BANGALORE: It is observed that a growing number of Wealthy Indians are relocating to foreign lands namely UK, the U.S. and Australia.
A report draws highlights the migration between 2003 and 2013, where over 43,000 Indian high-net-worth individuals(HNWIs) have made the big move overseas. With an overall 27 percent, it follows second behind China of which 76,200 millionaires have either move abroad or obtained alternative citizenship, reports The Financial Express.
According to the Data from Knight Frank’s Wealth Report 2015, wealthy Chinese immigrants prefer to settle in Europe, Australia and Singapore while U.S isn’t favored as much as the others.UK tops the recipient list of wealthy migrants from across the globe; this has given a lift to the price of premium real estate to a high record.
The second highest on the list of HNWIs immigrant is Singapore with 45,000 with 20 percent of the country’s HNWIs have emigrated from other countries.
On an interesting note, numerous HNWIs who had been dwelling in Switzerland for tax purposes have shifted to Singapore, UK and the UAE.
Over the last decade, the overall inhabitants of ultra-HNWI in India, which holds a net worth of $30 million, have been amplified by 166 percent.