China to see the world's biggest millionaire exodus this year, study shows
Guests are seen in the J Hotel located in the Shanghai Tower, in Shanghai on June 23, 2021.
China, with the world's second-largest economy and the second-highest population, will again see the biggest exodus of millionaires this year, according to new research.
According to a report by investment migration consultancy Henley & Partners, China is expected to lose the largest number of dollar millionaires this year due to migration, when compared to any other country.
Data from the firm showed that a net 10,800 high-net-worth individuals migrated out of China in 2022, and another net 13,500 are expected to leave this year.
This is not an issue that started with the coronavirus pandemic, and has been going on for the last 10 years. China has seen the biggest departure of millionaires each year for the past decade, causing general wealth growth in the country to slow down, Andrew Amoils, head of research at global wealth intelligence firm New World Wealth which helped create the report, said in an accompanying statement.
"The recent outflows could be more damaging than usual. China's economy grew strongly from 2000 to 2017, but wealth and millionaire growth in the country has been negligible since then (when measured in U.S.-dollar terms)."
Source: CNBC
