It is no doubt that the past one and a half years have been extremely tough. With the ongoing economic, medical, and social crisis, many deemed it fit to shift their base entirely.
Having said that, many high net worth individuals (HNWI) with a net worth of 1 million USD (7.3 crore INR) to 9.9 million USD (73 crore INR) left the country in 2019. According to TOI, 7,000 Indian HNWIs have left the country and have set up residency in other countries. Considering our population, this is just 2% of the total number of HNWIs in the country.
According to a study published by AFRAsia, China tops the list of countries from which rich people are leaving and setting up camp elsewhere. Here’s a complete list of the countries:
A total of 17,000 HNWIs have moved out.
7,000 HNWIs have moved out of the country.
5,000 rich people have moved out which is 6% of its millionaire population.
4. Hong Kong
4,200 HNWIs have moved out. The country has lost 3% of its millionaire population.
2,100 millionaires have left the country. Turkey has lost 8% of its HNWI population.
6. United Kingdom
2,000 HNWIs have moved out.
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1,800 millionaires have set camp elsewhere. The country has lost 1% of its HNWI population
Causing a 1% loss to its millionaire population, 1,400 HNWIs have moved out of Brazil
9. Saudi Arabia
1,200 millionaires have left the country.
Causing a 2% decline in the HNWI population, 1,000 millionaires have left Indonesia.
The study further revealed that most of these millionaires relocated to Australia, followed by the US, Switzerland, Portugal and Greece due to better healthcare facilities, standard of living and education system.
They were able to do so with the help of an investor visa, work visa, family visa or a second passport via ancestry.
What do you think of this list? Tell us!