India records second highest outflow of high net-worth individuals: Report

India has the second highest millionaire outflow, or number of Indian HNWIs ( high net-worth individuals) moving out of the country, reveals a new report from New World Wealth, a global wealth sector information consulting services firm.

According to the report, the number of rich people changing domicile has increased dramatically since the turn of the century. Over the last 14 years (2000-14), India saw 61,000 HNWIs leave the country. It was second only to China, which witnessed 91,000 millionaires move out.

The top five destinations for Indian millionaires were the UK, US, Australia, UAE and Singapore, in that order, says Andrew Amoils, head of research, New World Wealth. The major reasons for most global millionaires to immigrate include turmoil in their home country, security concerns and pursuit of better education prospects for their children. For Indians, the biggest draws have been standard of living and tax saving. "The UK, Australia and the USA appeal to people due to language, standard of living, schooling and security. The UAE and Singapore also have a low tax structure," points out Amoils.



While these HNWIs have made homes elsewhere, it hasn't been verified if they are holding more than one passport. "We have not checked them individually. They may hold 2-3 passports. We looked at where they were living in 2000 and where they were in 2014," says Amoils.

For the world's millionaires who migrated in this time period, the top eight countries of choice were: UK, US, Singapore, Australia, Hong Kong, UAE, Canada and Turkey. The UK was the top beneficiary of HNWIs from abroad, most of who came from Europe, Russia, China and India.