Are you in a doubt whether India is a Rich country or Poor one? Come to a conclusion after reading this fascinating story based on the facts and figures about the millionaires of our Country.
India has the second highest millionaire outflow in the world. A new report by global wealth sector information consulting services firm New World Wealth reveals that India has seen its high net worth individuals leave the country in droves in the last 14 years, with as many as 61,000 millionaires shifting base over high taxes and security concerns as well as better education opportunities for their children.
The First country to have highest number of outflows is China with 91,000 millionaires moving out in the last 14 years. In another report by Knight Frank revealed that one out of every four millionaires are bidding farewell to India.
They also added that ,”In the last 10 years, 27 percent, or 43,400 millionaires among the 160,600 high net worth individuals (HNWIs) in India, have left the country for better employment opportunities in the US, UK and Australia,” which reveals the serious problem of “Wealth Flight”.
These Millionaires are mainly preferring for UK, USA, Australia, Singapore and UAE where you get all kinds of facilities and could live an happy life forever. In addition, they are also taking the Citizenship of those countries and leaving their residential status in our Country.
The reasons are many, in a Nutshell, they are aptly explained by Prateek Bakshi, a Banker in New York, “There are so many reasons for leaving India, but the most important one is a sense of security. Safety in life, wealth, food, air, education, and rights.”
The most despicable fact is that 100 Million Indians don’t have access to safe sources of water, let alone the poor people. Even the widespread increase of Urban and Posh culture in our Country such as Malls, Bars, High End Restaurants make a contrary statement for this, the fact that Millionaires are leaving cannot be blamed entirely on them. It’s our Government with its uncertain Tax policies has made them stubborn to leave our country.
An Investment Banker also told that this Exodus is only temporary and will be changing over time with the proper Tax structures which will be implemented in our Country.
Author: Rohith Seelamsetty
Blogger,Trekker and Entrepreneur!
Rohith is a passionate iconoclast who loves to get the information from air to paper.
Curator at Storygag and even expresses his opinions through it.