China's Millionaires Are Leaving the Country
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China is expected to lose more wealthy people via emigration than any other country this year, with an anticipated net exit of 15,200 millionaires. The country's stuttering economic recovery, real estate crisis, high levels of local government debt, youth unemployment, and lukewarm consumer demand have contributed to this trend. Chinese President Xi Jinping's crackdown on displays of wealth and tighter grip on the Chinese economy have also impacted wealth accumulation. The U.S. is predicted to be the top likely destination for high-income emigrants this year, followed by the United Arab Emirates and Singapore. China and India are seeing high net outflows due to their success in generating new millionaires, although slowing wealth growth in China could lead to sustained losses. The United Kingdom is forecast to lose 9,500 millionaires this year. China's economy has slowed, leading to a decrease in the number of Chinese billionaires. Credit rating agencies Fitch and Moody's have downgraded China's sovereign credit outlook from stable to negative. The article was published by Newsweek on June 24, 2024.
#China #WealthEmigration #Millionaires #Economy #XiJinping #UnitedStates #UnitedArabEmirates #Singapore #UnitedKingdom
https://www.newsweek.com/china-millionaires-leaving-country-1916427
Newsweek /
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2024-06-24 18:08:57
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"content": "China's Millionaires Are Leaving the Country\n==========\n\nChina is expected to lose more wealthy people via emigration than any other country this year, with an anticipated net exit of 15,200 millionaires. The country's stuttering economic recovery, real estate crisis, high levels of local government debt, youth unemployment, and lukewarm consumer demand have contributed to this trend. Chinese President Xi Jinping's crackdown on displays of wealth and tighter grip on the Chinese economy have also impacted wealth accumulation. The U.S. is predicted to be the top likely destination for high-income emigrants this year, followed by the United Arab Emirates and Singapore. China and India are seeing high net outflows due to their success in generating new millionaires, although slowing wealth growth in China could lead to sustained losses. The United Kingdom is forecast to lose 9,500 millionaires this year. China's economy has slowed, leading to a decrease in the number of Chinese billionaires. Credit rating agencies Fitch and Moody's have downgraded China's sovereign credit outlook from stable to negative. The article was published by Newsweek on June 24, 2024.\n\n#China #WealthEmigration #Millionaires #Economy #XiJinping #UnitedStates #UnitedArabEmirates #Singapore #UnitedKingdom\n\nhttps://www.newsweek.com/china-millionaires-leaving-country-1916427",
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