Billionaire Club: : India second biggest loser of rich citizens

Highlights:

  • According to the New World Wealth, India has the second highest millionaire outflow, or number of Indian HNWIs ( high net-worth individuals) moving out of the country.
  • New World Wealth  is a global wealth sector information consulting services firm.
  • According to the report, the number of rich people changing domicile has increased dramatically since the turn of the century.
  • Over the last 14 years (2000-14), India saw 61,000 HNWIs leave the country.
  • It was second only to China, which witnessed 91,000 millionaires move out.
  • The top five destinations for Indian millionaires were the UK, US, Australia, UAE and Singapore respectively.
  • The major reasons for most global millionaires to immigrate include turmoil in their home country, security concerns and pursuit of better education prospects for their children.
  • For the world's millionaires who migrated in this time period, the top eight countries of choice were: UK, US, Singapore, Australia, Hong Kong, UAE, Canada and Turkey.
  • The UK was the top beneficiary of HNWIs from abroad, most of who came from Europe, Russia, China and India.