https://www.scmp.com/rss/330743/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com He Huifeng He Huifeng When US President Donald Trump first proposed his “gold card” programme earlier this year, offering permanent residency to the super-rich, Beijing-based emigration consultant Jack Jing received unsolicited inquiries from seven high-net-worth families. But that initial enthusiasm quickly waned after the application details were released last week. None of his clients plan to apply in the near term, said Jing, general manager of the migration service provider WellTrend, who has decades of... https://www.scmp.com/economy/global-economy/article/3336795/wealthy-chinese-appear-shun-trumps-gold-card-immigration-programme?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3336795/wealthy-chinese-appear-shun-trumps-gold-card-immigration-programme?utm_source=rss_feed Wed, 17 Dec 2025 15:00:08 +0000 He Huifeng He Huifeng The number of wealthy mainland Chinese choosing to emigrate is projected to drop to a 10-year low this year thanks to the country’s improved business environment and its growing appeal to tech entrepreneurs, according to a report by a London-based advisory firm. Henley & Partners’ annual wealth migration report also said that Hong Kong is starting to see steady inflows of millionaire migrants from the rest of Asia, with an anticipated net inflow of 800 this year, including many executives from... https://www.scmp.com/economy/china-economy/article/3315871/why-are-fewer-wealthy-chinese-likely-emigrate-year?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3315871/why-are-fewer-wealthy-chinese-likely-emigrate-year?utm_source=rss_feed Thu, 26 Jun 2025 04:00:46 +0000 China’s securities association has published new draft guidelines that will penalise companies whose staff flaunt their wealth and privilege, as Beijing continues its drive to remould an industry once known for its lavish lifestyle. In the proposed revisions to its rules, the Securities Association of China has added tougher points deductions for firms that “offer questionable pay incentives”, or whose staff “flaunt wealth” and indulge in “excessive luxury”, Chinese financial media outlet... https://www.scmp.com/economy/china-economy/article/3301523/stop-flaunting-wealth-chinese-bankers-told-new-guidelines?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3301523/stop-flaunting-wealth-chinese-bankers-told-new-guidelines?utm_source=rss_feed Mon, 10 Mar 2025 01:00:18 +0000 An online influencer in China has once again stunned people on mainland social media with the level of his wealth. In his latest interview with the mainland media outlet Phoenix News, Wang Hongquanxing revealed that he owns seven properties in the high-end Beijing residential compound, Star River. The total worth of the properties is 800 million yuan (US$110 million). Wang said he chose to live in a smaller property of around 700 square metres in the compound because the larger, 991-square-metre... https://www.scmp.com/news/people-culture/china-personalities/article/3258609/china-kol-inferiority-complex-owns-7-homes-worth-us110-million-wears-only-branded-clothes-and?utm_source=rss_feed https://www.scmp.com/news/people-culture/china-personalities/article/3258609/china-kol-inferiority-complex-owns-7-homes-worth-us110-million-wears-only-branded-clothes-and?utm_source=rss_feed Tue, 23 Apr 2024 01:00:20 +0000 Enoch Yiu Enoch Yiu Family offices in the Asia-Pacific have seen their wealth grow faster than global peers this year, as they have shown a greater willingness to invest in private equity and risky new asset classes such as cryptocurrencies, according to the 2021 Global Family Office Report released on Wednesday. Twenty-nine per cent of these family offices in the region reported a significant increase in wealth over the last 12 months, more than the global average of 21 per cent, according to the Asia-Pacific... https://www.scmp.com/business/banking-finance/article/3156385/asia-pacific-families-grow-wealth-faster-back-riskier?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3156385/asia-pacific-families-grow-wealth-faster-back-riskier?utm_source=rss_feed Wed, 17 Nov 2021 09:30:19 +0000 Beijing was home to more dollar billionaires than any other city on earth, according to the latest Forbes’ annual rich list released on Wednesday, surpassing New York in the process. The Chinese capital added 33 billionaires and now hosts 100, narrowly beating out New York, which added seven billionaires last year and currently hosts 99, according to the 2021 Forbes World’s Billionaires List. The “Big Apple” had lost its No. 1 ranking for the first time in seven years, according to Forbes.... https://www.scmp.com/business/companies/article/3128616/forbes-billionaires-list-beijing-ends-new-yorks-seven-year-run?utm_source=rss_feed https://www.scmp.com/business/companies/article/3128616/forbes-billionaires-list-beijing-ends-new-yorks-seven-year-run?utm_source=rss_feed Wed, 07 Apr 2021 09:29:31 +0000 The United States leads the world in the number of ultra-rich individuals, but it was China that saw the fastest gain in 2020, according to the latest Wealth Report by property consultancy Knight Frank. It seems the Covid-19 pandemic did little to dampen the fortunes of the world’s wealthiest. In China, its elite club of people whose net worth exceeds US$30 million, excluding their primary residence, grew by 16% in 2020 compared to an 11% growth in the number of Sweden’s ultra-rich residents and... https://www.scmp.com/business/chinas-super-wealthy-set-grow-46-next-five-years-report-claims/article/3123586?utm_source=rss_feed https://www.scmp.com/business/chinas-super-wealthy-set-grow-46-next-five-years-report-claims/article/3123586?utm_source=rss_feed Mon, 01 Mar 2021 10:18:47 +0000 Watches, diamonds, gold and leather goods were among the luxury items that made up a whopping US$54 billion spent by China’s wealthiest families last year. With coronavirus severely curtailing all international travel – and extravagant shopping excursions to Paris, Dubai, New York and London – affluent families in China have been forced to shop up a storm at home in a bid to reduce their anxiety about border closures that keep them stuck in China. “Before the outbreak, we would travel abroad a... https://www.scmp.com/society/money-burn-chinese-elite-swap-international-travel-high-end-spending-home/article/3118195?utm_source=rss_feed https://www.scmp.com/society/money-burn-chinese-elite-swap-international-travel-high-end-spending-home/article/3118195?utm_source=rss_feed Mon, 18 Jan 2021 10:13:28 +0000 “Can we go to Bicester Village?” asks my cousin Cindy Cheung, who’s visiting me in London from Hong Kong. “I want to buy a Burberry scarf, and maybe a designer bag from Prada or Gucci while I’m at it.” Over the years, this small village in Oxfordshire, about an hour outside of London, has become an uncanny shopping destination for foreign tourists. It’s an outlet where shoppers can find many of the world’s biggest designer brands at a steep discount. Since opening in 1995, Bicester Village has... https://www.scmp.com/travel/how-small-english-village-became-shopping-mecca-chinese-tourists/article/3000352?utm_source=rss_feed https://www.scmp.com/travel/how-small-english-village-became-shopping-mecca-chinese-tourists/article/3000352?utm_source=rss_feed Tue, 25 Dec 2018 14:57:17 +0000