Half of Chinese millionaires want to move abroad, but NYC is not their top destination

Half of Chinese millionaires want to move abroad, but NYC is not their top destination

EB-5 Visa, EB5 Visa, EB-5 Investment

Currency stability is a growing concern: survey

Around half of wealthy Chinese are toying with the idea of moving overseas, but New York is not their top destination in the U.S.

Los Angeles is the most popular city within the U.S. among Chinese with a net worth of more than $1.5 million who want to move their families out of the country, according to a survey from Hurun Report. New York ranks fourth, behind Seattle and San Francisco. The United States was still the most popular destination, ahead of Canada, the United Kingdom and Australia.

“Education and pollution are driving China’s rich to emigrate,” Hurun’s Rupert Hoogewerf told CNBC. “If China can solve these issues, then the primary incentive to emigrate will have been taken away.”

Worries over the stability of China’s currency are also pushing more Chinese to consider emigration. Over 80 percent of Chinese millionaires told Hurun they are worried about currency devaluations, up from 50 percent a year earlier, CNBC reported.

The Real Deal previously reported that capital controls designed to stabilize China’s currency have made it harder for individuals to move money out of the country and buy properties in New York. The controls have hurt the Big Apple’s luxury condo market, which has come to rely in part on wealthy Chinese buyers. Meanwhile the EB-5 program, a popular tool for wealthy foreigners to get U.S. visas, faces an uncertain future.

TRD is hosting its third annual U.S. Real Estate Showcase & Forum in China from Nov. 2-4 in Shanghai.




  • New York

Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.