China's Impact on World Economies (Essay Sample)

China’s Impact on World Economies Student’s Name Course Number/Name Date China’s Impact on World Economies The reason behind the exodus of individual high-net-worth millionaires is the country’s slow growth of wealth in recent years. China’s president Xi Jinping has been advocating and driving for “common prosperity,” estimates show a loss of about 13,500 high-net-worth millionaire people with investable wealth of an estimated $1 million (The Straits Times, 2023). India will also follow suit with 6,500 millionaires and 3,200 for Britain. Between 2000 and 2017, China’s economy boomed powerfully; however, the growth of millionaires and wealth over the years has become negligible (The Straits Times, 2023). Because of the slowdown in millionaires and wealth growth in China, outflows are also becoming damaging, unlike ever in the past. The decline and ultimate exodus by individual high-net-worth millionaires in China has seen high-net-worth business giants from Britain exit, with projections showing they might double shortly (The Straits Times, 2023). Britain is the third of the world’s biggest losers of individual millionaires, and Russia is the fourth. Australia is slowly but surely surpassing the United Arab Emirates to the top position as the best c...