Over 61,000 HNWI Millionaires left India due to security and tax issues in last 14 years

A joint report by New World Wealth and LIO Global shows some disturbing trends that more than 61,000 millionaires have left India and shifted base abroad for various reasons like security, child education, and tax. India is seeing the second biggest exodus of high-value individuals in the past 14 years. Reports stated that change in domicile and application for second citizenship application has increased significantly since 2000.

61,000 wealthy Indians have relocated to foreign shores between 2000 and 2014. This figure is second only to China, which saw 91,000 persons leaving their motherland and settling in foreign lands.

While most Indians seek to go to UAE, UK, The US and Australia, high-value Chinese citizens preferred US, Hong Kong, Singapore and the UK.

The UK has seen the biggest inflow of high-value immigrants and the figure was 1.25 lakh in the past 14 years. Other countries which has seen significant outflow of high value citizens include France (42,000), Egypt (7,000), Italy (23,000), Russia (20,000), Indonesia (12,000), and South Africa (8,000).

Among the reasons for this outflow include instability in the home country, security factors, better education and prospects for kids. Most of these high-value citizens who relocate to The UK came from Europe, Russia, China, and India. It includes large numbers of people from the Middle-East and Africa.

UK is followed by US and Singapore which saw a large inflow of citizens from other countries. US saw an influx of high-value citizens from China while UK, India, and Indonesia also constitute a large chunk. Most of the migrations to Singapore were citizens from China, India, and Indonesia.

The survey was conducted comparing the nationality of 60,000 global high net worth individuals or HNWIs in 2000 with the data in 2014. High net worth individuals or HNWI are those people who have net assets worth US $1 million excluding their primary residences.

7 COMMENTS

  1. We need to study why they left the country? Obviously it is for better life and facilities other countries offer. We need to attract rich people to stay back and invest their money here and give employment to our young people. For that government has to do a lot of things. Since no government can provide jobs for every one, it is their duty to encourage rich people to start business here. Help them with better infrastructures, better labour laws, friendly and cooperative bureaucracy, honest politicians and corruption free environment. After 67 years of independence, we still think that the only way to help the poor is by subsidy and reservation. We need to think differently and see how all subsidies can stop and use money for development. Or else, the outflow will continue.

  2. Not only individuals with high net worth, even middle level salaried individuals prefer settling abroad. There is no incentive to stay back in India where everyday things are only becoming more and more dismal. Be it traffic, medical facilities, cost of living, pollution and not to forget rampant corruption at all levels. All clean India campaigns will fail here as it is the basic civic sense which is lacking and it wont come back in the next 2 decades! We love our dirt and filth. Plus – this ever growing population and stress on resources is only making things worse.
    We tend to make a fool out ourselves even when we are abroad. I have faced challenged in getting rental accommodation in Europe / US and Australia because I am in Indian. The owners say, “you would make our place filthy and cook food which would smear our walls with soot and grime!”.

  3. Honestly why is this such a “Disturbing Trend” ? If if people work hard and get money, why wouldn’t they want to indulge in a more convenient and progressive lifestyle?. Education/Facilities/Resources are all in fact better in more advanced and developed nations. I’m sorry but this whole, “I should be chained and indebted forever just for the fact I was born in this soil” Mindset this article is trying to propagate is pure ignorance.
    Like one of the posters commented it does come with it’s share of cons like Racism etc. that they have to deal with.

  4. It’s a rude irony of history that citizens of independent India are moving residence to UK. Do you remember Bhagat Singh expending the few moments of reflection the evening before his execution? Or a 17-year-old Khudiram Bose perhaps yearning to lay his head in his mother’s lap one last time? Or a Subhash Bose wreathing in pain on the floor of a desolate jail in a remote corner of Russia — all alone? For what? For this future of their motherland?

    I often say that we unnecessarily hold the British responsible for the wounds we received during the freedom struggle. The fight was actually Indians versus Indians. The British only added ghee to the fire. Without the services of the gaddaar Indians, the British could have done nothing in India. The Bengalies and the Punjabies sacrificed their lives, hundreds of families were ruined for the cause of freedom and independence. What did the rest of India do?

  5. Couple of decades back, it was Brain Drain and now it is Wealth Drain. Most of the Wealthy Western countries around the world have a very stringent tax laws and it would be interesting to know as to which country these Wealthy Indians have decided to migrate. It is also sad to note that they made money out of Indian soils but some other countries are getting the benefit of deriving economic dividends of this wealth. This flight of wealth needs to be arrested.

  6. A new report by global wealth sector information consulting services firm New World Wealth reveals that India has seen its high net worth individuals leave the country in droves in the last 14 years, with as many as 61,000 millionaires shifting base over high taxes and security concerns as well as better education opportunities for their children. India is second only to China which witnessed 91,000 millionaires move out in the same period.

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