Concerned about China’s worsening political climate and its economic repercussions, wealthy Chinese are accelerating the process of emigration and transferring of assets overseas.
Henley & Partners, an investment immigration consultancy based in London, estimates that about 10,000 high-net-worth Chinese—with assets of more than $1 million each—will immigrate abroad in 2022. They will take with them approximately $4.8 million per capita, and an estimated $48 billion will flow out of China, ranking second in the world after Russia’s migration of millionaires.
A report published in July by the U.S. National Association of Realtors shows that, over the past 12 months, Chinese buyers in the U.S. real estate market ranked first in foreign buyer transactions, with a total of $6.1 billion. Fifty-eight percent of these transactions were paid in cash, and the average transaction price was $1 million….