An increasing number of China's rich are transferring their wealth to foreign countries through investment immigration, with the majority seeking better educational opportunities for their children.
An average of more than 10 billion yuan (US$1.59 billion) of personal wealth has left China each year through emigration since 2009, with 80 percent finding its way to the United States, Canada and Australia, according to data compiled by the Beijing-based Legal Evening Post.
The remaining 20 percent was divided among other popular destinations such as Europe, Singapore and Malaysia, and new favorites Japan and South Korea.
It is estimated that the investment immigration of China's rich brought at least 2.9 billion yuan to the US, 2 billion yuan to Canada, and 3.2 billion yuan to Australia last year, based on the minimum sum people agree to first invest in the host country and the number of successful applicants.
Britain is reckoned to have received 500 million yuan from 50-60 Chinese immigrant investors in the last fiscal year, double the previous year's number, while Italy is estimated to have made 400 million from accepting 6,000 more Chinese last year following a 20 percent annual increase in investment immigration cases.
Singapore and Malaysia are estimated to have attracted 500 million yuan each year from thousands of Chinese immigrants while South Korea and Japan, which launched their investment immigration programs more recently, are becoming increasingly attractive because of their geographical proximity.
An official at China's Foreign Ministry said the investment immigration indicated the rise of China's national power.
The rich, however, think otherwise.
Hurun Research Institute and Bank of China said in a joint report last October that nearly 60 percent of Chinese with more than 10 million yuan worth of investable assets cited the reason for emigration as better education for their children.
Up to 46 percent of survey participants had thought of leaving the country and 14 percent had either applied for immigration or had already had their applications accepted, the report said.
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