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4,000 Indian millionaires shifted base overseas during 2015, claims report

In one of the biggest outflows of high net worth individuals leaving their country globally, a total of 4,000 millionaires shifted base from India in the year 2015, a report has revealed.

India TV Business Desk [ Published on: March 30, 2016 19:40 IST ]
Millionaires exit India
Millionaires exit India

New Delhi: In one of the biggest outflows of high net worth individuals leaving their country globally, a total of 4,000 millionaires shifted base from India in the year 2015, a report has revealed.

The number places India as the country with the fourth-biggest outflow of super-rich globally in 2015, the report by New World Wealth has found.

While India stands fourth on the list, France saw the maximum outflow of millionaires with as many as 10,000 millionaires leaving the country.

The report however noted that the migration of super rich from China and India is not a "concern".

"The outflows from India and China are not particularly concerning as these countries are still producing far more new millionaires than they are losing," the report said and added that "once the standard of living in these countries improves, we expect several wealthy people to move back."

In terms of countries ranked by millionaires outflow, France was followed by China in the second place with 9,000 millionaires leaving the country while for Italy, at third position, the figure stood at 6,000.

On France, the report said, the country is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas.

"We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate," the report said.

It further noted that other European countries where religious tensions are starting to emerge such as Belgium, Germany, Sweden and the UK will also be negatively affected in the near future.

Other countries that saw significant millionaire outflows include Greece (3,000), while Russian Federation, Spain and Brazil saw 2,000 such outflows each.

In terms of millionaire inflows, Australia topped the chart as it saw as many as 8,000 uber rich people shifting base there, followed by the US (7,000) and Canada (5,000) in the second and third place respectively.

Millionaires, otherwise known as "high net-worth individuals" or "HNWIs" refer to individuals with net assets of $1 million or more excluding their primary residences.

(With PTI inputs)

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