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News Link • Emmigration

Why China's Super-Rich Are Packing Up And Moving Abroad

•, Hua Ti
 Zhang Lan, founder of restaurant chain South Beauty, is one of China’s richest women and a symbol of the country's booming economic success. Thus it is not surprising that the recent news that the billionaire has renounced her Chinese citizenship to take on a foreign nationality has been met with some significant national soul-searching.

Though it is still not clear what nationality Zhang will take on (China doesn't allow for dual citizenship), her choice is part of broader trend of wealthy Chinese emigrating overseas.

According to the 2011 Private Wealth Report, 27% of Chinese entrepreneurs worth more than 100 million RMB ($15.9 million) have already emigrated, while another 47% say they are considering doing so. The number of these so-called “naked businessmen” is massive. The main reasons for businessmen emigrating are: their children’s education, protecting assets, and preparing for retirement.

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