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.