According to a comprehensive report from WorldWay: A recent survey by Barclays Bank in the UK indicates that among wealthy individuals in China, nearly half plan to emigrate overseas within the next five years to secure better education and employment opportunities for their children. Canada is the preferred destination for immigration, with Vancouver ranking as one of the top choices, while Toronto was not selected.
Barclays, the second-largest bank in the UK, conducted an annual survey of over 2,000 of its clients worldwide, all of whom have a net worth of over $1.5 million.
The survey found that 43% of wealthy individuals live in more than one country, the highest proportion since Barclays began tracking this data. Additionally, 12% of wealthy individuals live across three countries, and 2% reside in more than six countries.
Wealthy individuals are increasingly traveling between different countries to meet the international demands of their careers, seize financial opportunities, and ensure their children receive a superior education. North America and Europe are the preferred destinations for these high-net-worth individuals.
Nearly 50% of Wealthy Chinese Plan to Leave, with Canada as the Top Overseas Destination
The Barclays survey found that the proportion of wealthy Chinese individuals intending to leave their home country is the highest, at 47%. Among those planning to emigrate, the primary consideration is children's education and employment prospects, accounting for 78%; the second reason is economic security and an ideal environment (75%), followed by better healthcare and social services (18%).
Among the 47% of wealthy Chinese who intend to emigrate, 30% responded that they are preparing to move to Hong Kong, China, and 23% hope to come to Canada, making Canada the top overseas destination for wealthy Chinese, while 21% plan to go to the United States.
The Barclays report also found that cities including London and New York have become "wealth hotspots," increasingly attracting the world's wealthy.
Overall, North America and Europe are the most favored regions for global wealthy individuals, especially English-speaking countries and regions such as the United States, Canada, New Zealand, Australia, and the United Kingdom.
Regarding why Hong Kong is the most desired place for wealthy Chinese to emigrate, Liam Bailey, head of residential research at London-based Knight Frank, told Bloomberg: "Most of China's super-rich made their money on the mainland, so for business reasons, they don't want to move too far from the mainland, which may prevent some from going further away."
Toronto Not Included in Top Canadian Cities for Immigration
According to a recent report by the Conference Board of Canada evaluating the attractiveness of 50 Canadian cities to new immigrants, the six cities that received an "A" grade and are considered more attractive are three cities in Ontario (Waterloo, Ottawa, and Richmond Hill), Calgary, Vancouver, and St. John's. Toronto did not secure a spot, and Richmond Hill was the only city in the Greater Toronto Area to be included.
This survey was based on a comprehensive score of cities in terms of economy, education, health, innovation, environment, and society. The Conference Board report shows that Richmond Hill is the third most multicultural city in the country and produces the highest number of graduates per capita in engineering, science, and mathematics.
Vancouver on the West Coast is one of the main destinations for new immigrants. The city shows strong advantages in social, educational, and environmental aspects, but has a clear disadvantage in housing, mainly due to poor housing affordability, ranking 44th out of all 50 cities.
Although the capital, Ottawa, has clear advantages in social, educational, innovation, and economic aspects, its score in the health index was lowered due to a lack of healthcare support staff.
The only city that attracted new immigrants due to its health index is St. John's. The city has the second-highest number of general practitioners per 100,000 people in the country and is one of only two cities to receive an "A" grade in the health index.
Although Canada's largest city, Toronto, leads all cities in social aspects, it is relegated to the second tier, "Grade B," due to a lack of support in innovation, health, and environmental indices.
Edited by WorldWay
