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Millionaires leaving India in large numbers

Millionaires leaving India in large numbers

New Delhi: A new report suggests that Indians who have the means to quit the country are doing so and in increasing numbers. India saw the third highest outflow of wealthy individuals last year.

Nearly 5,000 millionaires, or high-net-worth individuals (HNWIs), left the country, which is 2% of the total number of HNWIs in India, says the Global Wealth Migration Review 2019 by AfrAsia Bank and research firm New World Wealth.

The net outflow of HNWIs that India saw in 2018, was even faster than the UK, which is in the middle of a turmoil owing to Brexit.

The UK for the last three decades was ranked among the countries with the highest number of inflow of wealthy individuals but the trend reversed in the last two years, thanks to Brexit. China topped the list, as its economy is starting to show the impact of the trade battle with the United States.

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