Almost half of China’s wealthy are considering relocating to a developed market within the next five years to find better education and job opportunities for their children, according to a report by Barclays Plc.
North America and Europe may see the greatest influx of wealthy individuals, according to the report by Barclays Wealth Insights, which surveyed more than 2,000 individuals and investors.
“The reality is that most ultra-high net worth individuals in China are probably making money in China right now,” Liam Bailey, head of residential research at London-based broker Knight Frank LLP, said in the report. “So, for business reasons, they need to be relatively close. That might prevent some of them going further afield.”
The survey was conducted among individuals with more than $1.5 million in total net worth, said Barclays, the U.K.’s second-largest bank by assets.
China leapfrogged Germany and Japan in the past five years to trail only the U.S. in a ranking of countries by private wealth, according to a study by Boston Consulting Group in June.