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UHNWIs in China want to move out

img_2035According to a report by British bank Barclays, 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. North America and Europe may see the greatest influx of wealthy individuals, Barclays Wealth Insights said in the report, after a survey of 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,” said Liam Bailey, head of residential research at Knight Frank, 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.

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