Thursday, March 20, 2014

64% of China’s Rich Were Either Immigrating to Another Country or Planning to !!

A recent survey provides the strongest evidence yet that China’s polluted cities risk driving away the rich. Released in January by the Hurun Research Institute, the survey shows 64% of China’s rich (those with wealth above $1.6 million) were either immigrating to another country or planning to, a rise from 60% in the last poll two years ago.

Heavy Haze in the Qingdao Development Area

That came as a surprise to Rupert Hoogewerf, founder of the Hurun Report, an annual China rich list. He wasn’t expecting the already high figure to grow. He says pollution and food safety was the second-biggest reason for emigrating, after the general desire for security and financial well-being. Although the numbers of those emigrating haven’t yet reached a critical mass, Hoogewerf says “a lot of families are finding a lot of other rich families are going overseas,” providing examples to follow.

China Needs Olympic Period Regulations or Similar to Cut Pollution Problems

Link to the article @ TIME

What’s happening is that those who can avoid the smog, especially families with children, are escaping what a recent Chinese study reportedly called “unlivable” cities like Beijing. They’re seeking permanent residency in America and Canada, and European countries Cyprus, Portugal, and the U.K.

Environmental Immigrants - Urbanites Flee China’s Smog for Blue Skies (NYT)

Earlier this winter I spoke with half a dozen wealthy mothers in Beijing who explained to me how pollution had some of them considering moving away. It was enlightening to hear because what the survey doesn’t tell you is that the rich don’t take moving to another country lightly. The women explained what a hard decision it was to make. China’s culture and language had them wanting to stay. But many of them were afraid for their children’s health, leading them to plans to go abroad.

1 Million Lung Cancer Patients in China by 2025

Of course, many rich will stay in smoggy Beijing and China’s other polluted cities. Opportunities in the world’s fastest-growing major economy are hard to turn down. And surveys show the Chinese remain loyal about investing at home. But the air pollution problem isn’t getting better anytime soon, and neither will the flight of China’s wealthiest residents.

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