India no country for millionaires, reveals survey

New Delhi: A survey done by New World Wealth and Lio Global, published in July has revealed that 61,000 High Net World Individuals (HNWI) migrated out of India to various parts of the world in the fourteen years from 2000 - 2014. This survey considered a sample of nearly 60,000 global HNWIs in 2000 and 2014.

India was also ranked last on the list of top 10 countries for millionaires at the end of 2014.

According to the survey, their second annual global migration paper, HNWIs are defined as those with "net assets of $1 million or more, excluding their primary residences."

India's HNWI outflows in the last fourteen years were second only to China (91,000 outflows).

Most HNWI outflows from India moved to UK, US, Singapore, Australia and UAE ( mostly Dubai).

While UK topped the list of being the highest receipient of HNWI inflows from around the world, London emerged as the top choice of city for millionaires.

US was the second most attractive for HNWIs, and Singapore came in third, aided by its "proximity to fast growing HNWI markets, low tax and international nature of the city."