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China’s millionaires eye the exit as economic storm clouds gather (www.aljazeera.com)

submitted 19 hours ago by [email protected] to c/[email protected]

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Author: Unknown
Published on: 08/01/2025 | 00:00:00

AI Summary:
Jane Meng, 31, travelled from Shanghai to Hong Kong five years ago to get herself something special for her birthday. She came for critical illness insurance and opened a bank account in Hong Kong. Since then, as Meng’s wealth has grown, she has only expanded her financial dealings outside mainland China. China saw 13,800 high-net-worth individuals leave the country. The outflow does not constitute a mass exodus, since 2022. In the second quarter of this year, overseas firms pulled a record $15bn out of China. It is not uncommon for wealthy individuals to use family members to move funds.

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