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Most millionaires are moving out of India, China!

July 09, 2015 12:10 IST

Image: Indian HNWIs move to the UAE, the UK, the US and Australia. Photograph: Reuters

India has seen the second largest migration of high net worth individuals (HNIs) in the world.

Interestingly, large numbers of global HNWIs have sought out second citizenship, says a study by New World Wealth.

“The main reason people apply for a second residence or citizenship is to ensure freedom of global mobility and access, as well as security and wealth protection for their families,” said Nadia Read, head of world residence and citizenship platform LIO Global.

A good majority of investors are looking towards the European Union. Cyprus and Malta, in particular, are very popular as they offer direct citizenship without long waiting or residence periods, says the study.

The UK was the top beneficiary of HNWIs from abroad. Most of these HNWIs came from Europe, Russia, China and India.

Take a look at the top 10 countries that saw the largest population of migrating millionaires…

Image: China tops in HNIs migration. Photograph: Reuters

China
Rank: 1
Millionaire migration (2000-2014): 91,000
Total number of millionaires (2014): 6,08,500

Image: A surge in second citizenship applications since the turn of the century. Photograph: Rajesh karkera/Rediff.com

India
Rank: 2
Millionaire migration (2000-2014): 61,000
Total number of millionaires (2014):2,26,800

Image: Reasons for migration are turmoil in the home country, security concerns and better education for children. Photograph: Reuters

France
Rank: 3
Millionaire migration (2000-2014): 42,000
Total number of millionaires (2014): 3,23,400

Image: Millionaires or HNIs are individuals with net assets worth $1 million. Photograph: Reuters

Italy
Rank: 4
Millionaire migration (2000-2014): 23,000
Total number of millionaires (2014): 1,98,300

Image: Russia ranks 5th in millionaire migration. Photograph: Reuters

Russia
Rank: 5
Millionaire migration (2000-2014): 20,000
Total number of millionaires (2014): 1,17,600

Image: Singapore, a preferred destination for Indonesians. Photograph: Reuters

Indonesia
Rank: 6
Millionaire migration (2000-2014): 12,000
Total number of millionaires (2014): 48,500

Image: Australia, a preferred destination for South Africans. Photograph: Reuters

South Africa
Rank: 7
Millionaire migration (2000-2014): 8,000
Total number of millionaires (2014): 46,800

Image: Egypt ranks 8th in the list. Photograph: Reuters

Egypt
Rank: 8
Millionaire migration (2000-2014): 7,000
Total number of millionaires (2014): 20,200