Defence Professionals/ DFI member of 2
- Sep 28, 2011
China's rich fleeing the country—with their fortunesIt's one of the largest and most rapid wealth migrations of our time: hundreds of billions of dollars, and waves of millionaires flowing out of China to overseas destinations.
According to WealthInsight, the Chinese wealthy now have about $658 billion stashed in offshore assets. Boston Consulting Group puts the number lower, at around $450 billion, but says offshore investments are expected to double in the next three years.
A study from Bain Consulting found that half of China's ultrawealthy—those with $16 million or more in wealth—now have investments overseas.
And it's not just the money that's exiting the country. The wealthy are increasingly following their money overseas.