the United States is their preferred destination.

By the end of the year, the mainland is expected to have 1.12 million residents with at least 10 million yuan (HK$12 million) of investable assets – compared with 910,000 people at the end of last year.

Their combined investable assets would reach 114.5 trillion yuan – up 7.8 per cent from last year – according to a report compiled by Forbes’ Chinese edition and Beijing-based finance management firm Fu Hua Asset.

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The industries with the most wealthy people were telecommunications, media, technology, finance, and trade, the report said.

Jia Kang, president of the China Academy of New Supply-side Economics, said the growing number of rich mainlanders could be a sign of worsening wealth disparity.

“If the middle class does not expand, it means the income gap is bigger than before,” Jia said.

Jia said the number of rich had risen much faster than the country’s economy, which, suffering from a lingering downturn, grew at just 6.9 per cent in the third quarter of the year.

“It shows the economy has brought more benefits for them than for the poor,” he said.

It shows the economy has brought more benefits for them than for the poor
Jia Kang

In a separate poll of 284 high-net-worth mainlanders who were either considering emigration or had already emigrated, Hong Kong beat Shanghai and New York as the most important global city. “Hong Kong’s investment environment and quality of life is most attractive for rich Chinese, despite the Hong Kong government suspending investment immigration,” said Rupert Hoogewerf, chairman of Hurun Report, which issued the study with immigration service firm Visas Consulting Group.

But as home to most of the world’s top universities, the US remained wealthy mainlanders’ most popular emigration destination. The US was also valued for its property market, medical services and friendly immigration policy, said the report.

Britain, with its advanced medical resources, replaced Canada as the second choice. Canada fell to third place after it scrapped its controversial investor visa scheme last year.