Politics
China faces economic collapse as Xi Jinping's tactics backfire spectacularly | World | News
China is on the brink of a major economic collapse amid a persistent crisis in the real estate and investment sector.
And now, Xi Jinping's crackdown on public displays of wealth is poised to deal another blow to China's economy.
A new report highlights that China is on track to become the world's biggest millionaire loser, as the country's richest flee.
This year, Beijing will lose more wealthy people to emigration, according to investment migration consultancy Henley & Partners (H&P).
They said: “China is once again on track to become the world's biggest millionaire loser, with a projected net outflow of 15,200 [high-net-worth individuals, or millionaires] This year.”
China has around 862,400 millionaires, but the departure remains a major loss for Beijing as it comes at a time of growing economic uncertainty.
The PRC has struggled to recover since President Xi's strict lockdown rules were lifted two years ago.
The current real estate crisis, coupled with youth unemployment and high levels of local government debt, has further exacerbated the difficulties facing Beijing.
President Xi has focused his policies on promoting sustainable growth and reducing wealth inequality in favor of “common prosperity.”
However, the move has put a damper on wealth accumulation, likely pushing a large group of the country's richest away from mainland China.
The preferred destination for these people seems to be the United States, which is experiencing a large influx of high-income immigrants.
Hannah White of the Institute for Government wrote in the H&P report that China and neighboring India are seeing a surge in emigration as millionaires fear current regulations will harm them in the long term.
Ms. White noted that both countries “are experiencing high net outflows due to the success of their major economies in generating new millionaires, although China's slowing wealth growth in recent years could mean sustained losses would become more damaging over time.
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