Report: Wealthy Chinese move more money offshore

A new report says rich mainlanders are transferring more money abroad, Caixin reported. The report, by Boston Consulting Group and China Construction Bank (601939.SH, 0939.HKG) says that 28% of Chinese whose net worth is more than US$965,000 (RMB6 million) owned assets overseas in 2012, a rise from only 11% in 2011. As a whole, this group of rich Chinese owned US$5.3 trillion in mainland assets, 450 billion was transferred overseas, or the equivalent of 3% of China’s 2011 GDP. The report predicts the value of assets transferred abroad will double in the next three years. The findings are based on a survey of 4,000 Chinese with assets more than US$965,000.