Nearly 4,000 Indian millionaires with combined net assets worth minimum of $4 billion left the country in 2015 for greener pastures said the New World Wealth Report (NWWR). Millionaires, also called High Net Worth Individuals (HNWIs), are defined as citizens with net assets of $1 million or more, excluding their present dwellings.
India is ranked fourth among all countries that witnessed the highest number of millionaires leaving their country. France stood first among the pack with nearly 10,000 of its millionaire citizens packing bags.
The act of leaving the country is ascertained with a change in the domicile of these uber-rich individuals to a country different from their own. Despite 4,000 Indian millionaires acquiring a new domicile on foreign shores, the matter isn't much of a "concern," noted the report. The 'outflow' is negligible as the country is churning out far more new millionaires every year than it is losing, said the report.
Similarly China, which ranks second from losing 9,000 millionaires every year, too need not be concerned given the number of new millionaires it is producing. "Once the standard of living in these countries improves, we expect several wealthy people to move back," the report said about the two Asian countries. Full story...
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India is ranked fourth among all countries that witnessed the highest number of millionaires leaving their country. France stood first among the pack with nearly 10,000 of its millionaire citizens packing bags.
The act of leaving the country is ascertained with a change in the domicile of these uber-rich individuals to a country different from their own. Despite 4,000 Indian millionaires acquiring a new domicile on foreign shores, the matter isn't much of a "concern," noted the report. The 'outflow' is negligible as the country is churning out far more new millionaires every year than it is losing, said the report.
Similarly China, which ranks second from losing 9,000 millionaires every year, too need not be concerned given the number of new millionaires it is producing. "Once the standard of living in these countries improves, we expect several wealthy people to move back," the report said about the two Asian countries. Full story...
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