Millionaires don’t do well with regulations. Usually they are used for the good of all, but in some cases they just drive people away.
Regulations and restrictions are a very big bump on the road towards progress and many wealthy people from all around the world are seeking alternatives. Over 50% of the wealthy Chinese who were asked, said they were currently considering a full move of their families and assets to other countries.
The report from the Hurun Research Institute, surveyed over 200 hundred Chinese people with a wealth of over $4 million. The major reasons for millionaires wanting to flee China are the better education systems, the far less polluted cities and the more relaxed government control. The report mentions that an average of 11% of the total assets of Chinese millionaires are overseas.
Millionaires tend to look to North America the most
The United States is followed by Canada as top migration choices for Chinese millionaires. One of the most popular ways for rich Chinese to store their assets offshore is buying real estate overseas. LA, Boston and New York are the top cities in which Chinese millionaires spend an average of $800 000 on a property.
Chinese crypto millionaires are also looking into foreign real estate. Many of them purchase property directly with crypto, while others use bitcoin to acquire the foreign currency without using a bank’s services.
It’s no secret to anyone that Chinese investments in foreign real estate have been rising, but it’s important to know that early crypto adopters are utilizing the newly created wealth for familiar patterns. Millionaires from over the globe are rapidly relocating and that’s a good thing when it comes global mobility and access. China is followed by India, France, Italy and Russia when it comes to wealthy people relocating in other parts of the world.
Especially when it comes to cryptocurrencies, wealthy people investing in other countries and starting businesses can only be good news. These people are almost certainly bringing innovation and a desire to start and grow a business since they come from a country with stricter regulations and in some cases less personal freedoms.
Blockchain technology would provide the new investors with many opportunities to use their wealth with security, transparency and ease. With the rapid increase in the speed of which assets travel the world, it’s safe to say that cryptocurrencies will have a leading role to play in the way foreign investors will conduct business overseas.
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