48 percent of India’s wealth is stored in the hands of high net worth individuals and India is witnessing a drain of millionaires. India is among the world’s top countries in wealth creation list according to 2008 data.
Unfortunately, this country is losing its high net worth individuals (HNI) through a rapid migration. In 2018 alone only, 5,000 millionaires from India left for foreign borders.
In the past few years, global migration of high net individuals has hit up drastically. China, Russia, and India rank as the top three countries seeing a flight of HNIs globally, followed by UK and France.
You will be surprised to know that the favorite destination for super-rich immigrants in Australia. The country has beaten the 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 risen as the best-performing country in terms of wealth creation among all others.
Mauritius and Ethiopia got at nos 2 and 3 respectively.
Where Countries like Italy and Venezuela actually viewed as a shrink, by 14 percent and 68 percent respectively.
As per predictions, India will be the 4th largest wealth market by 2028, after the US, China and Japan, and ahead of the UK and Germany.
But the country’s factsheet on equal distribution of wealth doesn’t paint a rosy picture. 48% of India’s wealth is stored in the hands of HNIs, against a global average of 36%.