China's rich fleeing the country—with their fortunes
By: Robert Frank
It's one of the largest and most rapid wealth migrations of our time: hundreds of billions of dollars, and waves of millionaires flowing out of China to overseas destinations.
According to WealthInsight, the Chinese wealthy now have about $658 billion stashed in offshore assets. Boston Consulting Group puts the number lower, at around $450 billion, but says offshore investments are expected to double in the next three years.
A study from Bain Consulting found that half of China's ultrawealthy—those with $16 million or more in wealth—now have investments overseas.
And it's not just the money that's exiting the country. The wealthy are increasingly following their money overseas.
A study by Hurun and Bank of China found that more than half of China's millionaires are considering emigrating or have already taken steps to move overseas.
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http://www.cnbc.com/id/101225781
