But analysts say there is another reason the Chinese rich are fleeing: to protect their fortunes. With the Chinese government starting the campaign against corruption, many of the Chinese rich-who made their money through some connection or favors from government-want to keep their money what is hard for the Chinese government to reach.
According to Wealth Insight, the Chinese wealthy now have about $658 billion stored in offshore assets(资产). Boston Consulting Group puts the number lower, at around
$ 450 billion, but says offshore investments are expected to double in the next three years.
The mass millionaire migration out of China is also hitting luxury companies hard. Hurun said China's luxury sales last year fell 15 percent-the biggest drop in over a half a decade. Spending on gifts, which made up a sizable portion of luxury sales, fell 25 percent. In other words, it isn't that wealthy buyers in China are spending less-they're just disappearing.
Most are looking for permanent residences, Hurun said. The United States was their top destination, which any real estate agent in San Francisco, Seattle or New York can confirm. Europe is their second favorite destination, followed by Canada, Australia, Singapore and Hong Kong.
1.Some Chinese millionaires migrate abroad ________.
A.because they intend to make fortunes in the new places
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