Capital Flight: Nearly Half China's Millionaires Plan to Emigrate

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/ Source: CNBC.com

Nearly half of Chinese millionaires plan to emigrate from their communist homeland in the next five years—a flight that could add to worries over the country's economy, as more money moves offshore. Barclays and Ledbury Research polled more than 2,000 people worth $1.5 million or more from 17 countries, and found 47 percent of Chinese millionaires plan to leave. When asked why they are leaving China, 78 percent of respondents said they were seeking "better educational/employment opportunities" for their children. Seventy-three percent said they were looking for "economic security" and 72 percent said they wanted a "desirable climate." Chinese rich aren't the only ones leaving. The study found that nearly half of global millionaires have lived in more than one country—and many more are planning to migrate in the next five years. Most millionaire Americans who migrate are going to Europe, the study found. The largest number of millionaires planning to leave Asia are bound for North America, while millionaire migrants from the Middle East are split between Europe and North America.

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- Robert Frank, CNBC.com