India’s millionaires are fleeing from homeland -- and these are the countries where they are headed

• India’s millionaires are fleeing homeland in large numbers.
  
• India stands third on the list for the number of emigrants, behind China and Russia.
  
• Nearly 2% of the total High Net-worth Individuals (HNIs) — that account for nearly 6,000 millionaires — migrated from India in 2018.

While India’s ‘wealthy elite’ are increasing as the country’s economy grows at a faster pace, more of it’s millionaires are fleeing from the country.

A recent report titled 'Global Wealth Migration Review' (GWMR) 2019 put out jointly by AfrAsia Bank and New World Wealth, a research organisation has revealed that nearly 2% of the total High Net-worth Individuals (HNIs) — that account for nearly 6,000 millionaires — migrated from India in 2018.

India stands third on the list for the number of emigrants, behind China and Russia. In fact, despite the ongoing Brexit issues in the United Kingdom (UK), the outflow in India was recorded more than that in the UK. While, China recorded the maximum number of migrations amid the trade war with the US.

Interestingly, a large part of the outflow preferred settling in the US, Canada and Australia, thanks to the climatic conditions, better education — universities and schools, healthcare and tax system.

Talking of the country’s global presence, India ranks fourth across the world for the number of new wealthy individuals added. Keeping in the view the statistics recorded, nearly half of the wealth in India reclines with HNIs.

Predicting the rise in the wealthy elite, the report suggests that India may also surpass the UK and Germany in terms of wealth creation with its capital New Delhi driving the way for economy, followed by the IT hub Bengaluru and Hyderabad.

Separately, India’s HNIs are expected to rise by nearly 87%, five years down the line, with their combined wealth nearly doubling, highlighted the IIFL Wealth Index 2018.

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India’s ‘wealthy elite’ are expected to increase by 87% over the next five years: Report