About 23 percent of rich Chinese invest overseas to get their children a better education, according to a report jointly released by China's Central University of Finance and Economics and China Citic Bank, Beijing News reported Friday.

The Development of China's Private Banking 2012 report indicates there were more than a million people whose personal circulating assets reached 10 million yuan ($1.48 million) in China by the end of 2011, 23 percent of whom had invested overseas for the next generation's education, and 18 percent for overseas immigration.

To help their fortunes grow and hand down to the next generation, the rich Chinese want their children to receive an elite international education overseas and master foreign languages, the report said.

The report also disclosed that 14 percent of the rich people who own over 10 million yuan in circulating assets have immigrated or applied for immigration, and nearly 50 percent of them are considering immigration.