Why billionaires are fleeing China

‘To get rich is glorious’ is perhaps the most over-used slogan attributed to Deng Xiaoping, the paramount leader who reformed China and opened its economy up to the world. There is no evidence that he actually said it, but regardless it seemed to capture the mood of that era. In the China of Xi Jinping, to get rich is decidedly dangerous, which may account for why the number of super-rich (or at least those admitting to it) is in sharp decline, with many now clambering for the exit to protect their wealth and their liberty.

According to a rich list compiled by Hurun, a research group, the number of dollar billionaires in China has fallen by more than a third over the last three years. The figure now stands at 753, a 36 per cent decline on a peak of 1,185 reached in 2021. During the last year alone, the number fell by 16 per cent.