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2011 November 23 Wednesday
Chinese Get Rich And Leave China

The demand for rule of law, high quality medical care, and a few attributes of modern British-founded countries makes them very attractive to wealthy Chinese.

What began as a trickle a decade ago when Li moved his family to Canada has become a flood as China’s new rich seek foreign passports or residency permits (commonly known as green cards in the U.S.) largely from the U.S., Canada, Australia, Singapore, and New Zealand. More than 500,000 Chinese have investable assets of over 10 million yuan ($1.57 million), according to a joint survey released in April by China Merchants Bank and Bain & Co. The study says almost 60 percent are considering emigrating, have begun the process, or have emigrated.

This is quite the opposite of the Ellis Island mythology of "give us your poor". That's so 19th century. Now its "give us your rich". Someone tell Newt Gingrich. If we only let in the rich and the very smart we'd be much better off.

Update: On the other hand, with more imported rich people we'd then have even more wealthy people bidding for influence over national government. They'd have even more allegiances to something other than the commonwealth. Would that make government even more an enemy of the people than it has already become?

By Randall Parker    2011 November 23 07:24 PM Entry Permalink | Comments (23)
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