Nearly half of China's super-wealthy individuals are considering leaving the country, a survey said today, with most citing better overseas educational and employment opportunities for their children.
The global survey of 2,000 high net worth individuals by Barclays Wealth found that 47 per cent of the wealthy Chinese who were questioned plan to move overseas within the next five years.
The Chinese semi-autonomous city of Hong Kong is their preferred destination, cited by 30 per cent of respondents, followed by Canada with 23 per cent -- although earlier this year Ottawa closed an immigrant investor visa scheme that had been popular among wealthy Chinese.
The results show that "better educational and employment opportunities for their children is the main pull factor for Chinese high net worth individuals", according to the survey.
China has seen double-digit economic expansion in recent decades but faces mounting uncertainty over its pace of growth.
Its economic expansion has also come at great environmental cost -- particularly in large cities such as Beijing and Shanghai -- another factor among the country's super-wealthy in considering a move overseas.
The survey also found that a significant share of Singapore's wealthy -- 23 per cent -- plan a move abroad in the next five years, even as the city-state remains a top destination for Hong Kong's rich.
In Hong Kong 16 per cent of the wealthy said they plan to move, with 44 per cent of these naming Singapore as their destination. Another 31 per cent anticipated going to China.
Around the world, a little over half -- 57 per cent -- of super-rich individuals have only lived in one country, with 20 per cent having lived in three or more.
