Almost half of Chinese HNW individuals want to leave the country, according to data from Barclays.

Almost half of Chinese millionaires are thinking of move abroad, highlighting the increasingly global ambitions of such persons, while evidence from other regions shows a more international outlook, if not as pronounced as in China.

The findings come from the Wealth Insights report from Barclays.

The report, called The Rise of the Global Citizen?, questioned more than 2,000 high net worth individuals from around the world and found that entrepreneurs and the wealthy in emerging markets are most likely to be planning a move to another country in the next five years.

The findings suggest wealthy people in China like the idea of moving abroad due to the perceived, or actual, attractions of Western lifestyles, culture and stable property rights, or out of fears of what might happen in a country that is still ruled by a Communist Party elite that has held power since the late 1940s. The number of millionaires and ultra-millionaires in China rose 3.8 per cent and 3.7 per cent respectively last year from a year earlier, according to this year’s wealth report from Hurun Research Institute, published late last week. There are now 1,090,000 high net worth individuals and 67,000 UHNW persons in the world’s second-largest economy.

A recent report from has found that China had the largest proportion of high net worth individuals emigrating in the decade up to 2013. The majority of those emigrants went to Hong Kong, Singapore, Australia, the US and the UK. Liam Bailey, head of residential research at global real estate consultancy Knight Frank, puts the Chinese preference for Hong Kong and Singapore down to convenience of doing business.

Almost half
According to the Barclays report, nearly half (47 per cent) of HNW individuals in China and a third (36 per cent) in Qatar and Latin America (34 per cent) are considering a move, compared to just 7 per cent in Japan, 6 per cent in the US and 4 per cent in Switzerland.

While the Chinese (78 per cent) and Qatari (39 per cent) wealthy are the most driven by better educational and employment opportunities for their children, those in Latin America are looking to have better economic security (29 per cent).

High net worth entrepreneurs are twice as likely as the rest of the world’s wealthy population to be planning a move abroad, with just under a third (29 per cent) of wealthy entrepreneurs planning to move to a different country within the next five years, compared to 16 per cent of the total global HNW population.

The report said that of entrepreneurs currently planning to move, 41 per cent are looking to move for economic opportunity, 29 per cent are doing so to start a new business and 27 per cent to pursue an international career, suggesting that high net worth business owners are increasingly looking to new markets for growth.

Barclays also said that nearly half (43 per cent) of those surveyed have lived in more than one country.

“The wealthy are increasingly being motivated to move between countries in order to fulfil their international career aspirations, seize financial opportunities and ensure a better quality education for their children,” the report said.

Wealth concentration
Developed markets remain the destinations of choice for most wealthy migrants, with North America having the greatest overall pulling power for HNW individuals.

There is a strong migratory exchange between North America and Europe, with 38 per cent of HNW individuals in Europe planning to move there.

North America also represents the destination of choice for individuals from Asia Pacific (43 per cent) and Latin America (65 per cent) who are leaving their region.

“The wealthy have a choice of going anywhere in the world and they go where they can get professional services, and access to everything from property through to arts and entertainment,” says globalisation and mobility expert James Faulconbridge, professor at Lancaster University.

“Certain cities have become parts of that circuit and the places to be seen in where the events and the lifestyle plays out,” he added.

Migration drivers
According to the Barclays report, nearly half (43 per cent) of those surveyed have lived in more than one country.

While the movement of wealthy individuals is often attributed to financial motivation, the survey suggested that, in many cases, other issues take precedence when determining migration choices.

The survey said that 35 per cent of respondents were planning a move to another country because they desire a better climate, while 20 per cent were looking to move in order to experience another culture.

For the younger HNW individuals (under 45), the top priorities when considering a move to another country are better education for their children (37 per cent), economic opportunity (29 per cent), and career development (29 per cent). For those over 65, retirement and economic security are of greater importance.

Nicholas Rollason, head of business immigration at London-based law firm Kingsley Napley, said that wealthy individuals typically adopt a pragmatic approach to migration.

“It’s not necessarily that they want to become citizens of that country because of a particularly strong attachment or connection; it comes from the head rather than the heart,” said Rollason.

“They would look at what they need to achieve, which tends to be children’s education, asset protection, freedom of travel and security,” he added.