According to a report by New World Wealth, some 4,000 uber-rich Indians shifted overseas in 2015, meaning India saw the fourth-biggest outflow of high net worth individuals globally in 2015.
The list is topped by France which saw the maximum outflow of millionaires with as many as 10,000 super rich leaving the country.
France was followed by China with 9,000 millionaires leaving the country. In terms of maximum outflow of millionaires the third position was held by Italy, for which the figure stood at 6,000.
As per an earlier report, from 2000 to 2014, 61,000 Indian millionaires have settled in other countries, which second only to China where 91,000 millionaires shifted base abroad.
The report says the mass exodus of rich people from developing countries to developed countries is happening because of better life style and more security.
“The outflows from India and China are not particularly concerning as these countries are still producing far more new millionaires than they are losing,” the report said and added that “once the standard of living in these countries improves, we expect several wealthy people to move back.”
Other countries that saw significant millionaire outflows include Greece (3,000), while Russian Federation, Spain and Brazil saw 2,000 such outflows each.
In terms of millionaire inflows, Australia topped the chart as it saw as many as 8,000 uber rich people shifting base there, followed by the US (7,000) and Canada (5,000) in the second and third place respectively.
Millionaires, otherwise known as “high net-worth individuals” or “HNWIs” refer to individuals with net assets of $1 million or more excluding their primary residences.
Why do millionaires leaving a country matter?