The Hurun Research Institute, in association with Visas Consulting Group has revealed that 90 percent of Chinese high net worth individuals (HNWIs) considering immigration say that they will live in China after retirement, or maintain residences in both China and overseas.
The Immigration and the Chinese HNWIs 2018 report which focusses on emerging immigration trends findings is based on a survey of 224 Chinese HNWIs with an average wealth of US$4.5 million who have already emigrated, are applying to emigrate or who plan to do so in future.
About 37 percent of HNWIs respondents are currently considering immigration, a 10 percent drop compared with last year and 12 percent of them have already emigrated or are applying to do so.
The findings show that America is considered the country of choice for 80 percent of Chinese HNWIs considering immigration with the American education system being the main factor driving this, whilst Ireland and Greece are revealed as emerging immigration destinations for Chinese HNWIs.
Concerns in the areas of education and environment remain key drives of emigration, accounting for 83 percent and 69 percent, up seven percent and five percent on last year respectively.
At the same time, The polled HNWIs’ overseas assets account for 11 percent of their total assets, of which property makes up a large majority. They hope that the proportion will increase to 25 percent in the future.
Over the next three years, 52 percent of HNWIs will give priority to investment when purchasing overseas property. Nearly half of respondents will consider properties in the city centre or in a Chinese community, while properties in the suburbs or school districts are both by more than 30 percent.
The preferred city destinations for overseas property purchase among Chinese HNWIs include Los Angeles followed by New York, Boston, San Francisco and Seattle. London followed in sixth place.
Additionallly, 60 percent of the HNWIs polled say that their thoughts on immigration are mainly influenced by friends and when selecting immigration agencies, HNWIs pay more attention to their ‘professional consulting’ abilities and ‘successful track record’.
According to the Hurun Wealth Report 2017, as of January 2017, there were 1.47 million Chinese high net worth families worth at least US$1.5 million, an increase of 130,000 on the previous year, with a growth rate of 9.7 percent and there were 99,000 ultra-high net worth families worth US$15.3 million or more, up 10,000 on last year, with a growth rate of 11.6 percent.
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