61,000 Indian Millionaires Shifted Overseas Over 14 Years, Says Report

| July 26 , 2015 , 16:00 IST
India has seen the second biggest outflow of high net worth individuals in last 14 years, with as many as 61,000 millionaires shifting base to abroad due to reasons like tax, security and child education, a report says. hinduja-bro-mittal-700-400 A joint report by New World Wealth and LIO Global said the change in domicile, along with a rise in second citizenship applications, has increased dramatically since the turn of the century. Some 61,000 uber-rich Indians have changed domicile between 2000 and 2014, second only to China, which saw an outflow of 91,000 ultra-rich persons in the same period, the report said. "Indian HNWIs (high net worth individuals) 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. ALSO READ: Indian Money In Swiss Banks Falls By Over 10% To Rs 12,615 CR Overall, the UK has seen the biggest inflow of high net worth individuals from abroad and the figure stood at 1.25 lakh over the past 14 years. Other countries that saw significant outflows of high net worth individual include France (42,000), Italy (23,000), Russia (20,000), Indonesia (12,000), South Africa (8,000) and Egypt (7,000). The factors of the outflow, according to the report, include turmoil in home country, security concerns and optimization of children's education. Most of the high net worth individuals who moved into the UK came from Europe, Russia, China and India. There were also substantial numbers that came from the Middle-East and Africa, the report added. In terms of inflows of high net worth individuals, the UK was followed by the US and Singapore. Inflows into the US predominantly came from China, whereas India and Russia made up for a sizeable chunk of inflows into the UK. Most migration to Singapore came from China, India and Indonesia. ALSO READ: Black Money Probe: More Swiss Account Names Tumble Out; Yash Birla Among Notified Ones This survey was conducted comparing the domicile of a sample of around 60,000 global high net worth individuals in 2000 with the same in 2014. High net worth individual refers to a person with net assets of $1 million or more excluding his/her primary residences.