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Montevideo, October 20th 2017 - 01:22 UTC

UK and London lose ground as preferred destinations for Chinese millionaires

Wednesday, July 19th 2017 - 22:41 UTC
Full article 4 comments
The survey found around half of those millionaires quizzed were mulling a move abroad. Pollution, education and the falling value of Yuan, were all reasons given. The survey found around half of those millionaires quizzed were mulling a move abroad. Pollution, education and the falling value of Yuan, were all reasons given.

The UK has slipped down the list of preferred destinations for Chinese millionaires considering moving overseas, a report suggests. While the US remains the favorite place to settle, Canada now ranks second pushing Britain into third spot.

 The survey found around half of those millionaires quizzed were mulling a move abroad. Pollution, education and the falling value of the Chinese Yuan depleting savings were all reasons given.

The study by Huran Report and Visa Consulting Group surveyed 304 Chinese individuals with a net worth between US$1.5m and US$30m. About half were based in Beijing, Shanghai, Guangzhou or Shenzhen.

“Education and pollution are driving China's rich to emigrate,” said Huran Report chief researcher Rupert Hoogewerf. “If China can solve these issues, then the primary incentive to emigrate will have been taken away.” he report had no details on why the UK had slipped behind Canada.

Los Angeles was the favorite destination for wealthy Chinese followed by Seattle, San Francisco and New York. London ranked 14th.

The strength of China's currency, which fell to an eight-month low last November, is clearly playing on the minds of many of China's rich. Of those surveyed, 84% said worries about devaluation was a key factor driving them overseas.

Top Comments

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  • Pytangua

    Well that is good news as much (most) of this is dirty money obtained through corruption and gross exploitation of the Chinese poor by oligarchs in the name of 'communism' - sickening. Keep them out of London.

    Jul 20th, 2017 - 10:13 am 0
  • Voice

    Yeah and keep their filthy money out of the UK...

    You have no idea how that pound in your pocket was earned...laundered...arms sales...drug dealing...whatever...

    Jul 20th, 2017 - 11:00 am 0
  • The Voice

    Great! Let's try to get further down the list.

    Jul 21st, 2017 - 03:12 pm 0
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