But in most recent years, China’s economic growth settled and showed no more improvement. So now western industries can compete with China and is no longer viewed as a major threat.
Why Demand a Second Passport as a Chinese HNWI?
Facts show that China has currently over 215 billionaires, approximately 3.5 million millionaires and the country is producing more millionaires than any other country in the world. Although the country is experiencing an economic downturn, the number of wealthy individuals continues to grow.
So by continuously increasing in numbers, China’s HNWIs will look beyond the enormous boundaries of their country and wish to discover other parts of the world.
Reasons for them to make such a move would be for economic, banking, educational or business related purposes. These are the major reasons why HNWIs consider second passports for visa-free access to other parts of the world.
Increased Demand amongst HNWI
Overall, China may be an economic world power and the demand for second citizenship and passport is continuing to grow amongst HNWIs in and around China. A report shows that in recent years there has been a rapid growth in the industry and estimates show demands will reach $2bn per year.
Wealth report data reveals that 35% of HNWIs already have a second citizenship and more than half of all HNWI are planning to obtain a passport by investment. This has created a bidding war between many countries globally offering citizenship for sale.
HNWIs that are considering a second passport prefer to purchase through real estate investment and applicants can also gain residency and potentially shift their residence for tax purposes which would prove beneficial in the long run.