INDIA, a country with enormous private and hidden wealth is losing thousands of millionaires every year, a private data said. This causes a massive wealth drain in India.
About 4000 wealthy Indian citizens left India and settled in other countries in the year 2015 alone, a report said.
In 2014, it was counted that Mumbai has more billionaires than Tokyo; but going by the rate of wealth drain, very soon we will lose this pride.
Interestingly, this new report on exodus of the rich perfectly matches with our earlier report on the rich leaving India and choosing another country. Wall Street reported that 43,400 Indian millionaires have left India in the last 10 years; whereas New World Wealth said that in the last 14 years, 61,000 Indian millionaires have ditched their motherland in the last 14 years.
Why PM Modi’s Make in India and Digital India campaigns are failing to retain their best talent? Should the Government do something else to stop this wealth drain?
The report said Tel Aviv received maximum millionaires from France; USA received maximum inflow from Asia and China. Dubai is attracting the millionaires from North Africa, notably Egypt, Algeria, Morocco and Turkey
In London, 3000 new millionaires were formed, while 2500 left the city. Interestingly, those who left the city were UK citizens, while those who entered were Non-European citizens.
