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Canada becomes second-most popular country for rich Chinese emigrants
Vancouver's skyline at sunrise is shown in this undated handout photo. Vancouver has been placed on travel site Lonely Planet's top ten list of cities to visit in 2020. (Destination BC/Albert Normandin via The Canadian Press)
Chinese millionaires are flocking to Canada for its attractive lifestyle and property investment opportunities, according to a new survey.
The survey results show Canada has surpassed the United Kingdom as the second-most popular foreign country to live in for Chinese individuals worth between 10 million to 200 million yuan ($1.8 million - $37.3 million Canadian). Vancouver and Toronto were also among the most popular cities for investing, with Vancouver moving up to fifth spot and Toronto surging into eighth place in the annual survey rankings.
The survey was conducted by the Hurun Research Institute, in association with Visas Consulting group. Countries were evaluated based on investment opportunities, immigration policy, property purchasing, personal tax rates, health care, visa-free travel and ease of adaptability.
The United States remains the most attractive country on the Hurun list, although results show its popularity has dipped since U.S. President Donald Trump took over the White House.
Australia ranked fourth on the list, followed by Malta, Portugal, Ireland, Spain, Antigua and Dominica.
The Hurun Report cited pollution and education as the leading reasons for Chinese millionaires to emigrate, along with fears that the yuan will continue to depreciate.
The survey was conducted among 304 wealthy Chinese individuals who have emigrated or who are in the process of doing so. Survey respondents were questioned between April and July of 2017.