Trends To Note

wealthymattersAmong Chinese millionaires with a net worth of more than $1.5 million, half either plan to or are considering moving abroad.

The U.S. remains the most popular destination for wealthy Chinese moving their families and fortunes abroad. Canada ranks second, overtaking the U.K., which had ranked second but now ranks third. Australia comes in at fourth.

The favorite city for wealthy Chinese moving to the U.S. is Los Angeles, while Seattle ranks second followed by San Francisco. New York ranked fourth.

The flow of wealthy Chinese and Chinese fortunes into U.S. homes and buildings is likely to continue, helping demand and prices in certain real estate markets — especially in the U.S

Their main reasons for moving abroad are education, followed by the living environment.

The fear of a falling Chinese currency is also driving many rich Chinese — and their money — abroad. Fully 84 percent of Chinese millionaires are concerned about the devaluation of the yuan, up from 50 percent last year. Half are worried about the exchange rate of the dollar, foreign exchange controls and property bubbles in China.

Over 60 percent of wealthy Chinese are optimistic about China’s economic development, but only 22 percent think that China’s high-speed development will continue and 44 percent think it will slow down.

The EB-5 program is the favourite of wealthy Chinese that allows them a path to citizenship in the U.S. in exchange for an investment in property of $500,000.


About Keerthika Singaravel

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