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China's richest keep firm eye on exit door

posted Nov 12, 2011, 4:35 PM by Milorad Borota   [ updated Nov 13, 2011, 6:18 PM ]
By Olivia Chung Asia Times Online

HONG KONG - "Get rich - then get out" is the life message being grasped by China's wealthiest citizens two decades after former leader Deng Xiaoping supposedly declared that "to get rich is glorious".

About 60% of rich Chinese people intend to migrate from China, according to a report jointly released by the Hurun Report, which also publishes an annual China rich list, and the Bank of China. A separate study by US-based Bain & Company and China Merchants Bank in April of 2,600 high-net worth individuals - those who hold more than 10 million yuan (US$1.6 million) in individual investable assets (excluding primary residences and assets of poor liquidity) - found that about 60% of those interviewed had completed immigration applications to other countries or had plans to do so.

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November 12, 2011 -- Updated 0807 GMT (1607 HKT)