Millionaires leaving China

Data showed that a net 10,800 high-net-worth individuals migrated out of China in 2022, and another net 13,500 are expected to leave this year. This is not an issue that started with the coronavirus pandemic, and has been going on for the last 10 years. China has seen the biggest departure of millionaires each year for the past decade, causing general wealth growth in the country to slow down…

“The recent outflows could be more damaging than usual. China’s economy grew strongly from 2000 to 2017, but wealth and millionaire growth in the country has been negligible since then (when measured in U.S.-dollar terms).”

Second to China, Henley & Partners forecasts India to lose a net 6,500 millionaires this year, a net 1,000 decrease from the millionaires that left the country in 2022…However, Amoils highlighted that these outflows should not be a matter of concern since “India produces far more new millionaires than it loses to migration.”