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  • For the first time since 1998 more money leaves China than enters it

For the first time since 1998 more money leaves China than enters it

MAINLAND China can now boast over 1m wealthy citizens (qianwan fuweng) each with over 10m yuan ($1.6m), says the latest edition of the “Hurun Report”, which keeps track of China’s capitalist high-roaders. But the mainland seems to be having trouble keeping them. According to the report, published on July 31st, more than 16% of China’s rich have already emigrated, or handed in immigration papers for another country, while 44% intend to do so soon.

But only 28% of those asked expressed great confidence in the prospects over the next two years, down from 54% in last year’s report.

Perhaps those rich Chinese aren’t just investing. If this is a sign of future (bad) trends in China, it could mean trouble for the world economy. It could also mean a big impact here in the US and elsewhere; the Chinese tend to be fierce competitors (and these are some of the best and brightest).

The Economist, 8/4/12
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