Why China’s rich are leaving

FORTUNE ^ | 06/06/2014 | by Scott Cendrowski

[SeekAndFind]

Pollution, tainted food and education are causing many of the country’s wealthy to flee, survey finds.

Earlier this year, the best company at surveying the rich in China announced that more than 60% of the people it surveyed had already immigrated to another country, or were considering doing so.

The question for the Hurun Report, which publishes an annual China rich list, was why? Was pollution driving people abroad, weariness over China’s political crackdowns, or something else entirely?

It turns out the questions also nagged Rupert Hoogewerf, founder of Hurun. At the time, his best guess was that pollution and the desire to park some assets abroad were driving rich Chinese to the United States, Canada, and Australia—the top three destinations for those leaving China.

But to find out for sure, he conducted a follow-up survey that is being released today, and Fortune got exclusive early access. Hurun teamed with Visas Consulting Group to ask 141 wealthy Chinese questions about emigration and where they’re moving their money. The researchers discovered that three factors drove emigration from China, with each factor accounting for 20% of the responses:

[shove_it]

Jobs are starting to increase but not manufacturing jobs which will never return because of technology advances and cheap labor in the third world. It’s the Communization of our government that causes the wealthy to go Galt, not loss of jobs.

[Buckeye McFrog]

Cause once we run out of money to go shopping at Walmart the peasants are gonna be stringing up Princelings from lampposts.

[PGR88]

China is the crony-capitalist center of the world. You do not get rich there without sucking-up to, bribing, cajoling the omnipresent government and its officials.

Smart people know that it can change at any time - for the wealthy, their property rights are not secure.

(BTW - I see the same thing developing in the USA)

[Buckeye McFrog]

The Chinese have money, a work ethic, and a commitment to education and family. And they’re smart.

Bingo. I have found much to like and admire about the Chinese people I've known. They work very hard. They really value education and knowledge. And they are family-oriented.

That being said the ChiCom government scares the crap out of me.

[Salgak]

Actually, I agree. Full speed forward. Until it collapses, and then LET IT BURN.

I’m thinking the pResident will keep applying bandaids, but we’re approaching the “arterial bleed” level. The next 5 years or so are going to purely suck. . .

[sinsofsolarempirefan]

Funny how with the exception of Japan, most of those destinations are within the anglosphere. I’d guess that most of those heading to the all-encompassing term ‘Europe’ are in fact heading for Britain...

[JimRed]

Says volumes about the changes in China over the last 30-40 years. The old ChiComs would not have allowed them to leave! Of course, I’m sure there were a lot fewer rich in China then...

[dennisw]

Chinese taking a page from Mexicans (flooding the southern US) and the Islamanazis (Sharia to Detroitistan)... conquer by bloodless invasion.

Rich Chinese guy immigrates here with his family. What will he do to make money? He will open up an import-export business to bring even more stuff from China (he has tons of contacts) and kill US industry and workers more

[1010RD]

Century Arms blames White House for layoffs

http://thegunwriter.blogs.heraldtribune.com/16909/century-intl-arms-blames-white-house-for-layoffs/

These rules are skewing the market. Ping me when you get the chance and we can talk about the importance of division of labor and relative/absolute advantage. Have a good night, FRiend.