7,000 superrich Indians shifted base in 2017, says report
NEWDELHI: India witnessed the second largest number of millionaire outflow globally after China, with 7,000 high net worth individuals changing their domicile during 2017, 16% more than last year, according to a report.
According to the report by New World Wealth, 7,000 ultra- rich Indians shifted overseas in 2017. In 2016, the figure stood at 6,000, while in 2015 as many as 4,000 millionaires shifted base.
Globally, as many as 10,000 super-rich Chinese changed their domicile in 2017. Other countries that witnessed large high net worth individual (HNI) outflows include Turkey (6,000), the UK (4,000), France (4,000) and Russia (3,000). As per the migration trends, Indian HNIS moved to the US, the UAE, Canada, Australia and New Zealand, while Chinese HNIS moved to the US, Canada and Australia.
The report, however, noted that the outflows of HNIS from India and China are not “concerning” as these countries are producing far more new HNIS than they are losing.
On the other hand, Australia was the top country for HNI inflows in 2017 with 10,000 ultra-rich people shifting base to this country, beating out the US for the third year running. The US was the second most popular destination for in 2017 at 9,000, followed by Canada (5,000) and the UAE (5,000).
As per the report, India has been ranked sixth in the list of wealthiest countries with total wealth of $8,230 billion.
India is home to 3,30,400 HNIS (individuals with $1 million or more in net assets).