Seven young millionaires in China is trying to migrate to other countries

One out of seven young millionaires in China is trying to migrate to other countries despite the country's massive improvements in infrastructure and living standards, a study supported by the Bank of China, showed.The 40-page report, released by the bank and the Hurun Research Institute, revealed that 14% of millionaires in 18 cities across China have either applied or are in the process of applying for migration to other countries. It also showed that nearly one-third of them own foreign asserts and a similar number were planning to invest abroad.

China has thousands of millionaires, many of whom have built their wealth riding the wave of high property prices. Their migration plans will mean additional cash flows for the fund starved economies of Europe and the United States and substantial diversion of wealth from China.The research covered 980 Chinese with assets exceeding 10 million Yuan. The average asset holdings of the respondents covered in the survey are six times more at $9.44 million. The average age of the respondents is 42, the report said.

One third of the respondents, who have invested overseas, said they did so with the specific purpose of migrating abroad. Half of such investors also said they were trying to obtaining better access to foreign education for their children. More than 60 percent of rich Chinese are in favor of handing over their businesses to their children in future.The Harun report is based on replies to a questionnaire distributed among them between May and September last year. A Forbes report said last March that China had 115 billionaires accounting for half of Asian billionaires. The United States had 413 and India 55.