We're familiar with anecdotal tales of China's nouveau riche and their extravagant spending habits to feed their taste for luxury goods. That made it a bit surprising to learn that China's rich spent 15% less last year, the third straight year of decline in sales of luxury goods in that country.
Apparently in recent years fully one third of China's rich folks have either left or have decided to leave.
Besides spending less at home, more rich Chinese are leaving the country. The number of wealthy Chinese who have emigrated or are planning to do so rose to 64 percent from 60 percent in the previous year, the survey said. (Two out of three?)
Most of those leaving, or planning to, are looking for permanent residency overseas - the United States, Europe and Canada are top picks. Very few want to give up their nationality, perhaps because their outlook for China is improving.