China is on track to lose more than 15,000 of its millionaires this year, the country lost more than 13,000 last year, more than any other the report comes from henley and partners a migration investment company, the United States remains the main destination for The rich fleeing China are followed by Canada and Singapore.
It is not clear how much money the rich Chinese took out of the country according to the experience of Henley and partners, those who decide to leave usually have a net worth of between 30 and 1 billion dollars, the exit of wealth is affecting the Chinese economy which is already going through difficulties.
At one point the Chinese real estate sector drove a quarter of the country's GDP but now it is mired in crisis, many developers defaulted on their obligations and Chinese local governments under the Chinese regime are also heavily indebted, the most populous province of China cuts at least half of its civil servants' jobs in some local agencies.
This April fit ratings modified China's outlook from stable to negative, this means that the company estimates that there are growing risks for Chinese public finances, several American law firms are also closing or planning to close their operations in Shanghai, this is due as M&A deals hit a new low and corporate transactions are drying up.
