Smart money, as the saying goes, is bailing out of China. The country’s millionaires and billionaires are emigrating in record numbers, with 2024 likely to see an out migration of 15,200 such people.

Henley & Partners, an investment migration firm, keeps track of such things and notes that this year’s expected figure is some 10% above 2023’s out migration of 13,800. Add to that the 500 or so high net worth individuals who are expected to leave Hong Kong, the out migration jump is that much greater. America and Singapore will receive most of the flow. There is no way to document how much wealth these people will take with them, but from past trends, Henley & Partners estimates that each migrant will take the equivalent wealth of between $30 million and $1.0 billion.