Seemingly never-ending lockdowns of financial capital, brutal crackdowns on major industries don't inspire confidence among high-income earners, right? Right, it is a no brainer question. But China's President Xi Jinping tried the experiment anyway. Now, investment migration consultancy Henley & Partners estimates that 10 thousand high-net-worth residents of China want to leave the country this year and pull 48 billion dollars with them.
Xi's approach to the pandemic, built around a zero-Covid strategy, included seven weeks of strict lockdowns in Shanghai earlier this year that led to residents shouting and banging pots and pans from their homes in protest. Last month, a rare public demonstration broke out in the city among shopkeepers demanding compensation for the damage done to their livelihoods.
At the same time, Xi has thrown regulatory hammers down on some of China's biggest tech companies. The first wave of crackdowns wiped 1 trillion dollars off markets. Subsequent crackdowns included a ban on nearly all for-profit tutoring conducted by education firms and a total ban on mining, trading, or sending digital currency -- wiping away trillions more. With that economic backdrop, it's little wonder that many of the Chinese with the most wealth to lose want out.
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