More than 15,000 millionaires are most likely leave China for good this year, according to the latest report by Henley and Partners, a UK-based investment migration consultancy.
This largely has to do with the fact that being a multi-millionaire in China is almost like living with a target on your back. Multiple cases of the wealthy disappearing, the most well-known of which was Alibaba's Jack Ma, are testament to this. Basically one can be rich but not too rich, especially when the Chinese economy is struggling with a slowdown. So if millionaires are not disappearing under mysterious circumstances, they are desperately trying to protect their assets at all costs.
India too happens to be the third on the Henley list of top countries facing a millionaire exodus. It is expected to lose about 4,000 millionaires this year. But unlike China, this isn’t very concerning because this number has dropped since last year and also because India is also generating more millionaires than it is losing. In many ways, you could say, India stands today where China was 10 years ago.
And that’s exactly why we need to understand what is happening in China.
In this episode, Daybreak hosts Snigdha and Rahel speak to The Ken's Southeast Asia editor Brady NG about what's going on in our neighbourhood.
Tune in.
Brady’s book recommendation: House of Leaves Mark Z. Danielewski
Artwork by Adhithi Priya Rajagopal
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