A joint report by New World Wealth and LIO Global shows some disturbing trends that more than 61,000 millionaires have left India and shifted base abroad for various reasons like security, child education, and tax. India is seeing the second biggest exodus of high-value individuals in the past 14 years. Reports stated that change in domicile and application for second citizenship application has increased significantly since 2000.
61,000 wealthy Indians have relocated to foreign shores between 2000 and 2014. This figure is second only to China, which saw 91,000 persons leaving their motherland and settling in foreign lands.
While most Indians seek to go to UAE, UK, The US and Australia, high-value Chinese citizens preferred US, Hong Kong, Singapore and the UK.
The UK has seen the biggest inflow of high-value immigrants and the figure was 1.25 lakh in the past 14 years. Other countries which has seen significant outflow of high value citizens include France (42,000), Egypt (7,000), Italy (23,000), Russia (20,000), Indonesia (12,000), and South Africa (8,000).
Among the reasons for this outflow include instability in the home country, security factors, better education and prospects for kids. Most of these high-value citizens who relocate to The UK came from Europe, Russia, China, and India. It includes large numbers of people from the Middle-East and Africa.
UK is followed by US and Singapore which saw a large inflow of citizens from other countries. US saw an influx of high-value citizens from China while UK, India, and Indonesia also constitute a large chunk. Most of the migrations to Singapore were citizens from China, India, and Indonesia.
The survey was conducted comparing the nationality of 60,000 global high net worth individuals or HNWIs in 2000 with the data in 2014. High net worth individuals or HNWI are those people who have net assets worth US $1 million excluding their primary residences.