Luxury in China

China’s millionaires less inclined towards emigration as economy seen improving- Hurun report

PUBLISHED : Thursday, 19 January, 2017, 8:55pm
UPDATED : Thursday, 19 January, 2017, 10:29pm

The proportion of mainland millionaires who say they won’t emigrate has risen for a third straight year to reach a record high, even as a majority say they would like to move to another country, according to a report on Thursday.

About 44.5 per cent of mainland millionaires with personal wealth of more than 10 million yuan, are not planning to emigrate, according to Hurun Chinese Luxury Consumer Survey 2017.

“The year of 2017 could be a turning point,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report. “The proportion of respondents considering emigration is reflecting stronger confidence.”

Still, almost half of those polled said they are considering emigrating as an option, though the figure is down from about 60 per cent in 2008.

The survey polled 449 mainland millionaires over at three month period through December 2016.

The individuals had an average age of 38 and net assets worth US$6.7 million on average.

Included in the survey were 62 super-wealthy individuals worth at least 100 million yuan.

About 60 per cent of respondents were from the first tier cities of Beijing, Shanghai, and Guangzhou, although the poll was inclusive of more than 40 cities.

About 9 per cent of respondents said they are pessimistic about China’s economic growth in the coming two years, down from 13 per cent a year ago.

About two-third of respondents said they expect China to be at par or surpass the United States economically in 10 years.

Shanghai, Beijing and New York were viewed as the top three most important cities around the world in the next decade

Hong Kong was ranked seventh.

Real estate ranked as the most popular investment, overtaking equities, thanks to a booming housing market in China last year.

About 64 per cent of respondents believe home prices will continue to rise at a stable rate in the next two years.

The threshold for financial freedom was seen as 290 million yuan in first tier cities, up 50 per cent on year, due to rising housing inflation and devaluation of yuan.