According to a report, India has witnessed the second-biggest outflow of high net worth individuals in last 14 years. Around 61,000 millionaires have shifted abroad due to reasons like tax, security and child education.
A joint report by New World Wealth and LIO Global said the since the turn of the century, change in domicile and a rise in second citizenship applications has increased radically.
In total, the UK has seen the biggest inflow of HNWIs from abroad and the figure stood at 1.25 lakh over the past 14 years. Other countries that witnessed significant HNWI outflows include France (42,000), Italy (23,000), Russia (20,000), Indonesia (12,000), South Africa (8,000) and Egypt (7,000).
As per the report, the factors for the outflow include tumult in home country, security concerns and optimizing education of children.
In terms of inflows of HNWIs, first came UK followed by US and Singapore. Inflows into the US mainly came from China while the UK, India and Russia also made a significant contribution. Most inflows to Singapore were from China, India and Indonesia.
This survey was piloted comparing the domicile of a sample of around 60,000 global HNWIs in 2000 with the same in 2014.