India ranks 2nd in outflow of high net-worth individuals

India ranked second in the outflow of high net-worth individuals (HNWIs) from the country, according to a new report.

The report by New World Wealth, global wealth sector information consulting service firm, said that the number of rich people changing domicile has increased dramatically since the turn of the century, reported the Economic Times.

The country has witnessed 61,000 HNWIs left India over the last 14 years (2000-14). It was second only to China, which witnessed 91,000 millionaires move out of it.

The top five destinations for Indian millionaires were the UK, US, Australia, UAE and Singapore, in that order, said Andrew Amoils, head of research, New World Wealth.

The reasons for most global millionaires to leave their country include turmoil in their homeland, security concerns and pursuit of better education prospects for their children.

The reasons for Indians leaving the country are different. 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," ET quoted Amoils.

While these HNWIs have made homes elsewhere, it has not 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.

The top eight destinations for millionaires 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.
(Image: Indiatimes)