Foreword

Visas Consultings team operates according to the standards of

leading law firms internationally... from the moment a client
hires us, to the moment they successfully arrive in
their destination country, we fully guarantee their legal rights.

40 years ago, Visas Consulting Group was founded in

Montreal, Canada. Time has flown, and today Visas Consulting Group has expanded to all the main immigration
countries and regions, including the US, Canada and Europe; this year, 2014, we celebrate our 17th year in China. Our services are expanding, and our team is growing,
but Visas Consultings creed has never changed: to help
our clients build a better life in a new country.
I had the pleasure of being involved in the founding
of Visas Consulting Groups first China office in 1997.
In the 17 years since, I have witnessed the gradual maturing of the immigration industry in China, and have
used my professional background and knowledge of
the law to lead Visas Consulting Group to assist tens of
thousands of clients in successful immigration applications, enabling them to fulfill their promises to their
families, and to follow their dreams.
Today, Visas Consulting Group is the leader in Chinas immigration industry. I often ask myself: what is it
that has enabled us to grow so rapidly? What is it that
makes our clients select us? Whenever we are sifting
through US EB-5 projects, or training Canadian immigrant investor program applicants for interviews, whenever we are making arrival arrangements for clients who
have succeeded in their application, I realize that the
reason is obvious and I become all the more convinced
of this fact - expertise determines whether you succeed
or fail.
Visas Consultings team operates according to the

standards of leading law firms internationally. When it

comes to the key steps in the immigration application
process, I am always personally involved in the legal
decision-making. We also always adhere to a policy of
professional and transparent relations between client
and lawyer: from the moment a client hires us, to the
moment they successfully arrive in their destination
country, we fully guarantee their legal rights. At Visas
Consulting, our company ideals recognize that immigration is inextricably linked to the dreams of our clients' entire families, and to their futures. Our profound
awareness of the importance of immigration to each
family means that we will never shirk the responsibility
they place upon our shoulders.
We are honored to have established a strategic cooperative partnership with Hurun Report in 2014. This strategic
relationship is of great significance: Hurun Report specializes in researching the lives of Chinas rich, while Visas
Consulting is a bridge to a life abroad for wealthy Chinese
people. There is no doubt that our cooperation will establish a new professional benchmark for the industry.
Expertise is Visas Consulting Groups way.
David Chen
Partner Lawyer, Visas Consulting Group;
Immigration Specialist

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C ontents
4

About Visas Consulting Group

16

Education

Creating a Better Life in a New Nation

18

Happiness Index

Immigration Data

20

Hurun Wealth Report

Immigrant Investors Survey and Analysis

24

About Hurun Report

12

Overseas Investment

Photo: Getty Images

With thanks to the following for their contributions:

Echo Wang, Liu Yu, Kingsley Wang, Sara Cai, Quincy Hu, Duncan Hewitt

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Introduction
Hurun Report has been aware of
the emergence of immigrant
investors since 1999,
and has been observing
this sector of society ever since.

In 1999, when I compiled the first China rich list, we

stipulated that wealthy people needed to be China-born
and bred in order to qualify for inclusion on the list but
we did not insist that they had to be Chinese passport
holders. This was because, even then, we had noticed the
emergence of immigrant investors: some wealthy people
had immigrated to other countries, though there had not
been too much change in their lives or work. They had
carried on living and investing in China: having a foreign
status was purely a matter of convenience.
According to the Hurun Report Chinese Luxury Consumer Survey 2014, 64% of Chinas millionaires have
already emigrated or are in the process of applying to do
so. Migrating as an immigrant investor has become both
a distinct trend, and a widely debated topic. So I am very
happy that Hurun Report and Visas Consulting Group are
now jointly publishing this report, Visas Consulting Hurun: Immigration and the Chinese HNWI 2014.
From March to April, Hurun Report and Visas Consulting surveyed a total of 141 high net worth individuals in
various major cities around China. Their average wealth
was 42 million RMB. The survey provided us with our first
detailed insight into why HNWIs decide to apply to migrate
under the immigrant investor program, and the current migration situation. It demonstrates that the interviewees have
many reasons for migrating, but the most common motiva-

tion is education, followed by concerns about environmental pollution and food safety. This echoes the results
of previous Hurun Report surveys on related topics.
Other key conclusions include the fact that Los Angeles, San Francisco and Vancouver are the three most
popular destinations for immigrant investors. Buying
property, meanwhile, is the most popular form of overseas investment. On average those surveyed will buy
apartments valued at 6 million RMB [around US$1 million], mainly for their personal use; real estate markets
in the US, Canada and Australia have already clearly
been influenced by Chinese buyers. Another significant
discovery is that the majority of interviewees have
invested only a fairly small proportion of their assets
overseas: more than 70% have invested no more than
20% of their total assets abroad.
As noted above, Hurun Report has been aware of the
emergence of immigrant investors since 1999, and has
been observing this sector ever since. We have constantly been on the lookout for outstanding pioneers in
Chinas immigration industry. Some three years ago, we
began to cooperate with Visas Consulting Group, and
quickly came to the conclusion that they were the leaders in Chinas immigration sector.
Hurun Report knows Chinas rich, and has borne witness to the development of private enterprise in China.
Visas Consulting Group knows the business of immigration, and has borne witness to the shifts in Chinese
migration. Now, in this joint report, we offer an insight
not just into the people behind the statistics, but also
into a major trend which not only cannot be ignored,
but is also worthy of serious contemplation.

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Visas Consulting Group

Visas Consulting Group has been a leading provider of international immigration law
services for four decades, offering expert advice to help its clients build a better future.
The history of Visas Consulting Group (VCG) can
be traced back to 1974, when founding partner and
lawyer, Gaston Perron, opened an immigration practice
in Montreal, Canada.
Now, 40 years later, Visas Consulting Group has become a leading international provider of immigration
legal services, with wholly owned or joint-venture legal
practices in the US (San Francisco and Los Angeles),
Canada (Montreal and Vancouver), the UK (London),
Australia, (Sydney) and New Zealand (Christchurch).
Visas Consulting was also one of the earliest immigration advisory companies to enter the Chinese market, and
now has branches in cities including Shanghai, Beijing,
Guangzhou, Shenzhen, Chengdu, Suzhou, Wuxi, Hangzhou and Ningbo. In order to provide the most direct,
thorough service to Chinese clients, VCG's permanent
staff in China includes a large team of foreign lawyers,
immigration advisers and government registered immigration consultants. Visas Consulting Group also employs a number of former immigration officials with rich
experience in assessing Chinese citizens immigration
applications. To ensure professional standards and quality of service, a foreign lawyer and an expert immigration adviser always take personal charge of each case.
Over the past forty years, Visas Consulting Group has
helped tens of thousands of applicants to immigrate;
VCG's success rate has long set us apart from our peers
in the industry. In particular, when it comes to the US
EB-5 investment program, Visas Consulting Group has
long maintained a 100% success rate in three key areas:
project success rate, I-526 provisional Green Card success rate, and I-829 permanent Green Card success rate.
Visas Consulting Groups professional standards and
quality of service have won not only praise from clients,
but also formal recognition from the immigration services
of the target countries. As Andre Boulerice, former immigration minister of Quebec, puts it, Visas Consulting
Group has a long history, rich experience and an excellent
reputation. When I was immigration minister, the out-

standing quality of their application documents and their

excellent success rate left a profound impression on me.
Louis Leblanc, Vice-President of the National
Bank of Canada, and the pioneer of Canadian immigrant investor program, adds, Visas Consulting
Group stands out among immigration agencies for its
outstanding lawyers, excellent interview training and
thorough relocation services.
Larry Silverstein, US real estate tycoon and president of Silverstein Properties, developer of the World
Trade Center site, says: We chose Visas Consulting Group as our partner on EB-5 projects, not only
because it's the best immigration consultancy in the
business, but also because the two companies share the
same values: Sincerity first, reputation above all."
Visas Consulting Group's highly praised relocation
service includes meeting clients on arrival, helping
them find the right place to live, and organizing their
childrens education. It has established relocation service centers in all the major immigration destinations
Los Angeles, San Francisco, New York, Boston and
Seattle; Vancouver, Toronto and Montreal; London,
and various other European countries.
Visas Consulting Group is committed to maintaining its
leading position in the field of immigration services, providing clients with expert, timely and thorough service,
and to satisfying each clients specific needs. Above all,
VCG sees protecting each clients interests as its duty, in
order to help them build a better future in a new country.

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Creating a Better
Life in a New Nation
David Chen, partner lawyer at Visas Consulting Group, has worked in the immigration field for 17 years. He is motivated by a sense of achievement: My
contribution is to give our clients another choice, and give their children the
chance of a better childhood, he says. This echoes Visas Consulting Groups
mission:To create a better life for you and your children in a new country.

Hurun Report: Youve worked in immigration

since 1997. What keeps you in the sector?
David: When I started my career I was attracted
by the fact that this was a new area of law. I also
believed that the market had huge potential, since
almost everyone in my generation of university
students dreamt of going abroad. Ive stayed in the
field because I really believe our services can help
a lot of people, and change their families' futures.
As a lawyer, my contribution is to give our clients another choice, and to give their children the
chance of a better childhood in a new nation. It's
this sense of achievement that motivates me!
What attracts a client to choose an agent? What
makes Visas Consulting Group special?
When customers select an immigration agency,
they look at a range of factors, such as the size of
the company, and how its staff treat their clients.
But in the end most people base their decision
on the companys level of expertise. What makes
Visas Consulting special is our expertise, and also
the fact that we provide a full service to help our
clients settle into their new lives abroad. The success of their immigration application, along with
their positive feelings about our service, means
that our clients often recommend us to friends and
relatives were proud of the fact that 40% of new
customers are recommended by former clients.
Are todays migrants usually well prepared for
moving abroad?
I would say that today's Chinese immigrant inves-

tors are an extremely mature group, with a certain

level of resources; most of them are entrepreneurs
or senior executives. They have very clear goals
in applying for immigration, for example their
childrens education, or to diversify their assets.
Were also now seeing some people migrating for
health reasons, because of Chinas problems with
pollution and food safety, as well as entrepreneurs
migrating because they want to expand their businesses in overseas markets.
What are the latest trends in investor immigration?
Before 2005, only a fairly limited number of
people applied for immigrant investor programs;
most were aged between 40 and 55, and were the
heads of private enterprises from Chinas coastal
regions. Since then, weve seen a gradual broadening of the types of applicant: the catchment area
is expanding, from the coasts to the hinterland;
its no longer just entrepreneurs, but also senior
executives and people who work independently;
there are also more young people applying today.
What do you see as the significance of the publication of this joint report?
This survey gives us a chance to assess the potential for Chinese immigrant investors. It offers an
insight into this group of people's motives for migrating, the countries they favor, and the services
they require, including education, thus enabling us
to better understand future trends in the industry,
and to provide better services in this field.

David Chen
[Chen Zhaohui]
Partner Lawyer, Visas Consulting Group; experienced
immigration lawyer. Graduated with an LLB degree
from Law school of Fudan
University, Shanghai, in
1992, and qualified as a
lawyer the following year.
He has provided immigration services since 1997,
making him one of Chinas
longest-serving lawyers in
this field.

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Immigration Data
By 2013, China was the worlds fourth largest emigration
nation, with 9.3 million people having moved to other countries. The US, Canada and Australia remain the top three
destinations for Chinese migrants, while Europe has gradually become another popular choice.

Photo: Getty Images

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US EB-5 immigration visas issued

EB-5 visas issued worldwide

2008

2009

2010

2011

7641
6124

2408

3463

1885
772

1979

4218

1360
360

EB-5 visas issued to Chinese

2012

Source Wolfsdorf Immigration Law Group

On the map of global emigration, China has now assumed an important status. According to the UN's International Migration Report 2013, there are now 232 million migrants globally, or 4.2% of the world population.
Between 1990 and 2013, the number of migrants from
China increased from 4.1 million to 9.3 million . From
being the seventh largest migration nation, China now
ranks fourth, behind India, Mexico and Russia. In terms
of South-North migration , it ranks second, alongside
India, with 8% of the total number of South-North migrants, behind only Mexico with 13%.
According to The Annual Report on Chinese International Migration 2014, by 2012 there were a total of
45.78 million immigrants in the USA, or 14% of the total
population . As the most popular destination for migrants globally, the US is also the top choice for migrants
from China. According to the World Bank, there were
1.96 million Chinese immigrants in the US in 2010 .
The proportion of EB-5 immigrant investor visas issued
by the US Citizenship and Immigration Services to Chi-

nese citizens, meanwhile, soared from 26% of the

total in 2008 to 80% in 2012.
Canada is the second most popular emigration
destination for Chinese people. Government statistics show that some 258,000 Chinese migrants
obtained permanent residency in the decade to
2012, or 0.7% of the total population. A further 1.09
million obtained temporary residency. With the
exception of 2010 and 2011, when it ranked second
behind the Philippines, China has been the largest source of migrants to Canada each year since
2003. In 2012, 33,000 Chinese migrants obtained
permanent residency rights; there were also 15,000
Chinese people with Canadian working visas. China
has also topped the rankings for student visas since
2003: in 2012, over 80,000 Chinese people held Canadian student visas; the Republic of Korea and the
US lagged far behind in second and third place.
Australias population was 21.51 million in 2011,
up 8.3% from 2006. Much of this increase was due
to immigration: by June 2013, Australia had 6.4
million migrants , equal to 27.7% of its total population. Chinese migrants accounted for 1.8% of the
population, behind only the UK (5.3%) and New
Zealand (2.6%).
Europe has also been growing in popularity. By
2011, the number of Chinese immigrants in EU
countries reached 2.31 million. The top destinations
were the UK (630,000), France (540,000), and Italy
(330,000), followed by Spain (170,000), Germany
(170,000) and Holland (160,000) . The increase
in migration has also boosted bilateral trade, which
grew to 42.7 billion dollars by 2009.

Note These statistics refer to the number of non-native residents

calculated by the UN, with no breakdown as to whether or not these
people have received permanent residency or citizenship.
Note The UN defines migration as moving from: south to north,
from developing countries to developed countries; north-north, between developed countries; north-south, from developed countries to
developing countries; and south-south, between developing countries.
Note These figures from the Australian Statistics Bureau are for the
number of non-native residents, with no further breakdown.
Note These figures from Eurostat and the European Migration Network are for the number of non-native residents, with no breakdown as
to permanent residency or citizenship.

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Immigrant
Investors
Survey and
Analysis
Immigrant investors usually have liquid
assets of over 10 million RMB. More than
half have degrees. Quality of education
and pollution are their main reasons for
migrating. The US and Canada are their
preferred destinations, with LA, San
Francisco and Vancouver the most popular cities.

In 2011, Hurun Report and the Bank of China jointly

published the White paper on Chinese peoples private
wealth management, based on 980 interviews in 18
mainland Chinese cities, which revealed that 60% of
high net worth individuals intended to leave the country. This news was widely reported by major media,
emphasizing that emigration attracts interest from all
sectors of society. This White Paper, Immigration and
the Chinese HNWI 2014, produced jointly with Visas
Consulting Group, seeks to provide a detailed insight
into such peoples reasons for migrating their aims,
their assets and investments, their childrens education,
and how this affects succession in their businesses as
well as assessing what influence such massive migration may have on China. (N.B. this White Paper only
covers investor immigration, not skilled-worker immigration or other types of immigration.)
Those with liquid assets of more than ten million
RMB have a greater chance of becoming successful
immigrant investors. Such people tend to be relatively

Migrants level of education

2%

30%

Master's
degree

Doctorate

13%

Senior high
school or
below

55%

Bachelors
degree

highly educated. More than half have a bachelors degree, more

than 30% a masters degree; only a small proportion have received only senior high school education or lower.
Their assets come mainly from their own savings from salaries, returns on investments, and running their businesses. Only
a small proportion inherited their wealth and savings.
Education is their main reason for considering migrating.
Fees are one factor: in many countries, tuition fees for foreign
and domestic students are different; thus over a number of
years, the cost of emigration evens itself out. Another factor is
the rapid fall in the average age at which children go abroad to
study: many parents have realized that if children leave home
too early, this can have a negative impact on their development.
Therefore they want the whole family, or at least the mother, to
accompany their children when they go abroad.

Sources of assets
Salary and income

31%

Returns on investment

27%

Operating business

23%

Given by family
Selling company
Inheritance

10%
6%
3%

Source: Visas Consulting - Hurun Report, Immigration research

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Reasons for emigration

Education quality

21%

Environmental pollution

20%
19%

Food safety

15%

Social welfare
Standard of medical care

11%
8%

Asset security

Where to give birth

2%
2%

Other

2%

Reproduction limits

IPO

1%

Tax concerns

1%

In the Hurun Report/Xingye Bank's joint China Spiritual Investments White Paper 2014, 87% of interviewees expressed
dissatisfaction at Chinas pollution problem. Some countries
have sought to lure Chinese HNWIs by promising a healthier
and longer life. The crisis in confidence in food safety has also
become a significant reason why HNWIs consider migration.
Only 8% of potential immigrant investors are concerned
about the security of their assets. Other concerns include limits on reproduction (i.e. Chinas family planning system) and
where to give birth (linked to access to welfare in various
countries), though neither of these is a major factor.
The US and Canada remain the top destinations. While
Canada abolished its Federal Immigrant Investor Program and
Federal Entrepreneur Program in early 2014, rejecting 57,000
Chinese people who were in the process of applying, research
suggests this has done little to dampen interest in Canada. Australia and New Zealand are joint third choices.
An excessively long waiting time is seen by more than half
of migrants as the biggest obstacle in the application process.
Language barriers and the difficulty of integrating are other major problems. Consequently, many people consider moving to,
or investing in, ethnic Chinese neighborhoods. This is a major
factor in the popularity of cities like L.A., San Francisco, Vancouver, New York and Toronto among Chinese people.
While the decision to emigrate may be the result of a number
of factors, the choice of destination country may be influenced

Emigration destinations
Province/City

Rate

Los Angeles

13.9%

San Francisco

13.7%

Vancouver

13.4%

New York

8.6%

Toronto

8.4%

Seattle

7.6%

Boston

4.6%

Melbourne

4.3%

New Zealand

4.1%

10

Sydney

3.5%

11

Singapore

2.8%

12

UK

2.5%

13

Hongkong, China

2.3%

14

Chicago

1.8%

15

France

1.5%

16

Canberra

1.3%

17

Japan

1.0%

18

Spain

0.8%

19

Italy

0.5%

19

Saint Kitts & Nevis

0.5%

19

Portugal

0.5%

Source: Visas Consulting - Hurun Report, Immigration research

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Major difficulties in migration process

28%

Excessive waiting time

15%

Language barriers

14%

Difficulties in assimilating into local society

13%

Application problems

10%

Excessively high cost

8%

Feel lonely/helpless living abroad

by factors such as simplicity of application procedures,

and the ease of getting a green card. Migrants do not
seem to be significantly deterred by requirements for
an initial period of compulsory residence; this suggests
that few are seeking to gain permanent residence status
without actually moving to their chosen country.
When choosing an agent, professional advice and
past success rate are the main criteria; a failed application not only means a huge waste of time, but can also
make it very difficult to succeed in future.
China does not allow dual nationality, meaning anyone who gets a foreign passport has to give up their
Chinese citizenship. Nevertheless, 63% of those surveyed would consider getting a foreign passport after
immigrating. At the same time, 40% feared that the
loss of talent and capital caused by mass emigration
would weaken China.
However, the UN's International Migration Report
2013 emphasizes that China is also becoming a migration destination. In 2010, 685,775 foreigners held Chinese residence permits, while in 2009 there were over
200,000 foreign students in the country, more than the
number in Canada or Australia. John Ashe, President
of the UN General Assembly, notes that if properly
managed, migration can reduce poverty, improve human resources, and contribute to global development.

Reasons for choosing immigration country

25%
22%

22%

21%

11%
Compulsory residency requirements

3%

Simple procedures

Other

Other

3%

Friends and family already there

Business facing grim outlook

7%

Easy to get Green Card

Family cannot all move together

Source: Visas Consulting - Hurun Report, Immigration research

10

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Factors in selecting a immigration agent

27%

Professional advice
Success rate

23%
13%

Service/attitude
Approach to drawing up immigration portfolio

10%

Business projects

10%
9%

Friends recommendations
Guidance re. visa interview

4%

Research trips to destination

4%
Source: Visas Consulting - Hurun Report, Immigration research

Place of residence of billionaires from Greater China

The 2014 Hurun Global Rich List includes 458 billionaires from the Greater
China region. 358 of them live in mainland
China, Hong Kong or Macau, 37 live in
Taiwan, and 18 in Singapore.
Where they live
1 China
2 Taiwan (China)
3 Singapore
4 Indonesia
5 Philippines
6 USA
7 Malaysia
8 Thailand
9 Australia
9 UK
Total

No. of Billionaires
358
37
18
14
8
8
8
5
1
1
458

Proportion of immigrant billionaires

The US tops the rankings for the most immigrant billionaires,
with 41, or 9% of its total number of billionaires. They come from
a number of countries and regions, including China, South Africa,
Hungary and Taiwan. The UK ranks second, with 30 immigrant
billionaires, accounting for 39% of its total number. They come
from countries including India, Russia, Brazil and the US.
Province/City
USA
UK
Switzerland
Russia
HK, China
Singapore
Australia
Canada
UAE
Brazil
Monaco

Immigration
Billionaires

% of total

Brought up in

41
30
17
16
8
8
7
7
6
5
5

9%
39%
30%
16%
2%
29%
24%
20%
35%
10%
100%

Taiwan (China), Hungary, S Africa, India, China, Israel

India, Russia, Brazil, US
Germany, Russia, UK, Italy, France, Sweden
Ukraine, Azerbaijan, Kazakhstan
Taiwan (China), UK, other Europe
China, Indonesia
US, Southeast Asia
US, UK
India
Lebanon
Italy, Lebanon
Source Hurun Global List 2014

11

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Investment philosophy

67%
Stable and healthy
growth, normal
returns, a certain
amount of risk

Migrants prefer stable investments. Real

estate, fixed income products and stocks
are the most popular areas. Asset diversification is the main reason for investing
abroad. They mainly buy property overseas for their personal use, in areas with
good educational facilities.

4%
Aggressive growth,
search for very high
returns, high risk

29%
Avoid all losses,
protecting the
security of assets

Investment Behavior
Investment philosophy and approaches to
investment management

Investment management approach

Stable and healthy growth is the guiding investment

principle of those surveyed; 67% favor this approach.
Only 4% of HNWIs choose an aggressive, relatively
high-risk growth strategy. With the global economy
reviving, more of those surveyed favor rational investment, with a fair emphasis on limiting risks, rather than
pursuing high profits, regardless of the potential pitfalls.
When it comes to choosing how to invest, 39% of
those surveyed have a preference for specialist investment institutions. Handling investments themselves is
the second most popular approach, favored by 25%.

Rely on specialist investment institutions

Advice from family or friends

Rely on private banks
Follow advice from media

22%

8%
6%

Main areas of overseas investment

43.4%
17.1%

8.4%

Private
equity

3.3% 3.0%
Non-listed
ompanies

Alternative
investments

9.3%
Savings

13.0%
Shares

Fixed income

The three most popular areas for overseas investment are real estate chosen by 43.4% of those surveyed fixed return investment products far behind
with 17.1% and stocks, with 13%. 8.4% of respondents favor alternative forms of investment, primarily
jewelry, watches, red wine and works of art.
Chinas domestic real estate market has now entered a relatively mature stage: research by the Bank
of China suggests that, with the tightening of loans
for 2015, and the relatively high price base, growth in
sales value will slow to 9.5%.

25%

Self-management

Real estate

Types of Investment

39%

2.6%
Gold

Overseas
Investment

Source: Visas Consulting - Hurun Report, Immigration research

12

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Investing Abroad
China is now one of the top 3 nations for overseas investment, behind only the US and Japan. According to the Chinese government's
official 2012 Statistical Bulletin of Chinas Outward Foreign Direct
Investment, 16,000 Chinese investors established 22,000 directlyinvested enterprises in 179 countries and regions in 2012, investing a
net total of US$87.8 billion. Of this, US$10.07 billion went into the
financial sector, the rest into non-financial investments. The cumulative
total of outward foreign direct investment was US$531.94 billion, of
which US$96.45 billion was in the financial sector.
With the international economy showing signs of a gradual recovery
in real estate, and a gradual improvement in macro-economic indicators such as the employment rate and PMI, more and more HNWIs are
expressing confidence in investing overseas: more than 50% of those
surveyed say they are either confident or fairly confident. Those
who are confident say they plan to buy property overseas within the
next three years; those who are fairly confident intend to buy property
overseas at some point in the future.

Analysis of investment concerns

32%

8%
Unacceptably
high risks

Insufficient
funds

12% 12%
Difficulties in
transferring funds

No time to make
other investments

18% 18%
Wish to make particular investments, but lack channels to do so

Insufficient knowledge about

investment/financial management

After years of high growth, some Chinese real estate companies are
seeking to reduce inventory, deepening the markets predictions for a
slowdown in price rises. Overseas property, meanwhile, seems to offer
value for money, and a fairly significant proportion of high net worth
individuals have gradually made overseas property their top investment
priority.
According to Knight Franks <2013 Global Vineyard Index>, Chinese buyers bought 27 vineyards in France's Gironde region, totalling
15% of the area of vineyards sold. The figures are particularly striking
since they come just years after the first Chinese buyer bought a vineyard in Bordeaux, in 2008.
Trusts and equity investment will also develop in the future, and this
field is likely to become a new focus for HNWIs. Investment in equities has a high threshold, and high returns. With HNWIs generally quite
sensitive to returns on their capital, and willing to accept a certain riskprofit ratio, they are likely to become leading investors in trusts and
equities in the future, and the sector is likely to develop more rapidly.
Those surveyed identified a lack of financial and investment knowledge as their biggest challenge when investing (32%); a lack of investment channels and time was the next most common concern. More
investment and financial management training courses, and a wider
choice of investment channels, would help address these problems.
Once wealthy people have a thorough understanding of their investment options, and more choices of channels, their investment is likely
to increase.

Overseas investment confidence index

29.7% 4.3%
Confident

Extremely
confident

18.1% 47.8%
Not
confident

Fairly
confident

Allocation of assets overseas

8% 15%
No response

20~50%

25% 52%
over 50%

less than
5%

Source: Visas Consulting - Hurun Report, Immigration research

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Reasons for investing abroad

20%

Diversifying assets, spreading risk

19%

Childrens education

16%

Investing in hope of being able to emigrate

11%

Preparing for future retirement

Have idle cash, hope to increase its value by investing abroad

10%
9%

Securing value of wealth

7%

Make it easier to travel abroad

4%

See others earning from investments, want to try too

Other

2%

Make it easier to develop business abroad

1%

Way to pass on wealth to the next generation

1%
Source: Visas Consulting - Hurun Report, Immigration research

Overseas asset allocation

Most of those surveyed have invested a relatively small
proportion on average 16% of their total assets overseas,
with more than 70% investing less than 20% of their assets
abroad. Only 8% have put more than 50% of their assets into
investments abroad. However, as new channels for investing
overseas continue to open up, and as attitudes to investment
continue to mature, we expect that more and more HNWIs
will wish to increase the proportion of their investments
abroad.

Reasons for investing abroad

priate amount to spend on immigration. 44% see 2-5 million

RMB as ideal; 22% are willing to invest 2 million RMB.

Overseas Property
Chinese government figures show Chinese investment in
overseas real estate of US$2.02 billion in 2012. The slowdown in the domestic real estate market, and predictions
of further market cooling, are likely to lead to more capital
flowing into overseas property. Real estate company Knight
Frank notes that more and more wealthy Chinese people are
buying property abroad; many attend overseas property exhibitions or join group trips to buy property overseas.

Diversifying assets and spreading risk are the most common reasons for investing abroad, cited by 20% of those
surveyed. One major factor is the perception that there is an
element of 'bubble' in Chinas real estate prices, particularly
as compared to average incomes, while real estate abroad
appears to offer good value for money. Childrens education
is another major factor in stimulating investment abroad,
with 19% of those surveyed citing this as a motivation.

Investment immigration threshold

On average, respondents see 5 million RMB as an appro-

Motivations and amount invested

70% of those surveyed buy property to live in themselves;
only around one-third buy it as an investment. Close to a
quarter of those surveyed would consider buying property in
a country to which they have no plans to emigrate; half, however, would not. On average, those surveyed want to invest
around 6 million RMB in property. 45% would like to invest
between 3 and 6 million RMB, 29% less than 3 million. A lack
of knowledge about investing in other countries limits their
investment. 6% wish to invest more than 12 million RMB.

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Amount to invest in overseas property (RMB)

Most popular places to buy real estate

6%
More than 12
million

15%
6~12 million

45%
3~6 million

29%

1
2
3
4
5
6
7
8
9
9
9
9

Province/City

Rate

Los Angeles
San Francisco
Vancouver
New York
Seattle
Toronto
Boston
Sydney
Melbourne
Singapore
New Zealand
UK

18%
16.5%
13.6%
9.9%
8.5%
7.7%
5.5%
2.2%
1.8%
1.8%
1.8%
1.8%

Less than 3
million

Type of property to buy in 3 years

5%

Detached villa

No response

38%
26%

Apartment

14%

Row-house

Locations for buying property overseas

Farm

Los Angeles, San Francisco and Vancouver are the three most
popular cities for investment, largely because they are wellknown in China, not least for their sizeable Chinese communities which make assimilation easier. Those surveyed show a
clear preference for North America, which supplies seven of the
ten most popular locations. The Melbourne, Singapore, New
Zealand and UK rank joint 9th, with 1.8% support.

Store

Preferred types of property/neighborhood

Strikingly, only 4% of respondents are not considering buying property abroad in the next three years. 38% plan to invest
in detached villas; 26% favor apartments.
46% prefer areas close to education facilities, while 17% favor city centers. 23% prefer an ethnic Chinese neighborhood.

7%
6%
4%
3%

No plan
Island
Castle

1%

Neighborhoods in which to buy property

School/education district

46%

23%
17%
15%

Ethnic Chinese neighborhood

City center
Suburb

Source: Visas Consulting - Hurun Report, Immigration research

Methodology
The research cited in the Immigration and the Chinese HNWI 2014 comes from a survey of mainland Chinese high net worth individuals, carried out by Visas
Consulting and Hurun Report. This survey was carried out via questionnaire around the country between March and April 2014. 141 valid questionnaires were
returned, including 60% from Tier 1 cities such as Beijing, Shanghai and Guangzhou, and 40% from second and third tier cities. The respondents were all HNWIs
with personal assets of more than 6 million RMB: 38% had assets of less than 10 million RMB, 51% had assets of 10 to 50 million RMB; 5% had assets of 50 to
100 million RMB; and 6% were worth more than 100 million RMB. The average wealth of respondents was 42 million RMB. The research also included in-depth
interviews carried out face to face by Visas Consulting and Hurun Report.For details, please contact Hurun Report or Visas Consulting for the full report.

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Education

Top 10 Study Abroad Destinations

28.7% see the UK as the best place

to study at high school level or below; at university level, 36% favor
the US. The average age at which
millionaires send their children to
study abroad is 18; the super-rich
send their children abroad earlier,
at an average age of 16.

28.7%

26.2%

UK

US

12%

9.4%

7.5%

Canada

Sending children abroad to study is still the

dominant trend. A decade ago, Australia and
Canada were the major destination countries
for education, largely thanks to reputation,
word of mouth, and the accessibility of visas.
Times have changed however, and with shifts
in visa policy, and more successful branding
by educational establishments in other countries, the UK and US have displaced Australia and Canada as the most popular education
destinations for Chinas millionaires.
In recent years, we have seen a continuation of the tendency to favor the UK for high
school, and the US for university studies. At
senior high school level and below, 28.7% of
the children of Chinese millionaires prefer
the UK, while 26% choose the US; at undergraduate level and above, 36% favor the US.
Canada also remains popular for high school
education and below, while Australia continues to attract more students at university level.
Switzerland, with its reputation for aristocratic
education, completes the top five.
The average age at which Chinas millionaires send their children abroad to study
is 18. Among the children of the super-rich,
the average is lower, at just 16 years of age.
In general, the trend towards sending chil-

(High school & below)

Australia

Switzerland

3.6%

3.4%

2.8%

2.3%

New
Zealand

Singapore

France

Germany

Top 10 Study Abroad Destinations

2.1%

Hong Kong
(China)

(Undergraduate & above)

36.4%

24.4%

US

UK

10.8%

8.4%

Australia

4.8%
New
Zealand

10

6.2%

Canada

Switzerland

10

4%

1.5%

1.4%

0.7%

Singapore

Japan

Germany

France

Source: Hurun Report Chinese Luxury Consumer Survey 2014

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Stage at which study abroad

Postgraduate

8.9%
23.9%

University
Senior High School

22.9%

Junior High School

16.8%
10.7%

Elementary School

18.6%

No plan to study abroad

dren overseas at an earlier age is becoming

increasingly pronounced: while those who
go abroad at university level remain the
largest group, the number of students who
go overseas for senior high school has now
almost caught up. A growing number of
parents are also choosing to send their children abroad in junior high school or even
elementary school.
The fashion for sending children abroad
to study has also played an important role
in stimulating international travel. Researching countries where my children
might study now ranks fourth in the list of
reasons for choosing a travel destination.

Reasons for choosing travel destination

Leisure/Tourism

63.4%
39.2%
Shopping
22.3%
Research into childrens study
12%
Research into investment
11%
Research into immigration
9.4%
Visiting friends and relatives
9.1%
Health/ Medical care
2.9%
Business

Source: Hurun Report Chinese Luxury Consumer Survey 2014

The Hurun International Schools Guide Series now covers eight countries and regions, providing parents with
an insight into boarding schools and university education in the UK, US, Switzerland, Singapore, Canada, Hong Kong (China), Australia and New Zealand.

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The happiness index is an absolute standard

for evaluating quality of life. High net worth
individuals degree of happiness (on a scale
of 1 to 10) is: life: 8.26; work: 7.88; overall:
8.16. Generally speaking, their personal lives
give them more happiness than their work,
while females are happier than males. It is
also clear that, whether in terms of life, work,
or their overall happiness ranking, the super
rich are happier than ordinary millionaires.

24.6%
20.1%
Founding of company

14%

Company listing
on stock market

7.8% 7.2%
Other

University graduation

Admission to university

11.9%

Greatest wish

65.9%
Health

Are you happy?

29% of millionaires chose the birth of their
child as their happiest moment, making this
the top choice particularly among women.
There was a gender gap too when it came to
the third choice, marriage. Founding my
company was the second choice, though it
was favored more by the super rich.
More than half those surveyed wished for
good health above all; this was particularly
favored by those aged 45 and over. A family
life came second; female millionaires showed
a particular preference for this choice.

13%
Falling in love

Founding of company

Millionaires see good health as the

truest form of happiness; more
than half of them wish for good
health above all else. More than a
quarter see the birth of their child
as theirhappiest moment; they
are notably happier at home than
in their work.

29%
Birth of child

Happiness
Index

Happiest moment

43.1%

12.8%

Family life

11.7%

9%

Study
opportunities

Love

Recognition
from others

9%

5.5%

Material
needs

Other

Source: Hurun Report Chinese Luxury Consumer Survey 2014

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Work

Family and Personal Life

Only 28.6% are very happy in their work, including

more of those under thirty. The majority particularly
women and those between 31 and 45 are 'fairly happy'.
For the majority of millionaires, particularly males,
their status as entrepreneurs is their greatest source of
pride. 25% of the super rich, meanwhile, attached most
importance to their status as government advisors,
second only to the proportion who chose entrepreneur;
only 13.3% of other millionaires, however, chose this
option.

More than half Chinas millionaires see their spouse/partner

every day, another quarter on a weekly basis. 40.8% see their
parents every week, while 20.1% see them every day.
The majority (67.9%) feel that their family life is 'very
happy'; the proportion is higher among those aged between 31
and 45. 29.1% describe their family life as fairly happy, with
the super rich more likely to choose this option.
Sleep is something Chinese millionaires are increasingly
concerned about. Most sleep for 6 to 7 hours on working days.
Only 15% of millionaires sleep for more than 8 hours.

Degree of happiness at work

Level of happiness in family life

29.1%

47.7%

Fairly
happy

Fairly
happy

67.9%

28.6% 23.7%
Very
happy

Very
happy

Unsure

Status of which you are proudest

Sleep on work days

Average: 6.6hrs

36.3%

Entrepreneur
Chamber of Commerce leader
Government advisor
Industry association leader
Other
Philanthropist

15.5%
14.4%
13.4%

Sleep at weekends
Average: 7.2hrs

51.9%

18%
16.9%

2.9%

Unsure

44.4%
42.3%

31.4%
15%
1.7%
Less
than
4hrs

4~6
hrs

6~7
hrs

At
least
8
hrs

11.5%
1.8%
Less
than
4hrs

4~6
hrs

6~7
hrs

At
least
8
hrs

Source: Hurun Report Chinese Luxury Consumer Survey 2014

Hurun Report Chinese Luxury Consumer Survey Methodology

During the second half of 2013, the Hurun Research Institute surveyed 393 mainland Chinese millionaires, with personal wealth of at least ten million RMB
(USD 1.6 million / Euro 1.2 million / GBP 1 million), of whom 41 had personal assets of more than 100 million RMB (USD 16 million / Euro 12 million / GBP
10 million). The ratio of male to female millionaires surveyed was 6:4. Over the past decade, the Hurun Report Chinese Luxury Consumer Survey has interviewed a total of 4,818 Chinese millionaires, 12% of whom had wealth of more than 100 million RMB. The Hurun Research Institute has always insisted on
carrying out these surveys face-to-face, and compiles the results into research reports which offer the broadest-ranging and most in-depth insight into Chinas
millionaires. Its Chinese Luxury Consumer Survey is thus now widely accepted as the benchmark for research into Chinas High Net Worth Individuals.

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Hurun Wealth Report

According to the latest statistics from the Hurun Rich List, China currently has 149
people with assets of at least ten billion RMB, 29 more than last year. However, there are
also approximately 150 people with hidden assets, worth at least ten billion, who are not
included in the statistics. There are 67,000 super-rich with assets of at least 100 million
RMB an increase of 2,500 people from last year. The number of millionaires with hidden wealth is around double the number of those whose wealth is out in the open; however, the richer they are, the smaller the percentage who conceal their wealth.

Known Wealth
10 billion RMB

149 pax
1000 pax

2 billion RMB*

Total Wealth 2014

10 billion RMB
2 billion RMB*

300 pax

* Threshhold for
inclusion on the
Hurun Rich List

3000 pax
67000 pax

100 million RMB

1.09 million pax

10 million RMB

2.9 million pax

6 million RMB

Hidden Wealth

2 billion RMB*

151 pax
2000 pax

Photo: Getty Images

10 billion RMB

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Wealth Report: The Millionaire Class

There are now 1.09 million millionaires (worth at least
10 million RMB) in China, up 3.7% from last year. The
ten provinces and cities with the most millionaires are
unchanged: Beijing is still top, with 192,000 millionaires,
or 17.6% of China's total, while Guangdong province and
Shanghai are second and third, with 180,000 and 159,000
millionaires respectively. Tianjin has again seen the fastest growth, with 8.4% more millionaires (after an 11%
rise in 2013), followed by Shanghai, with 12,000 new
millionaires, an 8.2% rise. Inner Mongolia, meanwhile,
saw the greatest decline, losing 5.4% of its millionaires,
largely as a result of the real estate bubble. We predict
that China will have 1.21 million millionaires by 2017.

Number of
people

Growth
rate

% of
total

Predicted number in 2017

Total China

1.09 m

3.7%

100%

1.21 m

Beijing

192000

4.4%

17.6%

217050

Guangdong

180000

4.7%

16.5%

201461

Shanghai

159000

8.2%

14.6%

181543

Zhejiang

133000

0.8%

12.2%

150391

Jiangsu

79000

4.0%

7.3%

87537

Fujian

40000

2.0%

3.7%

43000

Shandong

40000

5.3%

3.7%

43438

Liaoning

29700

-2.3%

2.7%

31605

Sichuan

27800

3.7%

2.6%

30189

20600

8.4%

1.9%

22830

10 Tianjin

55%

20%

Private
business
owners

High-salaried
executives

15%
Real estate
investors

10%

Professional
stock market
investors

Private Business Owners

Where they live

Province/
City

Millionaires by category

11 Henan

19700

5.4%

1.8%

21178

12 Hebei

16000

-1.2%

1.5%

16854

13 Hunan

15700

3.3%

1.4%

16878

14 Hubei

15100

2.7%

1.4%

16398

15 Shaanxi

15000

2.7%

1.4%

16125

16 Shanxi

14600

-1.4%

1.3%

15379

17 Chongqing

13100

2.3%

1.2%

14370

18 Inner Mongolia

12300

-5.4%

1.1%

12956

19 Heilongjiang

11500

-1.7%

1.1%

12113

20 Jiangxi

10000

2.0%

0.9%

10533

21 Anhui

9900

3.1%

0.9%

10428

22 Jilin

8400

1.2%

0.8%

8607

23 Yunnan

6920

6.5%

0.6%

7439

24 Guangxi

6100

5.2%

0.6%

6425

25 Hainan

4500

4.7%

0.4%

4789

26 Guizhou

3700

5.7%

0.3%

3897

27 Xinjiang

3400

3.0%

0.3%

3484

28 Ningxia

950

5.6%

0.1%

1001

29 Gansu

800

8.1%

0.1%

820

30 Qinghai

740

5.7%

0.1%

779

31 Tibet

490

6.5%

0.0%

502

More than half of all Chinese millionaires

600,000, up 70,000 on 2013 are private business
owners. Their enterprises account for 60% of their
assets; cash and shares 18%. They own property
worth 2 million RMB, and cars worth 200,000.

High-salaried Executives
This group of senior managerial staff in major
Chinese corporations and multi-national companies receive large salaries and bonuses. Numbering
around 218,000 people, they account for 20% of
Chinas total number of millionaires. Their homes
make up 50% of their assets; cash and shares 20%.
They own investment property valued at around 2.5
million RMB, and cars worth half a million RMB.

Real Estate Investors

Some 15% of millionaires invest most of their
wealth in real estate, with an average of 5.5 million
RMB in investment property, homes worth 3.5 million RMB, and cars worth half a million RMB.

Professional Stock Market Investors

The proportion of professional stock market investors among millionaires has fallen 5% this year,
to 15%. They invest 30% of their wealth in shares,
and 20% in real estate. Their homes are worth 4.5
million RMB, their cars half a million RMB.

Source: Hurun Research Institute

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Wealth Report
The Super Rich
On average, Chinas super rich spend 12 days a month traveling on business, and take
11 daysholiday a year. 40% of them go yachting, and 40% of them intend to buy a private plane. Real estate is their first choice when it comes to investment, while reading
books is their favourite leisure activity. In 2014, China has 67,000 super rich, an increase
of 2,500 over last year. We predict that by 2017, the figure will rise to 73,000.

oning to climb to eighth place. Among Chinas provinces, Liaoning has seen the sharpest fall in the number of its super rich,
with an 8.5% drop. Tianjins ranking remains unchanged, but
the number of super rich has risen more rapidly here than anywhere else in country, rising from 1,400 to 1,600 people, an
increase of 14.3%. Guizhou, in south-west China, experienced
the second largest increase.

Photo: Getty Images

In 2014, Chinas super rich number 67,000, an increase of

2,500 over last year. Beijing, Guangdong and Shanghai remain the three places with the highest concentration of super
rich; of these, Shanghai has seen the fastest growth, with a
7.1% increase over the past year.
There has been no overall change in the cities and provinces
which make up the top ten, but Sichuan has leapfrogged Lia22

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The super rich an overview

Chinas super rich spend almost half their time traveling, with an average of 12 days of business trips a month,
3 days more than last year. They take very little holiday,
averaging just 11 days a year, and often work at weekends too. Their average annual expenditure is equivalent
to 1.3% of their average total wealth. Their main areas
of spending are travel, luxury products for daily use, and
their childrens education. Yachts are popular playthings
for the super rich: the proportion who go yachting has
risen from 30% in 2013 to 40% this year. 40% of the
super rich would also like to have a private jet for business travel and almost half of these would be willing

to achieve this either by buying a timeshare card, or

through joint ownership.

Private business owners

The vast majority of Chinas super rich around
80% are owners of private enterprises. These enterprises account for 60% of their assets, with cash
and shares making up a further 15%. On average,
their personal residential property is worth 12 million RMB, and they also own investment property
valued at 8 million RMB, as well as four cars worth
a total of 5 million RMB.

Real Estate Investors

Where they live
Province/
City

Number of
people

Growth
rate

% of
total

Predicted number in 2017

Total China

67,000

3.7%

100%

73,000

Beijing

11300

5.6%

16.9%

12651

Guangdong

10000

4.2%

14.9%

11106

Shanghai

9100

7.1%

13.6%

9993

Zhejiang

7800

1.3%

11.6%

8662

Jiangsu

5100

4.1%

7.6%

5528

Fujian

2500

4.2%

3.7%

2644

Shandong

2400

9.1%

3.6%

2580

Sichuan

1950

5.4%

2.9%

2097

Liaoning

1920

1830

-8.5%

2.7%

10 Tianjin

1600

14.3%

2.4%

1734

11 Henan

1350

3.8%

2.0%

1428

12 Shanxi

1250

-3.8%

1.9%

1301

13 Hebei

1150

-4.2%

1.7%

1197

14 Hubei

1140

3.6%

1.7%

1206

15 Anhui

960

4.3%

1.4%

999

16 Shaanxi

880

3.5%

1.3%

931

17 Hunan

860

2.4%

1.3%

910

18 Jiangxi

860

2.4%

1.3%

895

19 Chongqing

830

2.5%

1.2%

900

20 Inner Mongolia

750

-6.3%

1.1%

780

21 Heilongjiang

710

-5.3%

1.1%

739

22 Yunnan

640

6.7%

1.0%

677

23 Jilin

500

-2.0%

0.7%

520

24 Guangxi

430

4.9%

0.6%

447

25 Guizhou

340

13.3%

0.5%

354

26 Xinjiang

270

3.8%

0.4%

281

27 Hainan

180

5.9%

0.3%

189

28 Ningxia

110

10.0%

0.2%

114

29 Gansu

90

12.5%

0.1%

94

30 Qinghai

65

8.3%

0.1%

68

31 Tibet

55

10.0%

0.1%

57

15% of the super rich, or more than 10,000

people, are real estate investors. Investment property accounts for approximately 60% of their total
assets, while they typically have another 15 million
RMB in cash and shares. Their personal residential
property is worth an average of 22 million RMB,
and they also own cars valued at 3 million RMB.

Professional Stock Market Investors

Professional stock market investors are a minority
among Chinas super rich, accounting for just 5% of
the total. They invest the vast majority of their assets around 73% in stocks. They also own personal residential property worth 25 million RMB,
and cars valued at 2 million RMB.

The Super Rich by Category

80%
Business
owners

15%
Real estate
investors

5%
Professional
stock market
investors

Source: Hurun Research Institute

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About Hurun Report

Nobody Knows Chinas Rich Better

Established in 1999 by Rupert Hoogewerf thegodfatherof the China Rich List Hurun Report is today widely recognized as the foremost authority in tracking the rapid
changes amongst Chinas high net worth individuals. Hurun Report Inc. operates a stable
of four luxury magazines, as well as the Hurun Research Institute and an active business
events division, which targets China's entrepreneurs and high net worth individuals.

Hurun Report

Hurun Schools Guide

The flagship Hurun Report magazine is published monthly,

and reaches the households of 116,453 proven wealthy Chinese
individuals and their advisers. Hurun Report is best known for
its annual Hurun China Rich List, widely considered to be the
bible of wealth in China, and a de-facto Whos Who of Chinas business elite.
Educating their only child in one of the world's top schools is
of the upmost importance to Chinese millionaires, and can often
be the first step towards far greater outward investment. Hurun
Report, therefore, publishes a hugely popular Schools Guide series, offering advice on and insights into the education systems
of the most popular destination countries. Individual reports
are published annually, covering each of the UK, US, Canada,
Switzerland, Singapore, Australia and New Zealand, with a
print-run of 40,000 for the UK and US editions, and 25,000 for
the remaining countries.
China Horse and Polo, meanwhile, is designed to be a
glamorous companion for wealthy Chinese people who have a
passion for horses. It provides in-depth coverage on a range of
horse-related issues, with information on such topics as polo,
dressage, horse racing, bloodstock and dogs.

Hurun Report has a diverse new-media platform

Hurun Report Inc. also publishes Wings & Water magazine,

another publication aimed at Chinas super-luxury market. It
caters for the countrys so-called 'lion kings', those individuals who both lead industry and shape opinions. It addresses
the needs of entrepreneurs who are looking to purchase a jet or
yacht, and offers guidance on how to maintain these big and
costly machines. Published twice a year, in April and November, it has a print run of 25,000.
With a clear vision for the post-4G era, Hurun Report has also
developed a diverse new-media platform, which offers its highend clientele faster and more convenient services. Its online
magazine offers the latest information about Hurun Reports
lists, events, and research. Its iPad magazine, meanwhile, offers
a fresh, interactive take on the print version of the Hurun Report
magazine. Its app is recommended in the Business and investment magazine category of Apple s App store, its strong brand
recognition and influence emphasized by the large number of
downloads.
Hurun Report also holds 50 to 60 high-end events every year,
enabling its corporate sponsors to influence opinion leaders directly through sophisticated experience marketing.

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