Report Highlights Chinese HNWIs' Overseas Preferences

By Editorial 28 January, 2014

A luxury consumer survey focusing on Mainland Chinese High Net Worth Individuals has revealed preferred destinations for overseas education and residency.

The research was based on a survey of 393 Mainland Chinese "millionaires" (worth USD1.6m or more) undertaken by the Hurun Research Institute between June and December 2013, including 69 super-rich individuals (worth USD16m or more). The institute has conducted similar surveys over the past ten years.

Hurun found that 28.7 percent of respondents regard the UK is their top choice for sending children for pre-university education, slightly ahead of the US at 26.2 percent. Canada was third-most popular, at 12 percent, and Australia was fourth, at 9.4 percent. Hong Kong came tenth, with 2.1 percent expressing a preference for the territory.

However, the United States was the top preference for university education (36.4 percent), followed by the UK (24.4 percent) and Australia (10.8 percent). Hong Kong did not feature in the top ten choices.

Meanwhile, the largest number of HNWIs seeking to live abroad gave the USA as their first choice, while smaller numbers chose Europe, Canada, Australia, Singapore, and Hong Kong. There was an increase in the number considering Australia, although this was the case for only a "very few" of the super-rich. The survey found that one in three of the super-rich, and 64 percent of respondents overall, were looking to emigrate, although only 15 percent would be willing to give up Chinese nationality.

The survey also found that preferred international tourist destinations have changed: Australia, France, and Dubai are now the top three, rather than France, the US and Singapore. The UK no longer features in the top ten destinations, and Hurun's founder, Rupert Hoogewerf, said in London that the UK's visa rules were the main reason.

The average age of respondents was 38 years, and the ratio of men to women was 6:4.

Tags: Australia | China | United Kingdom | Hong Kong | Education | Expats | Immigration | Travel | Education | Immigration |


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