China is on the verge of a major economic collapse amid a lingering crisis in the real estate and investment sector.
And now, Xi Jinping’s crackdown on public displays of wealth is poised to deal a blow to China’s economy.
A new report reveals China is on track to become the world’s biggest millionaire loser, as the country’s wealthiest flee.
This year, Beijing will lose more wealthy people to emigration, according to migration investment consultancy Henley
They said, “China is back on track for the world’s biggest millionaire loser, with a projected net outflow of 15,200 [high-net-worth individuals, or millionaires] this year. “
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China has around 862,400 millionaires, the group’s departure remains a major loss for Beijing as it comes at a time of growing economic uncertainty.
The People’s Republic of China has struggled to achieve this since strict lockdown rules imposed by President Xi were lifted two years ago.
The ongoing real estate crisis, coupled with youth unemployment and high levels of local government debt, have further exacerbated the difficulties facing Beijing.
President Xi has focused his policies on sustainable expansion and the reduction of wealth inequality in favor of “common prosperity. “
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However, this resolution has slowed wealth accumulation, most likely driving a giant organization of the country’s richest away from mainland China.
The destination of those Americans appears to be the United States, which is experiencing a gigantic influx of high-income immigrants.
Hannah White of the Institute of Government wrote in the H
White noted that both countries are “experiencing significant net outflows due to the good fortune of their giant economies in generating new millionaires; the slowdown in wealth expansion in China in recent years may simply mean that sustained losses would become more damaging over time. “
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