China Not A Country for The Rich?
China might be a communist bastion, but its fair share of millionaires is making the news often. The latest to top the Hurun list of Chinese rich is Jack Ma of Alibaba with a a net worth of $25 billion. But being rich in China comes with its own set of problems.
A recent report by Barclays says about half of China's wealthy are planning to emigrate to a new country in the next five years. Forty-seven percent of rich Chinese planned to move abroad. according to the survey
When asked why they were leaving China, 78 percent of respondents said they were seeking "better educational/employment opportunities" for their children; 73 percent said they were looking for "economic security" and 72 percent said they wanted a "desirable climate," reports NBC News.
At the Clinton Global Initiative in New York Tuesday, Jack Ma told Chelsea Clinton, "When you have $10 million, you've got trouble, a lot of headaches."
Being rich in China is not easy. Take a look at some of the millionaires listed in the latest tally of Hurun - two are in prison, two are awaiting sentencing, five are facing corruption investigations and three have simply disappeared, reports the Business Spectator.
Another research conducted by Oliver Rui, professor of finance and accounting at the China Europe International Business School in Beijing along with academics Xianjie He, Xiao Tusheng and Michael Firth found that the government, investors and the general public did not react too well to the rich.
The research also found that companies of those listed on Hurun lost value in the next three years.
The researchers say that people who get listed "are far more likely to be investigated, arrested and charged compared to other private entrepreneurs."
