Chinese multimillionaires jump ship to protect their assets

Around a third of Chinese multimillionaires have already fled the motherland due to economic uncertainty, contaminated food and incessant pollution.

Research by a respected Chinese academic organisation has confirmed that a significant percentage of China’s successful entrepreneurs are heading overseas in a bid to protect their assets, educate their children and enjoy a more laid-back quality of life. The 33 per cent who have already left are each worth up to £10 million, with another 50 per cent planning to make the move.

The influential research group Chinese Academy of Social Science’s report, entitled Chinese International Migration 2012, was published in the Communist-controlled state media along with warnings about the potential harm caused by the defectors. Report co-author Wang Huiyao spoke of the migration as a disastrous loss of talent likely to affect the country’s economy if it continues.

Findings by the Bank of China released in 2011 are now seen as precursors of the present situation, as the figures suggested that over half China’s ultra-wealthy were looking to leave. A further investigation by China Merchant Bank found that at least 60 per cent of Chinese worth over £1 million were planning to emigrate to preserve their investments.

Cui Yu, 31, in an interview with China Daily, said she and her husband had discussed emigrating and decided that it was the best option for the education of their children and for their future career choices. China experts believe the findings are highly sensitive at a political level for their implications that the country’s elite have lost confidence in its economic and political future.