Chinese Millionaires Pick Seattle as No. 4 Place to Live

Photo by Sarah Brink on Unsplash

Robert Frank | CNBC News

This year is the first in five years that Seattle has been displaced from second place to fourth place.

The U.S. is the top destination among Chinese millionaires looking to move their families, and money, to another country, according to a new study.

More than a third of rich Chinese surveyed “are currently considering” emigrating to another country, according to a report from the Hurun Research Institute, a China-based wealth research firm, and Visas Consulting Group, an immigration advisory firm. They surveyed 224 Chinese people with an average wealth of $4.5 million.

Many rich Chinese are leaving China for better education systems elsewhere and to flee the country’s polluted cities and strict government. They’re also looking to protect their wealth. Overseas assets account for an average of 11 percent of the total assets of Chinese millionaires, the report said.

The U.S. topped the list as the most popular destination for the fourth year in a row while the U.K. ranked second, followed by Ireland and then Canada. The strong education system, cleaner air and better food safety made the U.S. a favorite for Chinese investors. The Trump administration’s tax plan also got high marks from respondents.

“The American education system remains one of the main reasons Chinese investors most favor the United States,” the report said. “In addition, it came out tops in terms of visa-free travel and ease of adaptability. President Trump’s tax cuts also saw it score higher in the tax category this year.”

Read the rest of the article online here.