Voting with their feet against China

Wealthy Chinese are implicitly rebuking mush-headed admirers of their dictatorship such as Thomas Friedman of the New York Times and UN climate change officials.  CNBC reports: Do the wealthy Chinese know something we don't? A new report shows that 64 percent of Chinese millionaires have either emigrated or plan to emigrate-taking their spending and fortunes with them. The United States is their favorite destination. The report from Hurun, a wealth research firm that focuses on China, said that one-third of China's super rich-or those worth $16 million or more-have already emigrated. The data offer the latest snapshot of China's worrying wealth flight, with massive numbers of rich Chinese taking their families and fortunes overseas. Previous studies show the main reasons rich Chinese are leaving is to pursue better educations for their kids, and to escape the pollution and overcrowding in urban China. It turns out that rapid industrialization under a dictatorship...(Read Full Post)