There are now over a million multi-millionaires in China and a large number of them are looking to get out. When they do, that wealth will need to be fixed into something, somewhere.

Shanghai Skyline Night Wikimedia Commons License

Graeme Medland, a Canadian entrepreneur living in Shanghai forwarded this article, BoP until you drop. For the first time since 1998 more money leaves China than enters itEconomist.

From the article:

"Chinese individuals may take up to $50,000 out of the country each year without special permission. Victor Shih of Northwestern University reckons that the richest 1% of Chinese households own $2 trillion-5 trillion of property and liquid assets. If they took fright, they could overwhelm even China’s vast foreign-exchange reserves.

China’s rich often have inside knowledge of the economy’s condition, Mr Shih has pointed out. If their money is leaving, everybody else should take note."

Graeme and I suggest you read the article for yourself (2 mins).

> Western financial professionals considering an eastern career change, to China in particular, should consider reading Shanghaiist, according to Graeme. I've subscribed in my RSS for a few weeks and like it so far.