About 14% of wealthy Chinese have either applied or are in the process of applying for migration to other countries, said the survey.
The survey involved high-net-worth individuals (HNWI) in 18 cities between May and September and a total 980 valid questionnaires were received.
Go deeper with GlobalData
The average age of the respondents was 42, with an average net worth of more than RMB60 million (US$9.44 million).
The choice of destination varies from developed to rich country. While the USA is the top choice with 40% of the Chinese millionaires showed their interested in settling there, Canada was the second choice with 37% followed closely by Singapore (14%) and Europe (11%).
Despite the country’s fast-paced growth, concerns are mounting amongst the wealthy Chinese and the reasons they cited for wishing to leave vary from wanting better education for their to desire for a better medical treatment and concerns over pollution in China.
As the gap between the rich and not-so-rich is also increasing there is a feeling of insecurity that is developing. The wealthy are looking for personal and capital safety and thus are choosing to transfer their wealth overseas.
In fact a third of the respondents have already bought property overseas, which accounts for 19% of their investment assets. For those who do not yet own overseas assets, around 30% plan to buy something, preferably property, within the coming three years.
