23,000 Indian millionaires immigrated since 2014 as revealed by the survey carried out by NW Wealth and in 2017 it was 7,000 millionaires who chose an overseas destination. Morgan Stanley Investment Management Chief Global Strategist and Head of Emerging Markets Ruchir Sharma said that Indians are the highest numbers of millionaires immigrating overseas.
Mainstreet Equity Corp Chief Executive Officer and Canadian-Indian Real Estate magnate Bob Dhillon said that this is the 3rd wave of immigration from India. The first was of marginal and poor farmers who migrated to western nations. The second was of professionals who immigrated overseas from India in search of a better lifestyle. Now, it is the Indian millionaires who are migrating overseas, added Dhillon.
Bob Dhillon further elaborated that Canada is a favored destination for well established and young business people and professionals from India. This is because the fabric of Canada is transforming and it offers better life quality in terms of infrastructure, health, and education. Indians are scaling new heights of success in diverse walks of life in Canada, added Dhillon, as quoted by the Economic Times.
Poorvi Chothani a lawyer based at Mumbai said that several affluent parents in India in their 40s immigrate overseas to offer a better life and future to their children. Owing to lifestyle issues several Indians who have immigrated overseas find it tough to return to India after they have worked and lived overseas, adds the lawyer.
For the HNWI Indians who have entrepreneurial dreams and intend to tap overseas markets, the US is also a big draw. The US EB-5 investment pathway to a quicker Green Card is popular among Indians. The reason is that it is as less expensive and secure than other citizenship processes in several other nations.
US EB-5 program is also a pathway to Green Card for several families and to offer US education to their kids. It is also applicable for those professionals who are suck in the infinite H-1B backlogs.
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