Significant Increase in Wealthy Chinese Immigrants Moving to Japan
Amid political turmoil in their home country, well-to-do Chinese investors are turning to Japan as a new migration destination. Last year, the number of Chinese residents in Japan reached 820,000, up by 60,000 from the previous year.
A report released by Henley & Partners in June last year estimated that 13,500 high-net-worth individuals from China relocated abroad in 2023, making China the country with the largest outflow of affluent individuals globally. These individuals are classified as those with investable assets exceeding $1 million.
One of the major reasons for the migration of wealthy Chinese individuals to Japan is the fear that their assets will be redistributed under the Chinese Communist Party’s “common prosperity” policy. China’s lack of protection for private property is a concern, as assets can be communalized at any time.
Additionally, the depreciation of the yen and relatively cheap real estate prices in Japan have attracted many Chinese tycoons to invest in properties in Japan.
Fleeing CCP Policies
Xia Yifan, an expert on Chinese social issues based in Japan, highlighted the uncertain future in China where assets might not be protected for generations to come. This concern, coupled with the potential for civil unrest and war, has led many wealthy individuals to seek refuge in countries like Japan.
Japan’s proximity to China, cultural similarities, developed economy, stable political system, safe society, and welcoming immigration policies make it an ideal destination for Chinese elites.
Post-Pandemic Surge
Recent statistics from Japan’s Ministry of Foreign Affairs show a surge in foreign residents in Japan, with Chinese nationals constituting the largest group. The number of Chinese residents has increased significantly in the past two years, reaching 24.1% of the foreign population in Japan by the end of 2023.
Tokyo, in particular, is a popular destination for foreign residents, with nearly 20% of the total population being foreigners. The city attracted a large number of Chinese residents, with one in three Chinese individuals in Japan choosing to live in Tokyo.
