Rich Families Leaving China

Rich Families Leaving China

A Consultation company recently released a report on data collected from 2000-2014 detailing movement of millionaires around the world during that time period.China had by far the highest number of millionaires leaving the country at around 91,000, with most of them heading to America, Hong Kong, Singapore and England. The report indicated that a majority of them left China due to its harsh tax system.The highest voted comment on the article highlighted a major problem the country faces, saying “If the rich haven’t already immigrated, they are preparing to do so.”
Source: Netease

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  • mr.wiener

    Not to mention the brain drain from China.

    • 十月码

      Yes! Many brains want to leave. The fact is that most students in top Chinese collages apply for north america collage and don’t want to come back again (One of my friend did this and he is pursuing a doctor degree in east-north university in Boston). As a software engineer, I know that many top engineers try to leave here, so did I. :D

      • bujiebuke

        Were you ever offered financial incentives by the government to go back to China? I’ve understood that this is China’s attempt at reversing the brain drain, but I’m not sure how effective it is.

        • 十月码

          I’m not offered that, in fact, I take collage courses in China. I think it makes litter difference on people who stay abroad. As most of them leave China for political environments / lacking of private property protection / air pollution, incentives offered by government cannot solve this.

          • bujiebuke

            Glad to have you here. We don’t get many mainland Chinese people on this site who are willing to share their opinions and who’s not crazy/evil.

          • 十月码

            :)

      • mr.wiener

        Good for you.

      • Bman

        To travel is to learn not only who you are, but also who you are not. It’s an education in itself. Good luck~

        • 十月码

          Thanks Bman. :)

      • Zack Snyder

        That is a good thing about America, it is a place where the oppressed and the down-trodden find hope and future. Not to say you are down-trodden but oppressed maybe.

  • Amused

    “harsh tax system”….
    That part actually had me giggling. An awful lot of millionaires don’t show a profit on anything they do for “some reason”. And yet don’t seem to be losing their shirts either for “some reason”.

    • Bman

      I had a full on laugh :) How about paying 20% sales tax with income you’ve already paid 30% tax on… Welcome to Canada, where health care is not free, btw, Not that I’m complaining.
      When my friends leave a job they also give some silly reason. Everyone says its too much of a hassle to say how horrible the boss is and how lousy they were treated. I agree I guess, no use burning your bridges.

  • WghUk

    If I were rich and successful in China I would do the same unfortunately. Simply because of the authoritarian nature of the government. Not to mention the environmental factors.

  • Foreign Devil

    The only millionaires who are choosing to stay in China are those who still want to make more money. .. after they move abroad it is more difficult to make money. .. They will need to buy lot’s of investment vehicles in their new homeland and many won’t be profitable.

  • Foreign Devil

    The tax reason is not a good reason. Compared to USA taxes in China are very low and not well enforced. Also the USA will force you to file taxes and reveal all your bank accounts no matter where in the world you live after you become citizen or green card holder. .

    • Bman

      Kind of the opposite of here, where you can hide anything. I’ve heard people talk about making government officials reveal their wealth, but seems to be lip service. When it was leaked how insanely wealthy Wen Jiabao is they just buried the story and blocked the websites. I think its the Wall Street Journal that’s still blocked because of that little bit of truth telling.

      • Amused

        “truth telling” hehehe
        You mean malicious slander spread by imperialist running dog capitalist pigs? :D

        • Bman

          Best kinda pig to be slandered by I say!

  • FOARP

    Really missing the Netizen comments on this post.