prasad1
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India has seen the second-biggest outflow of high net worth individuals in last 14 years, with as many as 61,000 millionaires shifting base to abroad due to reasons like tax, security and child education, says a report.
A joint report by New World Wealth and LIO Global said the change in domicile, along with a rise in second citizenship applications, has increased dramatically since the turn of the century.
Some 61,000 uber-rich Indians have changed domicile between 2000 to 2014 -- second only to China which saw an outflow of 91,000 ultra-rich persons in the same period, the report said.
"Indian HNWIs tend to move to the UAE, the UK, the US and Australia," the report said, adding that Chinese HNWIs mainly moved to the US, Hong Kong, Singapore and the UK.
HNWIs refer to individuals with net assets of USD 1 million or more excluding their primary residences.
http://timesofindia.indiatimes.com/...rseas-in-last-14-yrs/articleshow/48223158.cms
A joint report by New World Wealth and LIO Global said the change in domicile, along with a rise in second citizenship applications, has increased dramatically since the turn of the century.
Some 61,000 uber-rich Indians have changed domicile between 2000 to 2014 -- second only to China which saw an outflow of 91,000 ultra-rich persons in the same period, the report said.
"Indian HNWIs tend to move to the UAE, the UK, the US and Australia," the report said, adding that Chinese HNWIs mainly moved to the US, Hong Kong, Singapore and the UK.
HNWIs refer to individuals with net assets of USD 1 million or more excluding their primary residences.
http://timesofindia.indiatimes.com/...rseas-in-last-14-yrs/articleshow/48223158.cms
