A report finds that the majority of Chinese millionaires have or are in the process of applying for emigration. [File photo]
Fourteen percent of Chinese millionaires have or are in the process of applying for emigration, while half are considering doing so, according to a report released Sunday by the Hurun Research Institute and Bank of China.
The 40-page report, which aimed to trace how China's rich manage their wealth, was based on questionnaires distributed from May to September to 980 Chinese people in 18 cities that had assets of more than 10 million yuan (US$1.57 million).
On average, respondents possessed assets worth 60 million yuan (US$9.44 million). The average age of respondents was 42.
The report found that up to one-third of Chinese millionaires owned foreign assets, which account for 19 percent of their investable assets, while 30 percent of those without foreign assets planned to make overseas investments over the next three years.
Half of Chinese millionaires with investments overseas put money in foreign countries with the aim of gaining access to the foreign education for their children. One-third of them invested overseas for immigration purposes.
More than 60 percent of rich Chinese were inclined to hand over their businesses to their children, while about 30 percent prefer to have their business handled by hired professional managers.
China's business press carried the story above on Monday.