Hat tip to daytrip for sending in this video update about wealthy Chinese leaving their country:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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I chuckled. Most are kleptocrats fleeing.
China is following a road well traveled.
Back in the 70-80’s, Korea, Taiwan, and Hong Kong experienced the same type of rapid economic rise. That also created large number of immigrants to the US at the same time. We’re simply seeing the same type of rapid economic expansion with China’s coastal provinces over the last decade, therefore, we are seeing the same type of immigrants coming to the US.
Similiar but slightly different than the previous Asian countries. Compared to most, US still has more opportunity for the younger generation. But in China, people fear the government, lack of rule of law, and lack of freedoms. Korea, Taiwan, and HK didn’t have the same issues. (People fled HK in then 80’s when China was given control of HK)