61,000 millionaires shifted out of India in last 14 years: report

27 Jul 2015


India has seen the second-biggest exodus of high net worth individuals after China, in the last 14 years, with as many as 61,000 millionaires shifting out of the country, rveals a new report.

In China 91,000 of its millionaires left the country during the period.

The turn of the century, ie, the period between 2000 and 2014, saw the change in domicile and second citizenship applications increase dramatically, says the report.

The report, published jointly by New World Wealth and LIO Global, attributes the shift of domicile to reasons like tax, security and child education.

Either the wealthiest in the two fastest growing economies have failed to catch up with the economic growth of their respective countries that are in the cusp of an ''the Asian century,'' or have more faith in the economies of the developed world.

"Indian HNWIs tend to move to the UAE, the UK, the US and Australia," the report said, adding that Chinese HNWIs mainly moved to the US, Hong Kong, Singapore and the UK.

Overall, the UK has seen the biggest inflow of HNWIs from abroad and the figure stood at 1.25 lakh over the past 14 years.

Other countries that saw significant HNWI outflows include France (42,000), Italy (23,000), Russia (20,000), Indonesia (12,000), South Africa (8,000) and Egypt (7,000).

The factors, according to the report are varied, including education of children, escaping turmoil at home as also ensure security of family.

Most of the rich Indian who moved into the UK came from Europe, Russia, China as well as India. Many have also come from the Middle-East and Africa, the report noted.

Indians mainly flocked to the UK, which was followed by the US and Singapore.

US saw inflows mainly from China with a sizable numbers coming from the UK, India and Russia.

Most migration to Singapore came from China, India and Indonesia.

This survey was conducted comparing the domicile of a sample of around 60,000 global HNWIs in 2000 with the same in 2014.

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