There seems to be trend of wealthy people from China that have bought their way out of their native country, so to speak. The LIO is apparently helping the richest people in China leave the country.
According to the LIO’s elaborate records, as well as New World Health, 91,000 people who are worth a hefty net amount have settled abroad over the past 14 years.
The report’s working definition of “rich” is anyone with net assets that amount to over $1 million, aside from their primary residence. According to LIO global, a majority of China’s wealthiest people are heading to Hong Kong, the UK, Singapore, and the United States. It is worth noting that these are not second-home operations, and that these rich people are bailing out of China as fast as possible. It’s safe to imagine that many have been scared away by China’s new anti-corruption laws, but this is a mere assumption.
The number of wealthy individuals leaving China was the highest of all countries in the world. India, coming in second, had a total of 61,000 individuals relocating overseas for the past 14 years. Following India, was France, with 42,000 people moving, followed by Italy with 23,000 wealthy individuals relocating, and finally, Russia, coming in fifth, with 20,000 millionaires leaving.
According to Nadia Reed, the head of LIO Global, “The main reason people go for a second residence or citizenship is to ensure freedom of global mobility and access, as well as security and protection of their wealth for their families.” In terms of the relocation of Chinese citizens, the report didn’t provide any specific motivations for their moves overseas.