By Jonathan Yates
Money center banks such as Citigroup (C), Bank of America (BAC) and HSBC (HBC) are angling to secure business with the wealthy in China, but they might find their clients are leaving for America.
In a February 2 article, ecns.cn editor Wang Fan cites a Hurun Research Institute survey that claims 60% of China's millionaires are "considering leaving, or have already taken steps to do so."
The reasons given are varied. Some want better health care. Others decry the state of the environment in China. Many want a better future for their children.
Interestingly enough, despite frequent media worries about decline of the United States, it was the top destination mentioned for 40% of the prospective emigrants. Canada came in second at 37%.
The United States is certainly welcoming the new millionaires. On January 17, NPR's Frank Langfitt reported on Illinois governor Patrick Quinn's journey to Beijing to recruit "investor immigrants."
Quinn was seeking investments for a convention center near Chicago's O'Hare airport. For half a million dollars, Chinese investors could participate in a U.S. government-run program that would give them a green card (permanent U.S. residency) in less than three years.
Nearly 3,000 well-to-do Chinese applied for these investor green cards last year, up from just 270 four years ago.
