This is not necessarily a bad thing for China or a good thing for countries that want these millionaires. I bet after migration many of these millionaires migrate will establish companies that connect with sources inside China for outsourcing. In an economic sense, the millionaires are very much Manchurian candidates.
Half of China's millionaires want to leave country
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Re: Half of China's millionaires want to leave country
#22Can someone enlighten me on how so many (or so few) people got so rich off of property?
Party connections. It is how everything works in a Communist society, everything bends to the party, the people, the land, the environment. The results to each is usually the same.
Decisions are made kinda like HN moderation: just bow to the party line.
Re: Half of China's millionaires want to leave country
#23Note that the claimed reason is better education opportunities for their children. There is definitely a perception here in China that connections and schooling are critical for a life of success and wealth.
That said, I have my doubts they would be able to directly ask, "Do you want to emigrate?". So perhaps that is why they tacked on the education bit for plausible deniability (i.e. I love my country but my child should go to Harvard).
Re: Half of China's millionaires want to leave country
#24This seems to reinforce some points made by Paul Graham in his 'How to Make Wealth' essay. Especially regarding governments not allowing individuals to accumulate wealth. http://paulgraham.com/wealth.html
Or simply having the infrastructure in place to protect the opulent from the criminals.
Re: Half of China's millionaires want to leave country
#25This seems to reinforce some points made by Paul Graham in his 'How to Make Wealth' essay. Especially regarding governments not allowing individuals to accumulate wealth. http://paulgraham.com/wealth.html
ALL HAIL PAUL GRAHAM!
Re: Half of China's millionaires want to leave country
#26Re: Half of China's millionaires want to leave country
#27Earlier quoted context omitted.
Regardless if its billionaires in yuan or dollars, if there is a sentiment in China that the wealthy are being killed, it could fuel the desire to leave.
I'd expect a number of extremely rich Chinese oligarchs have been shot for treason, as some forms of corruption are punishable by the death penalty. There's a lot of really nasty shit that happens in China. Babies dying from additives to their milk formula, organs being stolen, farmers being driven off communes to build illegal factories, outright theft of government funds and property ... none of it is really sancti…
> outright theft of government funds and property
Yeah most of that ends up in North America. imo They tend to buy housing in cash for their children mostly in either Vancouver or the Bay Area.
Re: Half of China's millionaires want to leave country
#28Is the real problem that lots of party functionaries without much money has power and little oversight? So they can press money out of the local rich, without repercussions? Or is political uncertainty the real problem -- the political climate next month can be halfway back to the cultural revolution? Or a third alternative? Edit: Word choice, for clarity.
Welcome to a land where the local rich can press money out of party functionaries!
I'm not so sure about that. If that were true, I don't think the local rich would be so eager to join the party membership.
Re: Half of China's millionaires want to leave country
#29Earlier quoted context omitted.
This news is far from being accurate. http://news.ycombinator.com/item?id=2806250
Regardless if its billionaires in yuan or dollars, if there is a sentiment in China that the wealthy are being killed, it could fuel the desire to leave.
It's actually hundred millionaires in yuan - $15m or so.
http://www.hindustantimes.com/72-millionaires-die-young-in-C...
Re: Half of China's millionaires want to leave country
#30This is not necessarily a bad thing for China or a good thing for countries that want these millionaires. I bet after migration many of these millionaires migrate will establish companies that connect with sources inside China for outsourcing. In an economic sense, the millionaires are very much Manchurian candidates.
In Canadian cities like Toronto and Vancouver, you see this very clearly. Many chinese people are technically in Canada, but they never really left their home country. They create a small subcity with its own economy, and huge ties to the homeland. A great deal of them never learn English because they don't have a need for it.