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More than half of all Chinese multimillionaires have either left or plan to emigrate, according to surveys. Australia and the U.S. are popular destinations.
Give us your tired, your super-rich, your huddled millionaires.
This is the new clarion call among countries that are lifting their beacons to the mass numbers of wealthy Chinese fleeing their country.
More than half of all Chinese multimillionaires have either left or plan to emigrate, according to surveys. Countries around the world are lining up to attract them, creating a growing business and economy around selling them residency.
Australia said Tuesday that a new visa program aimed at the wealthy—the "significant investor" initiative—has received overwhelming response, with Chinese nationals accounting for over 90 percent of the 545 applications.
Australia is just the latest country to announce a windfall from wealthy Chinese. The U.S., U.K., Spain, Portugal, the Caymans and Gambia have all gotten into pay-for-visa programs for wealthy Chinese.
More than 80 percent of the applicants In the U.S. program, known as the EB-5 visa for immigrant investors, are from China.
First published February 4 2014, 11:37 AM
Robert Frank is an award-winning journalist, best-selling author and a leading authority on the American wealthy. He joined CNBC in May 2012 as a reporter and editor.
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Prior to CNBC, Frank worked at The Wall Street Journal for 18 years, serving as a foreign correspondent in London and Singapore, and later covering Wall Street and corporate scandals. For eight years, he was the paper's wealth reporter, covering the lives, culture and economy of the new rich.