Thousands of millionaires are fleeing China, while the United States has seen a dizzying drop in millionaire growth in 2022.
Many American millionaires started leaving the country last year, looking for “greener pastures for business investment and growth” by Henley & Partners.
According to the consulting firm, they would have concerns about security, political tensions and the American economy.
Those departures have reduced America’s net movement of millionaires into the United States to just 1,500 people in 2022, down 86% from an annual peak of 10,800 people between 2013 and 2019, according to Henley & Partners.
China’s millionaire population has been hit even harder.
In 2019, its crowd of millionaires shrank, Henley & Partners said, with a net outflow of 16,000 high net worth individuals, or 2% of the total.
In 2022, it also bled millionaires, with a net outflow of 10,800, according to the consultancy.
Many Chinese millionaires flee scanning financial settlement And one President Xi Jinping’s aggressive push for the rich to share their wealth.
They are moving to Canada, Australia, Singapore, the EU and the United States, Amoils said.
Hundreds of wealthy families left the country after the 20th Party Congress in Beijing in Octoberwhen Xi consolidated his power by appointing his loyalists to all government leadership positions.
A Henley & Partners representative told Insider that since December, the company has received a 500% increase in the number of Chinese seeking advice on moving their wealth overseas.
Millionaires from the United States and China are considering visa programs in Europe, as well as Caribbean countries such as Grenada and St. Kitts and Nevis, Henley & Partners wrote in its report.
As Spanish and Italian programs gain traction among Americans, wealthy Chinese are asking about residency or citizenship in Singapore and Portugal, according to the firm.