High Net Worth Individuals (HNWIs): India

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This is a collection of articles archived for the excellence of their content.

2000-14

The Times of India, Jul 14 2015

Millionaire outflow, HNWI, 2000-14: India and the world; Graphic courtesy: The Times of India, Jul 14 2015

Sharon Fernandes

More than 61,000 HNWIs migrated over 14 years

India second biggest loser of rich citizens

India has the second highest millionaire outflow, or number of Indian HNWIs (high net worth individuals) moving out of the country, reveals a new report from New World Wealth, a global wealth sector information consulting services firm. According to the report, the number of rich people changing domicile has increased dramatically since the turn of the century.Over the last 14 years (2000-14), India saw 61,000 HNWIs leave the country. It was second only to China, which witnessed 91,000 millionaires move out.

The top five destinations for Indian millionaires were the UK, US, Australia, UAE and Singapore, in that order, says Andrew Amoils, head of research, New World Wealth. The major reasons for most global millionaires to immigrate include tur moil in their home country, security concerns and pursuit of better education prospects for their children.

For Indians, the biggest draws have been standard of living and tax saving. “The UK, Australia and the US appeal to people due to language, standard of living, schooling and security. The UAE and Singapore also have a low-tax structure,“ points out Amoils.

While these HNWIs have made homes elsewhere, it hasn't been verified if they are holding more than one passport. “We have not checked them individually.They may hold two-three passports. We looked at where they were living in 2000 and where they were in 2014,“ says Amoils.

For the world's millionaires who migrated in this time period, the top eight countries of choice were the UK, US, Singapore, Australia, Hong Kong, UAE, Canada and Turkey. The UK was the top beneficiary of HNWIs from abroad, most of who came from Europe, Russia, China and India.