"The Worst Countries Where the Wealthy Are Fleeing Because They 'Can't Stand It'... South Korea Ranks 7th, 1st Place Is

China... Cited Causes Include Government Interference and Financial Policies
South Korea and Japan Face Causes Like Living Costs, Overpopulation, and Regulations

Which country has seen the most wealthy people leave recently? According to a report by a U.S. media outlet, China ranked first due to increased financial regulations and interventions targeting the wealthy after COVID-19. Among Asian countries, South Korea and Japan were ranked 7th and 10th, respectively.

On the 7th (local time), the Japanese media 'News Lens Japan' cited data from the U.S. online media '24/7 Wall Street' to report on the "Top 10 Worst Homelands for the Wealthy to Leave."

This ranking appears to list countries with the highest number of wealthy individuals who have recently relocated their residence or assets. According to the media, China took the top spot, with Japan and South Korea ranking 10th and 7th, respectively.

Recent Chinese policies such as "Gongdong Buyu" have been perceived negatively by the wealthy.
[Image source=Yonhap News]

In China's case, the main reasons cited for wealthy people leaving include the strict quarantine policies during the 'Zero COVID' era, conflicts with Hong Kong and Taiwan, and the so-called 'common prosperity' policy push around the time President Xi Jinping secured a third term.

The media explained that wealthy individuals tend to leave due to government regulations and legal or political instability. From the perspective of the wealthy, who use their accumulated assets to run various businesses, politically stable countries are more advantageous.

Most countries listed in the rankings have recently experienced severe political instability such as wars. A prime example is Russia, which has faced Western economic sanctions and political turmoil after invading Ukraine.

Ranking of Countries Most Departed by the Wealthy

Meanwhile, among Asian countries, South Korea ranked 7th and Japan 10th.

The media noted, "South Korea has explosively grown over the past few decades to become one of the wealthiest Asian countries," but also pointed out that "it has produced many millionaires who want to move to countries with lower living costs."

As for Japan, ranked 10th, the reasons for wealthy people leaving were cited as "high living costs, overpopulation, and government regulations," which have led to an exodus of wealthy Japanese. The media also reported that the Japanese government is providing cash incentives to those leaving Tokyo to help alleviate the depopulation of rural areas.

Wealthy individuals who leave their countries of residence generally seem to move to countries with lower taxes and fewer financial regulations. The media stated, "Wealthy people leaving China are moving en masse to places with lenient corporate taxation, fewer financial regulations, and stable markets."