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Only One Quarter of Wealthy Chinese Are Very Confident in China’s Economy

On August 8, 2013, the World Journal published an article titled, “One Third of Chinese Millionaires Have Overseas Assets.” The article was based on The GroupM Knowledge – Hurun Wealth Report 2013. The report showed that only one quarter of China’s millionaires are very confident about the country’s economy in the coming two years, a decline of 3 percent from the previous year and one-half that from the year before. One-third of wealthy Chinese have overseas assets. This accounts for an average of 19 percent of their total assets. Nearly 30 percent of the Chinese millionaires who do not have overseas assets plan to make overseas investments in the next 3 years.

Since last year, over 80 percent of millionaires have planned to have their child educated outside of China. The major choices for foreign education are the US, the UK, and Canada. The main destinations for study abroad are also popular locations for them to purchase overseas residential properties. According to the "2013 Report on Private Wealth in China" jointly issued in May of 2013 by China Merchants Bank and Bain & Company – Management Consulting Firm, since 2010, about 60 percent of those respondents who have investable assets of more than 10 million yuan (US$1.63 million) have been considering or have already completed investment immigration. 

Source: World Journal, August 8, 2013