US, UK and Australia favored destinations for Indians settling overseas.
By Dileep Thekkethil
BENGALURU: If India’s millionaires had stayed back home, the face of the nation would have changed, and many foreign countries might have suffered, says a report by New World Health, a global wealth sector information consulting services firm.
According to the report, tens of thousands of Indian millionaires – numbering close to 61,000, relocated to developed countries in search of better education opportunities for children and moreover, to avoid high taxes and security concerns.
The report has named India second only to China in the exodus of millionaires. China witnessed the highest number of millionaire migration of 91,000 in the same period. Another report by Knight Frank which surfaced earlier had reported that one out of every four millionaires in India is likely to move to a foreign nation.
The report says, “In the last 10 years, 27 percent, or 43,400 millionaires among the 160,600 high net worth individuals (HNWIs) in India, have left the country for better employment opportunities in the US, UK and Australia,” This means that a majority of migrations are focused on accumulating more wealth.
There has been a considerable increase in the number of Indian millionaires over the last few years, says the report. It says the number of rich in India increased by 27% in the last year, rising to 2,50,000 from 1, 96,000. According to the report, the top five destinations for Indians are UK, US, Australia, UAE and Singapore.
Even though better education and security are considered as the major reasons for the millionaires finding a haven in foreign countries, the biggest attractions for them are a high standard of living and tax savings.
The report has also found that US, UK and Australia remain favorite locations for people who seek better life and education for their children whereas, on the other hand, people who seek tax benefits move to UAE and Singapore.
According to the report, even though India has a number of malls, bars and five-star restaurants, the quality of life still remains a burning issue.
1 Comment
Why would anyone stay back?
one can buy a million dollar car yet there are no good roads to drive it.
One can have a million dollars in the bank yet there is no power or water