“We will feel safe only when we leave; it’s hard to say what will happen in mainland China,” are words often spoken by rich Chinese.
Most private enterprise entrepreneurs are ready to emigrate at any time. Anxiety over the uncertainty of the ruling communist Party’s policies is the major reason given. Their children’s education and a better living environment used to be the main attraction to emigrate, now they’ve become a secondary factor.
An investigation by the Shanghai Entrepreneur Association, one of the most influential non-government associations of commerce in Shanghai, and the Horizon Research Consultancy Group, targeted 150 private enterprises in mainland China. The report found that Chinese private entrepreneurs’ sense of security only scored 6.09 out of 10 in 2013. Uncertainty caused by policy fluctuations was the main reason given by 31.5 percent of them.
The Executive Dean of the Overseas Education College of Shanghai Jiaotong University, Wang Hongxin, says private entrepreneurs are supposed to be one of the most respected social groups. Unfortunately, Chinese society has a misconception about entrepreneurs, especially private entrepreneurs, and generally hates the rich. That, combined with unpredictable political policies, flakey protection of private wealth, and political corruption have all inhibited entrepreneurs from expanding internationally, as well as stymied long-term planning.
At the end of 2012, the Center for China & Globalization (CCG) and Beijing Institute of Technology Law School collectively published the Annual Report on Chinese International Migration (2012).
The report stated that 27 percent of ultra-high-net-worth business owners, with personal assets above US$18 million, had already emigrated, while another 47 percent were considering emigration. Nearly 60 percent of high-net-worth business owners with personal assets above US$1.8 million, had completed or were considering investment emigration.
Survey results of the 2013 Hurun Report (www.hurun.net/) indicate that the percentage of China’s richest who have emigrated, or are emigrating, or are considering emigration, has gone up 6.7 percent from 2012 to 64 percent in 2013. Of the multimillionaires, one third have emigrated, according to the survey.
A 2013 survey by Wealth Insight, a London based wealth consultancy, found that China’s richest now have approximately US$658 billion in hidden assets overseas. This is more than 30 percent of China’s fiscal revenue of 2.13 trillion.
Full Story Here: http://www.theepochtimes.com/n3/564604-rich-chinese-anxious-to-leave-china-2/