More Chinese Millionaires Leaving For Good

An exodus of Chinese millionaires is expected to continue this year, according to a new report by investment migration consultancy Henley & Partners, Pak Yiu reported for Nikkei Asia.

Photo Insert: Tycoon Jack Ma during the NYSE listing of Alibaba.

Henley & Partners made the assessment as rich Chinese fly to Singapore, Tokyo, Paris, London and Berlin to buy assets or to keep their stash abroad.

In the case of Singapore, its businessmen are buying cheap Chinese properties as prices of land in their own city-state hit the ceiling. As the economy slows and the government tightens political controls, more Chinese are going to fly the coop.

China is expected to see a net outflow of 13,500 high net worth individuals this year, extending the loss of millionaires in the past decade, according to the Henley Private Wealth Migration Report.

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