A record number of folks are pouring into the U.S. through the Mexican border...

And it's probably not who you'd expect.

Sure, many migrants are still coming from Central and South America. Yet one of the fastest-growing migrant groups entering the U.S. comes from an entirely different part of the world.

I'm talking about China.

Roughly 37,000 Chinese citizens were detained at the border with Mexico last year. The story was featured in a recent 60 Minutes segment, in which reporters interviewed Chinese migrants... and found that many of them were well-off in China.

This is somewhat unusual, since migrants are normally looking for a better standard of living. Some of the folks interviewed were college graduates. Others were able to afford $14,000 worth of travel to get to the border.

Even more shocking, about 20,000 high-net-worth individuals migrated out of China in the past two years. As we'll explain, it's yet another sign that China's economy probably isn't growing as fast as its government claims.

China is facing its biggest loss of millionaires for the second year in a row...

An estimated 13,500 millionaires left the country in 2023, according to consulting firm Henley & Partners. If these folks were millionaires in the barest sense, that means $13.5 billion left the Chinese economy. And since many millionaires have more than exactly $1 million, it's likely a lot more.

To put it into perspective, when Russia invaded Ukraine in 2022, Russia lost around 8,500 millionaires. China lost 10,800 that year.

There's more to this problem than just the numbers, though. Many of the Chinese migrants coming to the U.S. told 60 Minutes they left because of two main factors... opportunities and freedom.

Even some of the most well-off folks in China understand that opportunity is slowing down. As I explained last Friday, China isn't on track to become the world's largest economy anymore.

And those with the most resources to do something about it are leaving, rather than trying to fix the problem.

China's millionaire class is taking its talents to other economies...

And they're offering a great opportunity to those nations.

It seems there's something about China that millionaires don't trust. Maybe it's the country's shrinking economy... or the way its government keeps overstating numbers.

Either way, China already had issues. And as its wealthiest citizens lose trust in their own nation, the situation will likely get even worse.

That's bad news for China... and nations like Russia and India, which are also losing more millionaires than almost anywhere else in the world.

However, it's great news for the U.S. – which was expected to attract 2,100 new high-net-worth individuals last year.

The U.S. will remain a top destination as China's millionaires leave their homeland in the dust. And if you're looking to invest outside of the U.S., the top three markets for millionaire immigrants in 2024 are expected to be Australia, the United Arab Emirates, and Singapore.

These millionaires are doing what's best for their money... Don't ignore their judgment.

Wishing you love, joy, and peace,

March 1, 2024