Even though India continues to be an attractive investment destination for high net-worth individuals (HNIs), many of them have left the country to settle in other countries due to issues such as security, child education and taxation, according to a study.
In the past 14 years, over 61,000 millionaires in India shifted to other nations seeking better living standards, PC-Tablet reported citing a joint study conducted by New World Wealth and LIO Global.
India stood at second position in the list of countries that witnessed the exodus of HNIs to foreign lands during 2000 to 2014. China remained at the top with as many as 91,000 such individuals leaving the country to settle abroad.
For the HNIs leaving India, the US, UK, UAE and Australia were the preferred destinations.
The UK registered the highest number of HNIs from other countries like India to settle in the country, with the figure standing at 1.25 lakh in the past 14 years. The US and Singapore remained as the next attractive destinations for HNIs.
The US saw the highest number of high-value individuals relocating from China, while such persons from the UK, India and Indonesia also accounted for a significant part.
Singapore saw a large chunk of immigrants from China, India and Indonesia.
Instability, security issues, education and prospects for children are some of the reasons behind this massive migration.
France (42,000), Egypt (7,000), Italy (23,000), Russia (20,000), Indonesia (12,000) and South Africa (8,000) are the other nations that saw a heavy outflow of their high net-worth citizens.