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China’s Rich Moving Overseas û Fear of Losing their Wealth

2009 saw a 100% increase of EB-5 category applications for immigration to the United States, with the intent to be an investor. In 2008 the number was 500. According to the Economic Observer, there are two reasons for China’s rich to immigrate overseas: children’s education and finding a of safe haven. The latter pertains to the lack of social stability. The domestic investment environment is far from the rule of law. More importantly, “the rich people are on pins and needles because the ever widening income disparity has led to public challenges of their ‘original sins’ [getting wealthy through illegal or unfair practices] and to ‘hatred of the rich.’” “You never know. Maybe one day people will rob the rich to give to the poor. It is too unsafe,” said a rich Mr. Li.

Source: Huanqiu, May 30, 2010