Slow economic growth, rich Chinese people migrate in droves, taking millions of dollars with them

An exodus of Chinese millionaires is expected to continue this year as the country's economic growth slows.

Wealthy Chinese tourists on a cruise ship in Singapore. (Source: Getty Images)

The above information was published by investment migration consultancy Henley & Partners in the Private Wealth Migration Report.

China is expected to see the departure of 13,500 high-net-worth individuals this year, according to the report.

The country is estimated to have 823,800 millionaires, but the exodus could take millions of dollars with them when they leave.

“Overall wealth growth in China has slowed over the past few years, which means recent outflows could be more damaging than usual,” said Andrew Amoils, head of research at New World Wealth.

China's economy grew strongly from 2000 to 2017, but the growth of wealth and millionaires in the country has shown signs of slowing since then.

The report also added that after China, India is the country with the largest number of millionaire migrants. Recently, India also surpassed China to become the most populous country in the world .

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