Updated 6:02 PM EDT, Wed, Apr 01, 2020

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China Loses Millionaires As Wealthiest Are Tempted To Move Overseas

Chinese businessmen in Beijing

(Photo : Reuters) Three businessmen walk past a labourer resting on a bicycle along a street in Beijing

Over 76,000 Chinese millionaires have migrated to or have acquired citizenship in other countries in the last decade as a result of the global expansion by Chinese firms, global broker Knight Frank said.

The firm said Australia was among the most favored destinations.

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In the last two years, over 1,384 Chinese have applied for significant-investor visa in Australia. The figure represents more than 90 percent of applications in this visa category.

The Chinese also make up the highest number of applications for high-net-worth visas in the United Kingdom and the United States.

Knight Frank's head of research, Liam Bailey, said there is a desire from wealthy Chinese to relocate.

Bailey explained that some Chinese businessmen are trying to become global players, so they need a footprint in London, New York and Los Angeles.

In the first nine months of last year, over 300 Chinese investors applied for Tier 1 visa in Britain. Such an application requires a $3 million investment in British assets.

India follows China in the number of millionaires who want to live abroad. During the last decade, about 43,400 Indians applied for overseas citizenship.

In general, Britain is the most popular destination for millionaires who are moving out of their own countries.

More than 114,000 of world's millionaires relocated to the United Kingdom in the last 10 years.

Singapore is regarded as the second most favorite destination, with 45,000 requests for relocations.

The United States ranks third, with about 42,400 applications for migration.

Meanwhile, Switzerland's improving transparency in banking transactions has discouraged migration of foreign millionaires.

Some of the so-called "mobile wealthy" who had earlier moved to Switzerland are changing their minds, and are now setting their sights to Singapore, United Kingdom and the United Arab Emirates.

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