India ranked third on the list after Russia which lost 15,000 and China which lost 10,000 millionaires this year, a report by global migration consultancy Henley and Partners revealed
Russia, China and India are the top three countries to lose the highest number of millionaires in 2022 till now, according to a report. India ranked third on the list after it lost 8,000 millionaires in 2022, coming only after Russia at 15,000 and China at 10,000, a report by global migration consultancy Henley and Partners revealed.
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Hong Kong and Ukraine lost 3,000 and 2,800 millionaires, respectively. The UK too lost 1,500 millionaires in 2022, while UAE, Australia and Singapore lost 4,000, 3,500 and 2,800, respectively.
The report said the outflow from India was not particularly concerning as the country produces far more new millionaires than it loses to migration every year. The 8,000 who migrated represent only 2 percent of India’s high net-worth individuals or HNIs, which now stands at 357,000, Business Insider reported.
It said there is a trend of affluent Indians returning to the country and it expected wealthy people to move back in increasing numbers once the standard of living in the country improved, ANI reported quoting Henley and Partners.
By 2031, Henley and Partners said it expected India’s high-net-worth individual population to rise by 80 percent. This will make the country one of the world's fastest-growing wealth markets during this period.
Talking about China, the Henley and Partners report said the major setback for the country was the banning of Huawei 5G by several leading markets, including Australia, the UK, and the USA.
Although a rising trend in the past decade, the migration of millionaires dipped in 2020 on the back of the COVID-19 pandemic. There are no country-specific figures available for the years 2020 and 2021 as the outbreak made it difficult to track movement owing to lockdowns and travel restrictions.
This year, the US, Canada, Portugal, Singapore, UAE, Israel, Greece, Australia, New Zealand, and Switzerland witnessed the highest inflow of millionaires.
(Edited by : Sudarsanan Mani)