Almost half of China's wealthy covet foreign passports

Despite the financial turmoil in the US and Europe, almost half of China’s rich are considering moving to the developed world to protect their wealth, educate their children and retire, signalling a lack of confidence in China’s rapid economic growth.

About 14% of wealthy Chinese those owning assets worth at least Rmb10 million $1.57 million are applying to emigrate or have already done so, while 46% are considering moving to a rich country. Their favourite destinations are the US and Canada, according to a survey conducted by Bank of China’s private banking unit and Hurun Research Institute.

The two firms interviewed high-net-worth individuals HNWI in 18 cities...