The latest billionaire migration report shows that China will once again become the country with the most millionaires leaving the country. The report predicts that 15,200 millionaires will leave China this year, exceeding the number from the previous year. The United States continues to be one of the top choices for these Chinese millionaire immigrants.
According to the “Private Wealth Immigration Report” released by the global investment advisory firm Henley & Partners on June 18, China is estimated to have a net outflow of 15,200 millionaires this year, the highest in the world, and the outflow rate has increased compared to last year’s 13,800 people.
This report uses data from the wealth intelligence provider New World Wealth to predict the net inflow and outflow of millionaires with movable investable wealth of over $1 million in various regions.
Multiple studies indicate that China’s affluent class and middle class are accelerating their exodus from the country.
According to the Hurun Research Institute’s “China Ultra High Net Worth Individual Brand Trends Report” released in March of this year, nearly 40% of the surveyed high net worth families are considering moving abroad.
According to the “2022 World Migration Report” released by the United Nations Migration Agency, China ranks as the fourth-largest country in terms of emigration. In addition to wealthy immigrants with abundant resources, many middle-class individuals in China are also finding ways to “vote with their feet” and start a new life overseas.
In the past year, the number of Chinese immigrants entering the United States through “risky routes” has continued to increase. According to statistics from the US Customs and Border Protection, in 2023, over 52,000 Chinese citizens were apprehended for illegal entry, with over 23,000 of them caught between October and December. Previously, only about 1,500 Chinese citizens illegally entered the US each year. Among these “risky route” immigrants are also middle-class individuals who are discontent with their situation in China and are willing to embark on this dangerous journey to seek a better life in an unknown environment.
For the middle class, leaving behind everything they have in China – their job, property, family and social connections – requires great determination. The cost of immigration is also a significant expense for the middle class.
A 34-year-old financial company employee under a state-owned investment platform in China, who goes by the pseudonym Zhang Yu, has considered immigration due to the “dire political and economic situation in China, including the suffering endured by individuals.” His experience in the financial industry has led him to observe that “since the beginning of the pandemic, in my opinion, the economy in China is on the brink of collapse, with uncertainties surrounding real estate market and local government debt.”
He describes himself as a kind of “rebel” in China, always cautious about speaking out online, feeling suppressed as a result.
However, immigration is not easy for him. He has consulted some professional immigration agencies and watched immigration bloggers on platforms like YouTube for information, but he has not yet found a clear plan. He said, “Considering my own situation, the main countries I am considering are Canada and some European countries. I dare not hope for the United States, and Japan is not traditionally seen as an immigration country.”
In China, Linda Cai, a senior author and editor, has a husband working at a US biomedical company under a venture capital platform. Due to the tense relations between the US and China, and with Chinese regulatory authorities conducting sudden inspections of offices of foreign companies in China last year, her husband was relocated to the US headquarters, and their whole family immigrated as well.
Her colleagues who are still in China are very envious of her ability to immigrate. “Now you can’t write anything, everything is sensitive. Some friends express their grievances in WeChat groups with just a few people, but the next day someone will show up at the door.”
Many of her former colleagues have also begun exploring immigration options because liberal arts professionals do not have the same advantages as STEM professionals when it comes to immigration. They are starting to apply to language schools in Japan in preparation for immigrating to Japan.
Japan has become a new favorite for Chinese immigrants in recent years. Last year, the number of Chinese residents in Japan exceeded 820,000, an increase of 60,000 from the previous year, marking the largest increase in recent years.
Eixil, who frequently bypasses internet restrictions, was once summoned by the police for reposting a domestic news article on a certain platform. His young child received “brainwashing and hate education” at kindergarten. The tightening political and public opinion environment has strengthened his determination to immigrate.
Li Feng, a former journalist at a media outlet in Guangdong Province, said to Voice of America that he had a good and relatively stable life in China. However, the recent downturn in the Chinese real estate market, coupled with the unbearable containment policies during the pandemic, led him and his family to leave China without waiting to deal with their assets.
He said that the various measures taken by the government during the pandemic made him see that the genes of decades-old land reform, anti-rightist campaigns, and the Cultural Revolution in China still exist. He believes that these inhumane controls will continue to emerge at some point. Therefore, for the sake of the next generation, he felt compelled to leave.
He mentioned that many middle-class individuals around him want to immigrate, including neighbors, colleagues, and clients. Due to his advanced age, it is challenging for him to find an employer willing to sponsor his work visa, so he has entered the US on a tourist visa. However, he has decided to apply to study for a doctorate in political science in the US, aiming to learn knowledge that he couldn’t gain in China. He hopes to enhance his English reading and writing abilities and write about the experiences of his family over generations in China.
He also noted that there are many people who want to escape the current environment in China, and some who lack money and resources choose to leave China through illegal channels.