India’s wealthy were among the top people leaving their country and moving abroad in 2019. A study by AfrAsia Bank, that covered individuals only between a net worth of $1 million and $9.9 million, ranked other countries based on the outflux of high net worth individuals (HNI).
Here’s a list of top 10 countries.
1. China
16,000 HNWIs migrated from China in 2019. Considering the huge population of the country it lost only 2% of its HNWI population.
2. India
In 2019, 7,000 HNWIs moved out of India. This led to a loss of only 2% in our HNW population.
3. Russia
With 5,000 millionaires leaving the country in 2019, Russia lost 6% of its HNW population.
4. Hong Kong
4,200 HNWIs migrated from Hong Kong in 2019 leading to a loss of 3% to its HNW population.
5. Turkey
2,100 HNWIs left Turkey in 2019.
6. UK
2,000 HNWIs left the UK in 2019.
7. France
1,800 HNWIs left France in 2019.
8. Brazil
1,400 HNWIs left Brazil in 2019.
9. Saudi Arabia
1,200 HNWIs left Saudi Arabia in 2019.
10. Indonesia
1,000 HNWIs left Indonesia in 2019.
The report suggests that better work opportunities and concerns related to tax and finances were the major reasons why people chose to migrate from these countries. The top three countries that saw a major influx of millionaires include, Australia, US and Switzerland.