China’s billionaires want to flee the country, and take $60 billion of wealth with them on their way out

Migration consultants and lawyers said their inquiries from people looking to relocate surged three- to fivefold in the last few months, according to one Bloomberg report. Popular destinations for relocation include countries like Australia, the U.S., the U.K., and Canada.

Last month, Shanghai-based billionaire Yimeng Huang—the CEO and chairman of gaming company XD—announced in a company memo that he and his family would relocate from China. The note leaked onto the internet and went viral on Chinese social media, sparking netizen discussions on the growing number of prominent businesspeople leaving China.

“I’m preparing my family to move abroad by next year. It’s still a plan though, and anything can happen in a year. I’m prioritizing both my family and the business. The scale of our overseas business is only growing,” Huang wrote.

“My ideal scenario is to see China’s COVID-19 quarantine policies relaxed a year from now, then China’s international relations can only improve and be more open, then we can all move around as the needs of our work and lives dictate,” he said.


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