It's one of the largest and most rapid wealth migrations of our time: hundreds of billions of dollars, and waves of millionaires flowing out of China to overseas destinations. According to WealthInsight, the Chinese wealthy now have about $658 billion stashed in offshore assets. Boston Consulting Group puts the number lower, at around $450 billion, but says offshore investments are expected to double in the next three years. A study from Bain Consulting found that half of China's ultrawealthy—those with $16 million or more in wealth—now have investments overseas.One wonders why? Mere internal unrest of the sort that has riddled Chinese history or it is something more serious? The sabres are already rattling over the Philippines and Abe is in the process of removing the peace planks from the Japanese constitution.
And it's not just the money that's exiting the country. The wealthy are increasingly following their money overseas. A study by Hurun and Bank of China found that more than half of China's millionaires are considering emigrating or have already taken steps to move overseas.
Things also look problematic for the USA, but there probably isn't too much to worry about until the Wall Street bankers begin emigrating. If you want to know what is likely to happen in the near future, watch the rich.