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At least in the case of China, it's probably less about taxes and more about the fact that rich people have a bad habit of dying mysteriously: https://twitter.

• TomVDB 7y ago
  It’s less about taxes, but it’s also not about dying mysteriously. The main reason is to have a backup plan in case things go wrong: there aren’t a lot of reliable legal protections to begin with and the political situation can change any time. Better have your wealth stored outside of the country and an additional citizenship so you can leave when necessary.