New Delhi, India saw the second largest number of millionaire outpour on world level after China. According to report India with 7,000 High Net Worth Individuals(HNWI) changing their residence to foreign countries during 2017 became second. This data is 16 percent more compared to last year.
According to the report in 2017 -7,000 ultra- rich Indians shifted overseas. In 2016, this figure was 6,000, while in 2015 around 4,000 millionaires shifted from their native. (Figures fetched by New World Wealth).
Talking about other countries, In China, around 10,000 super-rich people changed their base in 2017. Other than that-
Turkey – 6,000
United Kingdom- 4,000
Russian Federation- 3,000.
As per the migration movement, Indian HNWI s (High Net worth Individual) moved to countries mainly US (United States), UAE (United Arabs Emirates), Canada, Australia and New Zealand, While Chinese HNWIs migrated to US, Canada, and Australia.
However, this can’t be treated as a failure of the country economically as the country like India and China are producing far more new HNWIs than it is losing. But can be regarded as a failure of individual who is ready to leave his parent nation.
Also, an expectancy of moving back of wealthy people is high after living standard of the native country improves.
On the other hand, Australia was the top country for HNWI 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 per the report, India has been ranked sixth in the list of wealthiest countries with the total wealth of USD 8,230 billion.
India is resident to 3,30,400 HNWI s (individuals with USD 1 million or more in total assets). Globally, India ranks 9th in the number of HNWIs. India has 20,730 multi-millionaires, which makes it 7th largest in the world. And in terms of residing billionaires, India with 119 such individuals comes among the top three countries in the world, after the US and China.