Losing Millionaires – Ache Din? 4,000 Indian super rich left India in 2015

                          PTI, New Delhi, in Asian Age, Mar 31, 2016 

(Note: Modiji was catapult in the seat of PM’s post dressed in highly priced golden dress, heralding the arrival of ache Din. Immediate proof promised was the bringing back of millions of  Indian Rupees stashed in foreign banks to fill the empty accounts of the Aam Aadmi in India in hundred days. But the report below tells us that millions of rupees accumulated, rightly or wrongly, by Indian entrepreneurs developed wings and few out of India, “some 4,000 uber-rich Indians have changed their domicile in 2015,” which is more than an eloquent commentary on what has happened to “Ache Din”, gone or come? If gone, to which countries? The green pastures for the growth of Ache Din(Super Rich) seems to be Australia, US and Canada and in that order. Vijay Malliya is not the only Super Rich who flew out of India. He is just one of 4000 who flew out in the first year of Modiji’s glorious reign. If this trend continues, where will India be at the end of his five year term in office? What we see happening is not FDI (foreign direct investment in India) but Out Flow of Domestic Investment (OFDI) This is something for Indian voters to think seriously about. The only comfort we can take is that we are in the company of rich and well-to-do countries like Fraqnce which  lost 10,000 super rich in 2015 followed by China 9000, and Italy 6000, Greece James Kottor3000, Russia, Spain, Brazil 2000 each. Let us hope and pray that outflows will be followed by inflows – we are to believe in ebb and flow  …..   during the next government. (Dum Spiro, Spero.) Hope for the best (Ache Din) as long as you breath. james kottoor, editor)

India has seen the fourth- biggest outflow of high net worth individuals globally in 2015 with shifting of 4,000 millionaires overseas, says a report.

According to a report by New World Wealth, some 4,000 uber-rich Indians have changed their domicile in 2015, while France saw the maximum outflow of millionaires with as many as 10,000 super rich leaving the country. The report, however, noted that the migration of super rich from China and India is not a “concern”.

“The outflows from India and China are not particularly concerning as these countries are still producing far more new millionaires than they are losing,” the report said and added that “once the standard of living in these countries improves, we expect several wealthy people to move back”.

In terms of countries ranked by millionaires outflow, France was followed by China in the second place with 9,000 millionaires leaving the country while for Italy, at third position, the figure stood at 6,000.On France, the report said, the country is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas.

“We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate,” the report said.It further noted that other European countries where religious tensions are starting to emerge such as Belgium, Germany, Sweden and the United Kingdom will also be negatively affected in the near future.

Other countries that saw significant millionaire outflows include Greece (3,000), while Russian Federation, Spain and Brazil saw 2,000 such outflows each. In terms of millionaire inflows, Australia topped the chart as it saw as many as 8,000 uber rich people shifting base there, followed by the United States (7,000) and Canada (5,000) in the second and third place respectively.

Millionaires, otherwise known as ‘high net worth individuals’ or ‘HNWIs’ refer to individuals with net assets of $1 million or more excluding their primary residences.

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