More millionaires leave China than any other country in the past 14 years

[yuiyoshida]

China has seen the largest exodus of millionaires compared to any other country over the past 14 years according to a recent report which looks at where wealthy individuals choose to live.

New World Wealth, a company which provides information on the global wealth sector, published a report this month, listing the top eight countries with the most inflow and outflow of millionaires between 2000 and 2014, as well as the top 10 countries with the most millionaires in 2014.

A total of 64,000 global millionaires were recorded, each with net assets of one million besides their primary residences.



http://shanghaiist.com/2015/07/14/more_millionaires_leave_china_than.php

[Snobblevitch]

1. These statistics should not be a surprise to anyone.

[aint_no_life_nowhere]

2. I helped a few of them come to The States

I was an immigration lawyer for about 18 years in the same Chinese law office just outside Los Angeles. Our office handled a number of so-called million dollar investor cases, where a Chinese national could start the green card process if they started a new business in America, eventually invested a net $1 million in it, and thereby created at least 10 jobs for U.S. citizens or green card holders. One of the problems were Chinese laws forbidding any Chinese person from transferring more than the equivalent of $50,000 from a Chinese bank to a bank outside the country within a calendar year. The green card seekers were getting around this law by transferring $50,000 to the bank accounts of 20 friends who then would transfer the money to a bank in Hong Kong which in turn got the green light to transfer the money to the alien's bank account in America. Our office stopped getting cases at the time, because the green card seekers were going to mills that engaged in probable fraud (they were using subterfuges to get around the $1 million requirement where aliens didn't have to risk the full million). In those cases we got, however, I can say that virtually none of the green card holding millionaires were staying in the U.S. They were staying here just long enough to qualify and bringing their families over for the schooling and quality of life. They themselves were returning to China after receiving the green card because they were making too much money in their Chinese businesses to be able to stay away for long. They were basically going back and forth, careful not to lose their permanent U.S. residency status, however.

[kelliekat44]

3. Yes, they come here and elswhere where they can spend their money on things

and buy up businesses and practice discrimination openly as others do.