Millionaire migration
Approximately 128,000 of the world’s millionaires migrated to another country in 2024.
According to Henley and Partners, a company that has "pioneered the industry of selling citizenship and passports",[1]
| “ | The benefits of this migration of wealth and talent to these countries are wide ranging, and include:
Forex revenue: Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a new country. For instance, a migrant who brings USD 10 million with them is equivalent to a country generating USD 10 million in export revenue as both transactions generate USD 10 million of forex revenue for the country.
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Millionaires fleeing China
As China's economy has expanded since the 1980s, the scale of corruption has grown dramatically. A 2011 report released by China's central bank estimated that from the mid-1990s to 2008, corrupt officials who fled overseas took with them $120 billion in stolen funds. A 2012 Washington, DC-based think tank estimated that total illicit financial flows out of China in the decade from 2001 through 2010 amounted to $2.74 trillion, over 20 times as much as the official CCP account in a closely parallel timeframe.[2] In 2012, the following internal data leaked out: 90 percent of central party committee members had relatives and children who had emigrated to foreign countries; 85 percent of top officials were ready to abandon their positions and escape the country. That's why China doesn't allow any officials above mid-level local positions to hold their own passports.[3]
According to Visual Capitalist, "China’s economic trajectory and geopolitical tensions have led millionaires to leave the country. China saw the world’s biggest outflow of high-net-worth individuals last year and is expected to see a record exodus of 15,200 in 2024."[4]
External links
- Millionaires on the move: Where are the world's rich migrating to in 2024?, Business Standard, 2024
- Mapped: Millionaire Migration in 2024, Visual Capitalist
References
- ↑ Conflicts of Interest and Controversial Clients: Henley & Partners' Caribbean Business". Organized Crime and Corruption Reporting Project (OCCRP).
- ↑ The 2012 Bo Xilai Affair highlighted the degree to which the families of top Party officials were able to parlay access to political power into vast personal wealth. Bo sat on the 25-member Party Politburo and Central Committee, and was Party Secretary of a powerful municipality. Bo styled himself as a champion of the poor and dispossessed, supporting the state-run economy, leading a crackdown on supposed organized crime bosses, and fanning nostalgia for the violent Anti-fascist Cultural Revolution of the 1960s and 1970s. Bo’s rhetoric was critical of the income gap and broken promises to the working class that accompanied China’s rise to become the world’s second-largest economy. Bo was widely reported as a candidate for promotion to the Politburo Standing Committee. Bo’s wife was convicted of murder of a British businessman in August 2012. Bo’s vice mayor was convicted of “bending the law for selfish ends, defection, abuse of power and bribe-taking” in September 2012. Days later, the Party Politburo expelled Bo from the Party’s ranks and announced that it was transferring his case to state judicial authorities. The Party investigation concluded that Bo “bore major responsibility” in the cases of his vice-mayor’s actions and his wife’s involvement in the murder, and alleged that he “took advantage of his office to seek profits for others and received huge bribes personally and through his family.” Social media brought the scandal to light, creating problems for existing leadership.
- ↑ https://www.theepochtimes.com/the-chinese-communist-party-is-sinking-like-the-titanic-but-officials-have-a-plan_3382776.html
- ↑ Mapped: Millionaire Migration in 2024, Visual Capitalist