India has seen the second largest migration of high net worth individuals (HNIs) in the world.
Interestingly, large numbers of global HNWIs have sought out second citizenship, says a study by New World Wealth.
“The main reason people apply for a second residence or citizenship is to ensure freedom of global mobility and access, as well as security and wealth protection for their families,” said Nadia Read, head of world residence and citizenship platform LIO Global.
A good majority of investors are looking towards the European Union. Cyprus and Malta, in particular, are very popular as they offer direct citizenship without long waiting or residence periods, says the study.
The UK was the top beneficiary of HNWIs from abroad. Most of these HNWIs came from Europe, Russia, China and India.
Take a look at the top 10 countries that saw the largest population of migrating millionaires…
China
Rank: 1
Millionaire migration (2000-2014): 91,000
Total number of millionaires (2014): 6,08,500
India
Rank: 2
Millionaire migration (2000-2014): 61,000
Total number of millionaires (2014):2,26,800
France
Rank: 3
Millionaire migration (2000-2014): 42,000
Total number of millionaires (2014): 3,23,400
Italy
Rank: 4
Millionaire migration (2000-2014): 23,000
Total number of millionaires (2014): 1,98,300
Russia
Rank: 5
Millionaire migration (2000-2014): 20,000
Total number of millionaires (2014): 1,17,600
Indonesia
Rank: 6
Millionaire migration (2000-2014): 12,000
Total number of millionaires (2014): 48,500
South Africa
Rank: 7
Millionaire migration (2000-2014): 8,000
Total number of millionaires (2014): 46,800
Egypt
Rank: 8
Millionaire migration (2000-2014): 7,000
Total number of millionaires (2014): 20,200
