As war on corruption mounts, China’s rich flee to America

HONG KONG — It’s a favorite pastime: Americans worried about their country’s direction love threatening to move abroad. “That’s it, I’m going to Canada!” they say.

Of course, they almost never do.

In China, however, that’s now no idle threat, especially for the rich.

Amid a widening crackdown on corruption, China’s wealthiest citizens are increasingly seeking a better life abroad.

The United States is their favored destination.

That’s the surprising conclusion of a new Hurun Report survey of 393 Chinese millionaires. According to the report, 64 percent of wealthy Chinese (those with $1.6 million or more) have emigrated or are planning to do so. Hurun also found that a third of the super-rich (those with $16 million or more) have established homes elsewhere.

A higher percentage of the wealthy favor sending their offspring overseas. Eighty percent want their children educated abroad. The US is the top choice for university, and the second choice (behind the UK) for high school.


http://www.salon.com/2014/02/09/chinas_wealthy_are_fleeing_to_the_united_states_where_their_money_is_welcomed_with_open_arms_partner/