Following China, India Witnessed Max Super-Rich Citizens Leaving The Nation In 2017

| February 4 , 2018 , 18:27 IST

According to a new World Wealth report, India is the second largest country to outflow millionaires globally in 2017. China is on 1st position with the number of 10,000 wealthy migrants whereas India has 7,000 such individuals, which is 16% higher than 2016.

As per the reports, 7,000 ultra-rich Indians shifted overseas in 2017. In 2016, the figure stood at 6,000, while in 2015 as many as 4,000 millionaires shifted base.

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While China has globally 10,000 super-rich Chinese who changed their domicile in 2017. Other countries that witnessed large high net worth individual (HNIs) outflows include Turkey (6,000), United Kingdom (4,000), France (4,000) and Russian Federation (3,000). As per the migration trends, Indian HNIs moved to the US, the UAE, Canada, Australia and New Zealand, while Chinese HNIs moved to the US, Canada, and Australia.

The report, however, noted that the outflows of HNIs from India and China are not "concerning" as these countries are producing far more new HNIs than they are losing."

The report also stated that once the standard of living in these countries improves, it is expected that several wealthy people will move back.

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The report also shows that Australia was the top country for HNI inflows in 2017 with 10,000 ultra-rich people shifting base to this country, beating out its main rival the US for the third year running. As a result, the average Australian is now significantly wealthier than the average US citizen, which was not the case 10 years ago, it added.

As per the report, US was the second most popular destination for migrating HNIs in 2017 at 9,000 before Canada(5,000) and then the United Arab Emirates(5,000).

 As per the report, India has been ranked sixth in the list of wealthiest countries with a total wealth of $8,230 billion.

A billionaire is defined as an individual with net assets of $1 billion or more. Global wealth migration is accelerating and around 95,000 millionaires (HNIs) migrated in 2017, compared to 82,000 in 2016 and 64,000 in 2015, the report noted.