Friday, June 27, 2014

White Paper Reveals Key info on Chinese HNWI and UHNWI living in US and Canada

Summary of the Visas Consulting Group – Hurun White Paper:
Immigration and the Chinese HNWI 2014
June 6, 2014 Shanghai

Translated & Summarized by Melody Song based on the Media Release on June 6, 2014

From March 2014 to April 2014, Hurun Report and Visas Consulting surveyed a total of 141 high net worth individuals (HNWI) in various major cities around China. The average wealth of respondents was 42 million RMB (CAD$7 million).  The report reveals for the first time insights on motivation, destinations, and other circumstances related to the decision to apply under the investment immigration program outside of China. 

Key findings of the report are as follows:
On Immigration:
  • Quality education for children (21%), clean environment (20%) and food safety (19%) are top three motivations for Chinese HNWI to immigrate.
  • The US is top immigration destination for Chinese HNWI followed by Canada despite of the changes in immigration law.   Los Angeles, San Francisco and Vancouver are top three municipal destinations for Chinese HNWI.
  • Top reasons to choose US include: easy to get resident status, simplification of the immigration process; top reasons to choose Canada include: easy to get resident status, connection with friends and family who are already there.
  •  Respondents’ average immigration investment is 5 million RMB (just under CAD$1 million)

On Overseas Investment
  •  Real estate has the largest proportion in Chinese HNWI’s overseas investment portfolio with 43% followed by fixed income (17%) and shares (13%).
  • Los Angeles, San Francisco and Vancouver are top three destinations for real estate investment.  40% chooses to invest in single family residence and close to 50% chooses education district. 
  • Immigration destinations for Chinese billionaires according to the Hurun Billionaire list 2014 are: 41 to USA whose combined net worth is 9% of total American’s top rich list; 7 to Canada whose combined net worth is 20% of total Canadian top rich list.
  • Top 3 study abroad destinations for high school & below are: UK (29%); US (26%); Canada (12%).
  • Top 3 study abroad destinations for post-secondary & above are: US (36%); UK (25%); Australia (11%).  Canada is #4 at 8%.
-         Average age for Chinese billionaire respondents’s children to be sent abroad for education is 16.


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