China has the world's largest drop in millionaires

China will see the largest number of millionaires leave the country globally this year as the country's wealth growth slows.

Illustration photo.

Financial advisory firm Henley & Partners estimated on June 13 that China will lose about 13,500 individuals with investable assets of over $1 million, followed by India with 6,500 millionaires and the UK with 3,200 millionaires who will migrate to other countries.

In recent years, Chinese businesspeople have tended to settle in other countries, such as Singapore, or set up a backup migration plan. In addition, China's prolonged COVID-19 control measures have also given the wealthy more reasons to live abroad.

“Overall wealth growth in China has slowed over the past few years, which means the recent outflow of millionaires could be more damaging than usual,” said Andrew Amoils, head of research at wealth tracker New World Wealth.

He explained that China's economy grew strongly from 2000 to 2017, but the number of wealth and millionaires in the country increased insignificantly.

Meanwhile, the number of millionaires leaving the UK is likely to double due to the controversy over non-resident tax and Brexit, making it the third biggest loser globally. Russia is fourth in the Henley & Partners ranking.

According to Baotintuc

Source: http://www.baohoabinh.com.vn/18/178951/Trung-Quoc-bi-sut-giam-nhieu-trieu-phu-nhat-the-gioi.htm