{"id":10457,"date":"2022-08-08T18:07:09","date_gmt":"2022-08-08T23:07:09","guid":{"rendered":"http:\/\/blog.jlbn.net\/?p=10457"},"modified":"2022-08-08T18:07:10","modified_gmt":"2022-08-08T23:07:10","slug":"ten-thousand-rich-chinese-residents-are-trying-to-pull-their-wealth-out-of-the-country","status":"publish","type":"post","link":"http:\/\/blog.jlbn.net\/?p=10457","title":{"rendered":"Ten Thousand Rich Chinese Residents Are Trying to Pull Their Wealth Out of the Country"},"content":{"rendered":"\n<h2>Ironclad, seemingly never-ending lockdowns of financial capital and quixotic, brutal crackdowns on major industries don&#8217;t inspire confidence&#8230;<\/h2>\n\n\n\n<p>Ironclad, seemingly never-ending lockdowns of financial capital and quixotic, brutal crackdowns on major industries don&#8217;t inspire confidence among high-income earners? Who would&#8217;ve guessed?<\/p>\n\n\n\n<p>China&#8217;s President Xi Jinping tried the experiment anyway. Now, investment migration consultancy Henley &amp; Partners estimates that 10,000 high-net-worth residents of China want to pull $48 billion from the country this year.<\/p>\n\n\n\n<h2>The Xi Market<\/h2>\n\n\n\n<p>Jinping&#8217;s approach to the pandemic, built around a zero-Covid strategy, included five weeks of strict lockdowns in Shanghai earlier this year that led to residents shouting and banging pots and pans from their homes in protest. Last month, a rare public demonstration broke out in the city among shopkeepers demanding compensation for the damage done to their livelihoods.<\/p>\n\n\n\n<p>At the same time, Xi has thrown regulatory hammers down on some of his country&#8217;s biggest tech companies. The first wave of crackdowns wiped $1 trillion off markets. Subsequent crackdowns included a ban on nearly all for-profit tutoring conducted by education firms and a total ban on mining, trading, or sending digital currency &#8212; wiping away trillions more. With that economic backdrop, it&#8217;s little wonder that many of the Chinese residents with the most wealth to lose want out:<\/p>\n\n\n\n<ul><li>In Singapore, the number of family offices almost doubled last year, according to the Monetary Authority of Singapore, as Chinese entrepreneurs moved their families abroad.<\/li><li>Emigrants are also running out of time and ways to get their cash somewhere else &#8212; Chinese citizens can only convert $50,000 worth of yuan into foreign currency in a single year. Tricks to get around that cap, such as using cryptocurrencies, are quickly being banned.<\/li><\/ul>\n\n\n\n<p>&#8220;It&#8217;s just easier to put China aside for now when you see no end in sight from Covid Zero and the return of geopolitical risk,&#8221; Matt Smith, investment director of $31 billion investment firm Ruffer, which shut down its Hong Kong office, told\u00a0<em>Bloomberg<\/em>.<\/p>\n\n\n\n<p><strong>The Biggest Loser:<\/strong>\u00a0China is second among countries in Henley &amp; Partners&#8217; forecast of high net worth exoduses. Number one, no surprise, is Russia with 15,000 emigrants expected this year.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ironclad, seemingly never-ending lockdowns of financial capital and quixotic, brutal crackdowns on major industries don&#8217;t inspire confidence&#8230; Ironclad, seemingly never-ending<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[254,3421],"tags":[888,3633],"_links":{"self":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts\/10457"}],"collection":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10457"}],"version-history":[{"count":2,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts\/10457\/revisions"}],"predecessor-version":[{"id":10459,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts\/10457\/revisions\/10459"}],"wp:attachment":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10457"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}