Private wealth in China reached 80 trillion yuan ($13 trillion) in 2012 and over 700,000 individuals have 10 million yuan or more in assets to invest, according to a report from China Merchants Bank and Bain & Co.
To preserve their assets, China’s wealthy have been diversifying into foreign assets, particularly real estate, reports China Daily.
According to a Hurun study, those “who have left China or who plan to rose from 60 percent in 2012 to 64 percent in 2013, accounting for 1 in 3 super-rich.” However, a majority of the 64 percent are not looking to give up their Chinese citizenship.
More and more Chinese investors are going to Europe and North America to buy properties and establish residency according to the Annual Report on Chinese International Migration 2014.
Wealthy Chinese were the second largest buyers of US properties and they accounted for 20 to 40 percent of the foreign buyers in Toronto and London.
image credit: trey ratcliff