1st place is China, 10th place is Japan
A Japanese report is attracting attention, saying that the number of rich people leaving their home country is increasing worldwide due to high prices, taxes, and government regulations.
On the 7th, the Japanese media ‘News Lens Japan’ cited the US economic magazine ’24/7 Wall Street’ and reported an analysis of ’10 worst countries the rich have left’.
According to the article, out of 10 countries, South Korea ranked 7th. China took first place, and Japan took 10th place.
The media described Korea as “one of the most successful economies in Asia.” “We have experienced explosive growth over the past few decades,” he said, pointing out that “many wealthy people want to leave Korea and move to countries with lower living costs.” He also added, “Korea has high capital mobility, so capital can be easily transferred overseas.”
Regarding China, which ranked first, he said, “Chinese rich people have been leaving their country for over 10 years, and the COVID-19 incident has accelerated this pace even more.” He added, “The huge population, authoritarian government, and state-led capitalism are the reasons why the rich are leaving.” pointed out.
Because China is constantly in military conflict with emerging countries such as India, with which it shares a border, political conflict with Hong Kong and Taiwan, and economic conflict with the United States, the Chinese government has a very strict and nervous attitude toward finance and wealth. The media explained that it shows.
He also said, “China is expected to face the largest exodus of the wealthy in history this year,” adding, “The rich leaving China are moving in large numbers to the United States, Australia, Singapore, and the United Arab Emirates, where corporate tax payments are lenient, financial regulations are low, and stable markets exist. “There is,” he said.
Lastly, Japan, ranked 10th among the ‘worst countries the rich have left’, pointed out that the rich are leaving due to “high living costs, overcrowding, and government regulations to respond to inflation.”
The media explained, “Japan’s big cities are one of the most expensive places to live in the world,” and “it may be a reasonable choice for the rich to leave Japan as soon as possible to protect their assets.”
Meanwhile, in this analysis, India ranked 2nd, the UK ranked 3rd, Russia ranked 4th, and Brazil ranked 5th. Hong Kong ranked 6th, Mexico ranked 8th, and South Africa ranked 9th.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.