Wednesday, February 22, 2012

Go West Yuan Man

It looks like Saint Paul is not the only one pondering moving away from a socialist paradise hellhole. An article in today’s WSJ describes the growing trend of China’s Wealthy Moving to the U.S. and Europe:

A survey published in November found that 60% of about 960,000 Chinese people with assets over 10 million yuan ($1.6 million) were either thinking about emigrating or taking steps to do so. The U.S. was the top destination, followed by Canada, Singapore and Europe, according to the survey by the state-run Bank of China and Hurun Report, which analyzes trends among China's wealthy.

Most people cited their children's education as the main reason, followed by concerns over air quality, food safety and financial security. Another survey last year, by management-consulting firm Bain & Co. and state-run China Merchants Bank, showed similar results.

Wait a minute. You mean to tell me that the high speed trains, immense investments in infrastructure, and government with the unfettered power to do what it sees as best for the people-all long lauded by the likes of Thomas Friedman-ain’t all that it’s cracked up to be? Simply shocking news.
I for one welcome this new wave of Chinese immigrants (and their money) to our shores. If they’ve managed to achieve success in the still largely statist economic environment of China imagine what they could do here.