Half of the super-rich in mainland China are considering emigration, according to a survey of Chinese with assets of over RMB 10 million (US$1.57 million), raising concerns about the country’s worsening social and business environment, the South China Morning Post reported. The report, released jointly by the Hurun Report and the Bank of China (601988.SH, 3988.HK), found that 14% of the 980 millionaires surveyed had either already emigrated or were applying to do so. One third of these used “investment immigration” which allows for emigration after agreeing to invest a certain amount in the host country. Another 46% said they had plans to emigrate, and cited better education and retirement life, asset protection and political uncertainty in China as the main reasons. Other reasons included an insufficient legal framework in China, a worsening investment environment, rising living costs and discomfort with increasing resentment of the wealthy. Some corrupt government officials and businessmen wanted to leave as their wealth was gained illegally. The results were based on one-on-one interviews conducted in 18 major cities from May to September.
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