NEW DELHI: As many as 61,000 millionaires shifted from India to abroad due to reasons like tax, security and child education in the last 14 years.
This is the second-biggest outflow of High Net Worth Individuals (HNWI) in last 14 years globally, according to a joint report by New World Wealth and LIO Global.
It added that the change in domicile, along with an increase rise in second citizenship applications, increased dramatically since the turn of the century.
HNWIs shifting home between 2000 and 2014, comes second only to China, which saw an outflow of 91,000 ultra-rich persons in the same period.
HNWIs refer to individuals with net assets of $1 million or more excluding their primary residences.
“Indian HNWIs tend to move to the United Arab Emirates, the UK, the US and Australia,” the report said, adding that Chinese high net worth individuals mainly moved to the US, Hong Kong, Singapore and the UK.
Overall, the UK has seen the biggest inflow of HNWIs from abroad and the figure stood at 1.25 lakh over the past 14 years. Other countries that saw significant HNWI outflows include France (42,000), Italy (23,000), Russia (20,000), Indonesia (12,000), South Africa (8,000) and Egypt (7,000).
Meanwhile, in terms of inflows of HNWIs, the UK was followed by the US and Singapore. Inflows into the US predominantly came from China, while the UK, India and Russia made up for a sizeable chunk. Most migration to Singapore came from China, India and Indonesia.
The survey was conducted comparing the domicile of a sample of about 60,000 global HNWIs in 2000 with the same in 2014.
According to the report, factors causing the outflow include turmoil in home country, security concerns and optimising education of children. Most of the HNWIs, who moved into the UK came from Europe, Russia, China and India.
There were also substantial numbers that came from West Asia and Africa, the report pointed out.