Wealthy Indians are increasingly moving out of the country to greener pastures in the UK, the US and Australia. Between 2003 and 2013, more than 43,000 or 27% of Indian high-networth individuals (HNWIs) have migrated overseas, that is second after China from where 76,200 millionaires emigrated or acquired alternative citizenship.
Data from Knight Frank’s The Wealth Report 2015 show that wealthy Chinese prefer to migrate to Europe, Australia and Singapore and not so much to the US. In the last decade, the UK has been the the top recipient of wealthy migrants from all parts of the globe, which has pushed the price of premium real estate to a record high. The second recipient of mobile HNWIs is Singapore with 45,000 people or 20% of the country’s HNWIs having come from other countries.
Interestingly, a number of HNWIs who had been domiciled in Switzerland for tax purposes have relocated to Singapore, the UK and the UAE.
The population of ultra-HNWI in India—or people with a networth of $30 million—has increased by 166% over the last 10 years.