Written by Kruti Beesam
India is experiencing a huge outflow of her millionaires to many countries around the world. So far 61,000 Indian millionaires have shifted their base to other countries owing to various reasons concerns like tax, security and child education. The countries that are popular with Indians wanting to go abroad are UAE, UK, USA and Australia.
What The Official Report Says
The New World Wealth and LIO Global have jointly reported that, the turn of the century has seen a dramatic increase in domicile change and second citizenship applications. The number of Indian millionaires who have changed domicile since 2000 to 2014, is only second to the highest outflow from China. During this period, China saw an outflow of 91,000 of its ultra rich citizens.
Who Goes Where?
The Chinese millionaires usually choose US, Hong Kong, Singapore and the UK as their base to relocate. Among all the countries of the world, UK has seen the highest number of inflows with as many as 1.25 lakhs of people, choosing the country in the past 14 years. Like India there are other countries that are experiencing an outflow of their millionaires.
Outflow Around The World!
France saw the outflow of 42,000 of its rich men, Italy on the other hand experienced an outflow of 23,000 people, Russia’s 20,000 millionaires decided to leave the country, Indonesia saw the relocation of 12,000 of its millionaires, South Africa’s 8,000 millionaires left their country and finally Egypt saw the movement of 7,000 of its millionaires.
Source: Business Standard
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