March 1, 2021
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Fleeing horses
China’s millionaire factory is crumbling and more to leave mainland China’s experiment with the creation of ‘millionaire clubs’ is coming to a full circle but it leaves behind a dirty culture that will take decades for new generation of Chinese to clean and establish rule of law which can bring China back to a civilized state. The Communist Party of China which has been ruling China since 1949 is not in a position to clean the mess as most of its senior leaders are involved in more than 400 scams running into 440 billion dollar involving various sectors. But the filthy rich millionaires once created by years of CPC ruling due to lack of public scrutiny are now leaving China to secure their own future at the risk of the nation whom they had once adored with high spirit. Today most of the Chinese millionaires are desperate to leave China as soon as possible and their destination is Europe, America, Australia, Canada and few opt for Gulf states.         In view of global financial crisis, a number of countries are opening the doors to the estimated 1 million Chinese millionaires, yet provided they bring their money with them. It is something of a bidding war in reverse. Conspicuous wealth makes Chinese businessmen and women a target for the country’s anti-corruption authorities. A study in 2012 found that Chinese listed on the Shanghai-based Hurun Rich List were more likely to be inv
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