FX.co ★ Majority of Chinese rich turned to be potential emigrants

According to Agence France-Presse, citing the research of U.S. consulting firm Bain & Company, the majority of Chinese citizens used money to obtain citizenship or residence permit abroad or are about to do it in the near future.
Bain & Company estimated that 60% of Chinese with worth of more than $1.6 million embraced the possibilities provided by the other states for immigrant investors. For example, in order to obtain citizenship or a residence permit, one is only required to make a large cash deposit in local bank, buy assets or start a business venture.
Among the People's Republic of China's citizens with net worth of $1.6 million the number of potential emigrants amounted to 70%. Only 10% of wealthy Chinese stated that they were not going to obtain foreign citizenship or a residence permit. However, the majority said they did not exclude the possibility for their children.
More than one third of China's citizens with wealth exceeding $1.6 million have investments abroad. Among the Chinese with net worth of over $1.6 million, more than a half invest in foreign assets. Meanwhile, starting from 2011 their number has doubled. 60% of Chinese rich claimed they were going to increase investments in other countries.
Bain & Company notes that due to emigration the Chinese millionaires try to diverse their assets and save them in case of economic disasters in China. Wealthy Chinese spend a lot of time abroad as their children study there, the richest Chinese do not like poor environmental conditions in China's cities.
More than 700,000 people with net worth exceeding $1.6 million are living in China. Since 2008 their number has doubled. Meanwhile, the National People's Congress is one of the world's richest parliaments. Among the Congress members there are 31 dollar billionaires. 52 billionaires are the members of the Chinese People's Political Consultative Conference, a political advisory body in the People's Republic of China.