4,000 Indian millionaires shifted out in 2015: Report

31 Mar 2016


While India continues see huge inflows of overseas remittances, India has also seen the fourth biggest outflow of high net worth individuals globally in 2015 with 4,000 uber rich shifting overseas, says a report.

A report by New World Wealth, says some 4,000 millionaire Indians have changed domicile in 2015, while France saw the maximum outflow of millionaires with as many as 10,000 super rich shifting base.

This, however, should not be a cause of concern for countries like India or China as these countries produce more super rich than they lose.

"The outflows from India and China are not particularly concerning as these countries are still producing far more new millionaires than they are losing," the report said and added that "once the standard of living in these countries improves, we expect several wealthy people to move back".

In terms of ranking by millionaires outflow, France topped the list, followed by China in the second place with 9,000 millionaires leaving the country and Italy at third position with the tally at 6,000.

According to the report, France is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas.

"We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate," the report said.

It further noted that other European countries where religious tensions are starting to emerge such as Belgium, Germany, Sweden and the UK will also be negatively affected in the near future.

Other countries that saw significant millionaire outflows include Greece (3,000) and Russian Federation, Spain and Brazil (2,000 each).

In terms of millionaire inflows, Australia topped the list with as many as 8,000 uber rich shifting base there, followed by the US (7,000) and Canada (5,000) in the second and third place respectively.

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