As many as 61,000 millionaires have chosen to leave India in last 14 years due to reasons like tax, security and child education, says a report.
A joint report by New World Wealth and LIO Global said the number of super-rich deserting their country was second only to China, which saw an outflow of 91,000 high net worth individuals leave their country in the same period.
Factors attributed for this exodus have been ‘turmoil in home country, security concerns and optimization of children’s education.’
“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.
Overall, the UK has seen the biggest inflow of ultra-rich from abroad with as many as 1.25 lakh people preferring to make it as their second home over the past 14 years. US and Singapore stood second and third choice of countries for most of these migrants.
While Chinese preferred US, the preferred destination for Indians were UK and Singapore. UK also attracted quite a lot of millionaires from Europe, Russia, Middle-East and Africa.
The survey used a sample size of 60,000 global high net worth individuals, whose net assets were $ 1 million or more excluding his/her primary residences.