Millionaires fleeing India in larger numbers: Report

Millionaires fleeing India in larger numbers: Report. (Photo: IANS)

New Delhi (IANS) All the chest thumping over a big leap forward in the ease of doing business index and the tag of the world's fastest growing economy in the world may not be of much worth, as a new report suggests that Indians who have the means to quit the country are doing so and in increasing numbers.

India saw the third highest outflow of wealthy individuals last year. Nearly 5,000 millionaires, or high-net-worth individuals (HNWIs), left the country, which is 2 per cent of the total number of HNWIs in India, says the Global Wealth Migration Review (GWMR) 2019 by AfrAsia Bank and research firm New World Wealth. 

The net outflow of HNWIs that India saw in 2018, was even faster than the UK, which is in the middle of a political turmoil owing to Brexit. 

The UK for the last three decades was ranked among the countries with the highest number of inflow of wealthy individuals but the trend reversed sharply in the last two years, thanks to Brexit. 

China topped the list, as its economy is starting to show the impact of the trade battle with the US. Things might worsen for the worlds' second largest economy after the US slapped fresh tariffs on China last week. 
 

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