Big money is escaping China. A new report predicting the country would have the biggest outflow of millionaires globally in 2023.
The report comes from Henley and Partners, a consultancy firm focused on investment migration.
It estimates China would lose over 13,000 millionaires followed by India and the UK.
A Guangdong-based immigration agent—who mainly serves China’s wealthy—gave his take. Noting he’s seeing a growing number of clients leaving China. The agent told the South China morning post that clients are concerned about the long-term value of their assets in China and the country’s slowing economy.
The report said last year, over 10,000 wealthy people left China last year, taking almost $50 billion with them.
The report points to several possibilities of why they would leave. The slowing economy, harsh COVID-19 restrictions in recent years, and Chinese leader Xi Jinping’s push for common prosperity. That campaign urges China’s rich to share their money with others to reduce inequality.
Countries like Australia and Singapore are popular destinations for wealthy individuals looking to relocate.
In comparison, the U.S. is still attracting the rich rather than losing them. America is expected to see an inflow of over 2,000 high rollers this year.