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India witnessed the second largest number of millionaire outflow globally after China, with 7,000 high net worth individuals changing their domicile during 2017, 16 percent more than 2016, according to a report.
Globally, as many as 10,000 super-rich Chinese changed their domicile in 2017. Other countries that witnessed large high net worth individual (HNWis) outflows include Turkey (6,000), United Kingdom (4,000), France (4,000) and Russian Federation (3,000).
As per the migration trends, Indian HNWIs moved to the US, the UAE, Canada, Australia and New Zealand, while Chinese HNWIs moved to the US, Canada and Australia.
"Also, once the standard of living in these countries improves, we expect several wealthy people to move back," it added.
On the other hand, Australia was the top country for HNWI inflows in 2017, with 10,000 ultra-rich people shifting base to this country, beating out its main rival – the US – for the third year running.
The US was the second most popular destination for migrating HNWIs in 2017 at 9,000, followed by Canada (5,000) and United Arab Emirates (5,000).
India is home to 3,30,400 HNWIs (individuals with USD 1 million or more in net assets). Globally, India was ranked ninth in this aspect. The country has 20,730 multi-millionaires, seventh largest in the world. And in terms of resident billionaires, India with 119 such individuals was named among the top three countries globally, after the US and China.
A billionaire is defined as an individual with net assets of USD 1 billion or more.
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