Chinese millionaires are warming up to Canada and cooling on Britain. But they're still red-hot for the United States.
That's according to a survey by research firm Hurun Report and Visas Consulting Group that tracks immigration trends among Chinese individuals worth between 10 million and 200 million yuan ($1.5 million - $30 million).
The U.S. retained its title as the top destination for rich Chinese emigrants for a third consecutive year. Meanwhile, Canada surpassed the U.K. for the first time to become the second-most popular choice.
Respondents viewed education and property prices in Canada more favorably than in the past.
Related: Who's having a good 2017? One Chinese tycoon is $10B richer
Los Angeles, Seattle, San Francisco and New York were the top global cities for immigration and property investment among wealthy Chinese. But the report also said that U.S. cities "have seen a fall in favor" since President Trump took office.
Wealthy Chinese cite a number of reasons for wanting to live abroad. The report found a growing number of respondents -- more than half -- listed "living environment" or "ideal living environment" as their main motivation for moving.
Related: Why wealthy Chinese are lining up to $500k for U.S. visas
"Many Chinese are still not satisfied with [the] local environment," said David Chen, a lawyer with Visas Consulting Group.
China's currency is also a growing concern.
A whopping 84% of respondents -- an increase of 50% over last year -- said they worry about the devaluation of the yuan, which fell to its lowest level in eight years in November before recovering slightly in the first half of 2017.
y2kcockroach on July 17th, 2017 at 15:04 UTC »
It is not a "destination" in the sense that people normally understand the term.
These people want the safety of a Canadian passport, the security of parking their money in Canadian real estate, and the perks of free education and health care for their families (note the number of Chinese-owned mansions in Vancouver that list "homemaker" or "student" on title).. Many of them have no intention of living here or paying income taxes here.
scoops22 on July 17th, 2017 at 13:14 UTC »
I think the only prejudice I hold is against the ultra rich. I don't even care if they're coming from China or wherever.
ACuddlySnowBear on July 17th, 2017 at 12:48 UTC »
Excitement builds
Fuck off