Defined by a recent report, one’s bank balance has to hit at least 100 million yuan or more to be considered among the super-rich. This seems to be a pretty exclusive club, with only 67,000 people falling into the specialist category in China. Pretty big cheese, huh?
If you can’t quite hit the “super-rich” status, providing you have six million yuan (one million USD), you are still considered to be a high net-worth individual. Basically meaning, you earn pretty big bucks. Of the mass 1.35 billion Chinese, only around 3 million come under such a title.
Though many said high net-worth individuals may have prospered well in their homeland, the amount considering moving abroad has reached an all time high as priorities of providing a secure and diverse future for their children have caused a surge in eager immigrants.
A recent report showed that 64% of respondents had either already boarded a jet plane outta here or plan on doing so in the future. That’s 4% up on last year.
So although these elites, who casually average 42 million yuan in personal assets, have flourished in the economic boom and new found wealth of China, the report suggests that they obviously do not view it as the best place to provide a future for their children.
According to the chairman and chief researcher of the Hurun Report, Rupert Hoogewerf, entrepreneurs considered the ability for their children to have an international understanding to be key. Therefore it is no surprise that the top reason for emigrating was to provide better educational opportunities.
On the top of the list for China’s most disired post code came the United States. This was with an overwhelming majority, as 52% of respondents choose it as their country of choice. Canada was favoured second, but with much less vigour, as 21% of the respondents fancied flaying ye old maple leaf on their lawn.
The appeal of the American Dream to the Chinese is hardly facetious when you take into account that the US harbours most of the world’s top 10 universities. However, it is not solely the promise of a better education that is driving the Chinese out.
Other issues identified were those surrounding pollution, worries of food safety, and, though not mentioned, probably worries surrounding the inability to buy real estate in China too. This assumption is drawn on the basis that real estate was found to be the top investment choice for over 40% of China’s rich, therefore obliterating any worries that the 70-year land use rights law may provide.
If so many big spenders are wanting out, what does this mean for China?
Perhaps there is no need to outline any lucrative suggestions any time soon as, although this report highlights some interesting statistics, it only received 141 respondents in total which when you compare this to the potential 3 million it could have received, it represents a relatively small sample.
By Sophie Regan
[Image Credit: 2493™]