Emigrating mainland Chinese and Hongkongers could take combined wealth of US$65 billion with them, consultancy says

Mainland China and Hong Kong could lose combined wealth of up to US$65 billion this year as more high-net-worth individuals (HNWIs) eye relocation amid tough Covid-19 restrictions and political uncertainties, according to Henley & Partners.

That would put 2022 second only to 2019, when departing millionaires worth US$100 billion left mainland China and Hong Kong. The trend is likely to add woes to an already slumping property market, which has been battered by the Covid-19 pandemic, agents said.