Come to the Corporatocracy Haven! Milk it's juicy population and be Free™.
The article doesn’t mention it, but it’s also difficult to bring their money with them due to strict transfer limits. China is shedding its parasite class, and the leeches are migrating to their natural environment.
China is shedding its parasite class, and the leeches are migrating to their natural environment.
unfortunately; it means they're coming here
What exactly is prompting the emigration though?
I don't believe this:
Uncertainty over China's economic trajectory and geopolitical tensions are top of mind for many Chinese millionaires
Well, you just need to read between the lines there.
uncertainty over China's economic trajectory
Read: uncertainty over ability to continue exploiting labors using your accumulated surplus
geopolitical tensions...
Read: closing window of opportunities to freely move your accumulated surplus elsewhere
This is just like those immigrated nobles running from liberal revolutions in the past.
Realization they're not in charge is likely the main driver I would imagine.
Being wealthy in the US/UK/Canada is so much better than being rich in China because the marginal advantage is substantially larger
In China? You still take the train. Transit is probably still faster than driving. Your food expenses don't scale as fast because cheap food isn't made of garbage. You already likely own a home. You probably come from a tier 1/2 city, so traveling domestically is cheap. Your kid still has to grind for gaokao.
In the US? You fly business. You drive around in your S Class. You can bribe infinite extracurriculars for your kid to get into a top university. You basically never have to interact with anyone in the lower 90% of incomes, and you don't need to be THAT wealthy to do so.
Just what we need, more fucking rich people.
Just think of all the thousands of dollars of extra tax revenue.
hundreds
Dozens
And think about how that tax revenue gets spent on weapons and not healthcare.
(Given those millionaires were able to circumvent China's strict capital controls. Even if some of them did I'm sure they'd find a way of circumventing taxes in their new host country also)
China saw the world's biggest outflow of high-net-worth individuals last year and is expected to see a record exodus of 15,200 in 2024, dealing a further blow to its economy, a new report says.
It's interesting how through the neoliberal lens this looks like "a blow" to their economy. But from a Keynesian or MMT lens, China doesn't need high net worth individuals to drive the economy. Public investment can and has done this in China as well as many other parts of the world.
From another angle, letting high net worth individuals flee, could reduce apparent wealth inequality in China.
Yeah, is there some kind of meaningful drawback or are they just reducing inflation when this happens?
Does China have capital flight laws? Can they allow the millionaires to leave whilst retaining the actual material wealth?
Please keep them, we don't need more millionaires.
Better millionaires than billionaires.
Don’t let the door hit you on the way out, gusanos.
Problem is, people like that tend to be the driving force in aggressive rhetoric against their former homeland
they would anyway. no point in catering to them.
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