According to Bloomberg’s report, 10,000 high-net-worth individuals in China are preparing to emigrate in 2022. The number ranks in second place, only below Russia’s 15,000.

These wealthy residents would take away about $48 billion, an average of $4.8 million per person.

Citing a Shanghai immigration consultant, Bloomberg reported that many residents felt they had no other choice given the Covid lockdown. However, she added that those initially hesitant about emigration have finally decided this time. 

The U.S., Singapore, Australia, Canada, and European places are popular destinations for these residents. 

Citing Professor Zhang Tianliang’s analysis, Xiwang Zhisheng News reported that the departure of these wealthy residents is scary. 

Delivering his analysis in the “Dawn Time” program, the commentator on We-Media’s current affair said that the most precious thing for a country is not money but the people who can create money. 

According to Zhang, the outflow of these residents is the departure of wealth creators from China. 

However, Zhang said these residents had difficulties transferring money to foreign countries.

The commentator listed three ways they used to transfer money and the current difficulties. 

The first one is named “The ants move.” Residents can exchange around $7,405 per year. So if a person is preparing to flee and take his money, he could find any number of people to transfer money to him. Then they keep exchanging yearly. It will quickly add up after two or three years. 

This Ants moving money transfer does not currently appear effective because the Beijing Regime’s Banks could soon find out if different people are sending money to one person’s account. 

The second method is to use cryptocurrencies. Previously, they could buy bitcoin in China and sell it for U.S. dollars. However, the regime has also prohibited all methods of carrying cryptocurrencies. Besides, all cryptocurrency mining and cryptocurrency transactions are not permitted in China. 

The third one they call “Knocks on the door.” If someone overseas wants to send money to mainland China, he could swap his money with another person in mainland China. That is, the person in China who wants to get his money out would ask the overseas person to leave his foreign money there and swap it for Yuan in China for an equivalent amount. However, now, fewer and fewer want to remit money to mainland China. 

Zhang concluded that these high-net-worth individuals are currently facing a dilemma. 

He said, “They want to flee, but their money cannot escape.”

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