Author: Kenneth Rapoza
Want a second passport? LIO Global will get you there. They’re apparently helping rich Chinese leave the country.
According to LIO’s records, 91,000 high net worth individuals from China have settled overseas between over the last 14 years, according to a report by New World Wealth and LIO Global.
The report categorizes China’s rich as anyone with net assets of $1 million, not counting their primary residence. LIO Global said most of China’s rich are heading to the U.S., Hong Kong, Singapore and the U.K. These aren’t second home operations, by the way. These are rich people high-tailing it out of China. (One can only imagine that the government’s recent anti-corruption laws have scared a few people off, but I digress…).
The number of rich people leaving China was the most among all countries. India came in second with 61,000 people relocating to other parts of the world between 2000 and 2014. France was third with 42,000 outgoing millionaires, followed by 23,000 leaving Italy and 20,000 leaving Russia.
“The main reason people go for a second residence or citizenship is to ensure freedom of global mobility and access, as well as security and protection of their wealth for their families,” said Nadia Read, head of LIO Global.
The report did not provide any specific motivation for the relocation of the Chinese wealthy.
#LIOglobal #Forbes #globalmigration #Secondcitizenship