60 per cent of China’s richest people plan to invest abroad and emigrate in next three years, says survey
Three American cities – Los Angeles, San Francisco and Seattle – top list of destinations as wealthy look to diversify assets over fears of yuan’s depreciation
More than 60 per cent of China’s richest people plan to invest in properties abroad in the next three years, with three American cities – Los Angeles, San Francisco and Seattle – topping their list of destinations, a report shows.
Many of the nation’s wealthiest residents were looking to invest their money in foreign properties and live abroad in response to the fall in the value of the Chinese yuan and an overheated domestic property market.
About 56 per cent of China’s richest people said they were worried about the continuing depreciation of the yuan, which has fallen about 10 per cent against the US dollar since last summer, according to the “Immigration and the Chinese High-Net-Worth Individuals 2016”, an annual report compiled jointly by the Hurun Report magazine and Visas Consulting, and released on Friday.
The survey was compiled following conversations with 240 wealthy people with average net assets of 27 million yuan between August to October. These people have either emigrated or are planning to do so.
