(TheIndependentStar.com) – Rich people keep their fortune by making good financial decisions. For many of the world’s wealthiest elite, this means moving to a country where you can maintain and build your financial holdings easily.
A recent AfrAsia Bank report indicated that China is having a tough time keeping its wealthiest citizens at home.
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The report lists the 10 countries with the highest rates of departure among high-net-worth individuals (HNWIs). This designation includes anyone with a net worth of $1 million to $9.9 million departing to live in a different country for at least six months.
China came in at number one, with 16,000 millionaires leaving in 2019. This number includes “naked officials,” a term used to define government leaders who send money to their families outside of China as a way to move their wealth. Government systems treat officials more favorably than average citizens, allowing them to enrich themselves by moving money overseas.
The main reasons why HNWIs seem to leave China, according to media reports, is to get away from pollution and the authoritarian communist government. They also find better education elsewhere and can protect their wealth more effectively.
The AfrAsia report also listed the countries to which these people go. The top destination is Australia, with 12,000 new HNWIs in 2019. The US took second place with 10,800 new wealthy immigrants.
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