A report suggests that “The United Kingdom has fallen down the rank of favorite destinations for Chinese millionaires considering migrating overseas.”
Although the US remains the preferred region to reside, Canada is now placed second top ranked sending Britain down into third position.
The study report said about half of those millionaires examine, were contemplating a move abroad.
Education, pollution and the falling worth of the Chinese yuan and diminishing savings were all reasons given.
Study shows that, 304 Chinese individuals with a net worth between $1.5m and $30m. About half were located in Beijing, Shanghai, Guangzhou or Shenzhen. Study by Visa Consulting Group and Huran Report.
Change in Chinese Financial Climate
A Huran Report chief researcher Rupert Hoogewerf said.” pollution and education are pushing China’s wealthy individuals to move elsewhere,”
The report had no information on the how UK had dropped behind Canada.
Los Angeles was the preferred destination for rich Chinese followed by first city Seattle, San Francisco and New York, While London (UK) is ranked 14th in the chat of favorite destination.
The power of China’s currency, which dropped last November to an eight-month low, is certainly playing on the intelligence of a lot of China’s wealthy individuals.
Among those studies, 84% said they were concern about depreciation as a major factor pushing them to migrate overseas.