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Current Affairs

5,000 millionaires left India in 2018: Report

Date: 10 May 2019 Tags: Miscellaneous

According to Global Wealth Migration Review 2019, about 5,000 Indian high net worth individuals (HNWIs) or 2% of India's super rich migrated to other countries in 2018. It was released by Mauritius based AFRASIA Bank.

Report Highlights

  • Global migration of HNWIs trend picked up over the last few years. China, Russia and India rank are top three countries seeing exodus of HNWIs worldwide, followed by UK and France.
  • Australia attracted major chunk of super rich immigrant, beating United States to 2nd place. Over 12,000 HNIs moved to Australia since 2008, against 10,000 to USA and 4000 to Canada.
  • In the last 10 years, China has been best performing country in terms of wealth creation, growing by 130%, while India was ranked 4th with 96%.  Mauritius and Ethiopia were ranked number 2 and 3.
  • India related facts: is among world's top countries in wealth creation since 2008. But it is also losing HNWIs through migration.
  • As per projections, India will be 4th largest wealth market by 2028, after US, China and Japan and ahead of UK and Germany.
  • But interms of equitable distribution of wealth, 48% of India's wealth is concentrated in the hands of HNIs, against a global average of 36%.