India, where 48 per cent of the country’s wealth is accumulated in the hands of high net worth individuals, is witnessing a drain of millionaires. The country is among the world’s top countries in wealth creation, according to a 2008 data.
Interestingly, India is losing its high net worth individuals (HNI) through migration. In 2018 alone, 5,000 millionaires from India left for foreign shores.
Over the past few years, global migration of high net individuals has picked up drastically. China, Russia and India rank as the top three countries seeing exodus of HNIs globally, followed by UK and France.
The favourite destination for super rich immigrants is Australia. The country has beaten US to make it to the top preference. More than 12,000 HNIs moved to Australia since 2008, against 10,000 to USA and 4000 to Canada.
In the last 10 years, China has emerged to be the best performing country in terms of wealth creation, growing by 130 per cent. India ranked fourth with 96 per cent.
Mauritius and Ethiopia sneaked in at nos 2 and 3.
Countries like Italy and Venezuela actually saw a shrink, by 14 per cent and 68 per cent respectively.
As per projections, India will be the 4th largest wealth market by 2028, after US, China and Japan, and ahead of UK and Germany.
But the country’s factsheet on equitable distribution of wealth doesn’t paint a rosy picture. 48% of India’s wealth are concentrated in the hands of HNIs, against a global average of 36%.