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27 Percent of China’s Billionaires Have Emigrated

China’s International Migration Report (2012) was released in December 2012. The report showed that in China, among business owners with personal assets of more than one billion yuan (US$160 million), 27 percent have emigrated, and 47 percent are considering emigration. In the past three years, at least 17 billion yuan ($US2.7 billion) of capital has flown abroad.

The Blue Book shows that the emigration of the wealthy reflects, to a certain extent, the problem of capital flight. Some people transferred their "gray income" overseas to achieve tax avoidance and also to evade prosecution in accordance with the national laws. This capital flight has led to a huge loss of the nation’s wealth.

Source: Xinhua, January 6, 2013