Eighty-four per cent of China’s high net worth individuals are worried about the devaluation of the yuan, according to a survey by the Hurun Report and Visas Consulting Group, which also found that China’s wealthy individuals are increasingly concerned about the country’s environment.
The yuan lost 6.5% of its value against the dollar last year, but has strengthened slightly in 2017 thanks to central bank support.
Hurun’s research found that fewer HNWIs in China are looking to emigrate, but that those who are are increasingly motivated by a desire to find a better living environment, a reaction to the country’s pollution challenges. Education remains the primary reason that Chinese HNWIs look to emigrate.
The United States is the most popular destination for the country’s wealthy ‘investment emigrants’ for the third year running, while Canada overtook the UK in second place. The West Coast of the US is the most attractive investment destination for Chinese buyers, the report found.
‘Education and pollution are driving China’s rich to emigrate,’ Rupert Hoogewerf, chairman and chief researcher of Hurun Report said in a statement accompanying the report’s release. ‘If China can solve these issues, then the primary incentive to emigrate will have been taken away.’