If you get rich in China, you get out.
The elderly Communists who run the country are tyrants. If you get enough money to flee, you flee.
About 150,000 wealthy Chinese have flown the coop this year. Their #1 destination: the USA. Who can blame them, other than elderly Communist tyrants?
Technically, these people can legally take only $50,000 with them. They are rich enough to beat the system.
China is not the poverty-stricken concentration camp that it was under Mao. But it is not a free society. Communism is still the official ideology. It is operationally Keynesian, mercantilistic, and bureaucratic.
China’s economy is growing. But for those who make it really big in China, the best course of action is to take the money and run.
Continue reading on here.
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Published on December 26, 2012. The original is here.
In 2016, this detailed report was published: Emigration Trends and Policies in China: Movement of the Wealthy and Highly Skilled. Here is a brief summary:
As this report for MPI's Transatlantic Council on Migration explores, high-skilled and high-value emigration from China is rising fast, while low-skilled and unskilled emigration is stagnant—a divergence that has been widening since the late 2000s. The emigration rate of China’s highly educated population is now five times as high as the country’s overall rate. China’s wealthy elites and growing middle class are increasingly pursuing educational and work opportunities overseas for themselves and their families, facilitated by their rising incomes.
The government is trying to reverse this outflow of "brains."
This report analyzes the evolution of Chinese emigration since the end of the 1970s to the present day. Concerns about “brain drain” in the late 1980s have now given way to a variety of government efforts to connect with China’s diaspora members without necessarily expecting their permanent return. These include targeted recruitment programs for skilled diaspora members in academia and the science and technology sectors, online portals to engage with overseas experts, and temporary exchange programs and special visas for second-generation diaspora members.
In 2018, CNBC ran this story: More than a third of Chinese millionaires want to leave China, here’s where they want to go. They want to go to Los Angeles, New York City, Boston, and San Francisco. the story was based on a report from The Hurun Research Institute.
They are moving to Great Britain, too. In 2019, Forbes ran this article: China's Richest Start Leaving As The Trade War Escalates. Between 2018 and 2019, the number of Chinese millionaires moving into the UK increased by 50%. They are coming in under Tier 1 investment visas. To be granted one of these visas, you have to be worth $2.5 million. In 2018, almost half of all Tier 1 visas went to Chinese citizens. In second place is Russia with 7%. The number of Tier 1 visas going to Chinese citizens began to soar in the final quarter of 2018.
The United States has an equivalent of Tier 1 visas: EB-5 visas. Chinese citizens constitute about 85% of these visas.
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