Many wealthy people are considering leaving China
The stable city-state of Singapore is a favourite destination
Jack ma, founder of Alibaba, an e-commerce giant, is a symbol of how the ruling Communist Party has humbled the rich. In 2020 he dared publicly to criticise financial regulators. Soon afterwards they spiked the $37bn initial public offering of Ant Group, Alibaba’s fintech affiliate, and investigated Alibaba itself for monopolistic behaviour. A chastened Mr Ma largely vanished from public life. In late 2021 he left China and spent time learning about farming and sustainable food production.
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This article appeared in the China section of the print edition under the headline “The lure of Singapore”
From the April 1st 2023 edition
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