China to see the world’s biggest millionaire exodus this year

Data shows 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. While the strict measurements put in place during COVID certainly has contributed to this phenomenon, this migration trend 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. 

There are many reasons why China's elite has been migrating out of China.  The continuous uncertainties that the Chinese government is creating due to clampdowns on entrepreneurs, changing regulations, strict capital outflows, limited freedom of speech, tough education environment etc are all key factors causing many Chinese to throw their hat in the ring and pack their bags.  The United States remains a prime destination for many Chinese millionaires, especially for families who are also looking to send their children to good schools and create better opportunities for them in the future.

American real estate agents have paid notice with many of them looking to sell houses to these Chinese millionaires.  Many agents are trying to promote listings to attract Chinese buyers in order to get leads. Other agents have also embarked on setting up WeChat accounts.

For more details on the migratino of these Chinese millionaires, read more here.