The findings in the report are based on a survey of 224 Chinese HNWIs with an average wealth of US$4.5m who have already emigrated, are applying to emigrate or who plan to do so in future. The survey was conducted between March and June this year
Over the past year, domestic economic development has been stable, and the Chinese high net worth population has increased steadily. According to the Hurun Chinese Luxury Consumer Survey 2018, about 37% of HNWIs respondents are currently considering immigration, a 10% drop compared with last year. 12% of them have already emigrated or are applying to do so.
From the international perspective, many traditional and emerging immigration destinations are implementing various stimulus policies, including the United States’ substantial reduction in corporate tax and simplified property purchase immigration policies in a number of European countries. At the same time, various domestic policies, such as increasingly strict foreign exchange controls and property purchase restrictions in first-tier cities, have also stimulated the overseas investment and immigration of Chinese HNWIs to a certain extent.
The United States remains the most popular destination for HNWIs investment emigrants for the fourth year running, while the UK has risen from third place to second. Emerging immigration destinations Ireland and Greece performed well, with Ireland moving up four places to third, and Greece occupying sixth place in its debut appearance on the ranking. Canada falls two places to fourth, while Australia is down one place to fifth. Rupert Hoogewerf said;
“The United States far surpasses other countries as the first choice of Chinese HNWIs in terms of immigration destinations.”
- 90% of Chinese HNWIs considering emigration plan to retire in China
- USA Country of Choice for 80% of Chinese HNWIs considering immigration
- Investment in overseas real estate expected to increase 50% over next three years. Los Angeles remains most popular overseas property purchase destination, London shoots into sixth place, rising
- Concerns in the areas of education and environment remain key drives of emigration, accounting for 83% and 69%, up 7% and 5% on last year respectively
- Ireland and Greece emerging immigration destinations
- 14% regard themselves as global citizens, with financial freedom, visa freedom and overseas education regarded as the defining features of global citizenship
- 70% own overseas assets, mostly properties, which account today for 11% of total assets. The aim is to have overseas assets accounting for 25% of their total assets
- ‘Wealth, tax, property’: global asset allocation, tax planning and overseas property purchasing constitute the three main opportunities and challenges
- Hurun Report Releases Immigration and the Chinese HNWIs 2018 in Association with Visas Consulting Group