About 2.8 trillion ($458.3 billion) of the 33 trillion yuan ($5.45 trillion) of assets owned by rich Chinese was transferred overseas in 2011, equivalent to 3 percent of China’s GDP in the same year, according to a blue book published on Wednesday.
“Rich” refers to those who individually possess more than 6 million yuan of investable assets.
Hong Kong is the most popular asset transfer destination for rich Chinese, attracting 22 percent of the 2.8 trillion yuan. The United States came second, attracting 21 percent of the assets. About 16 percent of the assets went to Canada. Switzerland, Singapore and Australia.
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