New Delhi: New World Wealth and LIO global report says that more than 61,000 millionaires shifted abroad for reasons like tax, child education and security.
According to the joint report of New World Wealth and LIO global, India has observed as the second –biggest outflow of High Net worth Individuals (HNWI) during 2000-2014 years. As per sources as many as 61,000 millionaires have shifted to abroad due to various reasons including tax, security and child education.
Report says that, second citizenship applications have been raised dramatically along with the change in domicile. Over 61,000 uber-rich Indians shifted in last 14 years, China is in first position with large number of millionaire’s moves to aboard and India is second only to China. As per reports over 91,000 millionaires of China were also shifted to aboard in the same period due to same reasons.
According to the most of the millionaires of India has shifted to the UAE, US, UK and Australia and Chinese HNWI mainly shifted to the US, Hong Kong, Singapore and the UK. The UK has largest inflow of HNWIS with 1.25 lakh over last 14 years from aboard. Most of the millionaires who moved to the UK are from Europe, Russia, China and India.
As per reports the outflow of HNWI of France has 42,000, Italy has 23,000, Russia has 20,000, Indonesia has 12,000, South Africa has 8,000 and Egypt has 7,000. According to the report reasons for an outflow are security concerns, child education and tax.