Thursday, 21 April 2011

Rich Chinese Consider Leaving China

THE DAILY TELEGRAPH: More than half of Chinese "new rich" said they want to leave the country and are considering buying citizenship elsewhere, according to a new report.

While Western businessmen are heading East to make their fortunes, 60 per cent of those with fortunes of more than $10 million (£6 million), had either considered "investment immigration" or already completed the process.

Investment immigration allows rich individuals to effectively buy their residence in another country, in the hope that their money will trickle into the local economy. In the UK, anyone depositing £1 million in a bank account is permitted to stay.

A decade ago, the idea of having such sums to spare would have been beyond the imagination of most Chinese, but this year the number of Chinese boasting disposable assets of more than £1 million is expected to reach 585,000, nearly doubled the total in 2008. » | Malcolm Moore, Shanghai | Thursday, April 21, 2011