Over 8000 millionaires said to leave India; China, Brazil & Hong Kong follow: Reports

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New Delhi: A research named ‘Millionaire Migration Trends for 2022’ which was conducted by Andrew Amoils, who is the Head of Research at New World Health, veracity outcomes were obtained which are appearing to be of great concern. One of the outcomes which is of grave concern for India and particularly, the Indian economy ascertains the fact that India is ready to loose over 8,000 High-Net-Worth-Individuals(HNWIs) in 2022. 

 

Wealth emigration is beginning to hurt China, with net outflows of 10,000 HNWIs expected in 2022. Amoils says, “General wealth growing in the country has been slowing over past few years. As such, recent outflows of HNWIs may be more damaging than in the past. China’s deteriorating relationships with Australia and the US are also a major long-term concern.” 

The report further says that Hong Kong and China are witnessing lesser outflows of millionaires from the data of respective nations as compared to the last year’s outflows.

In Hong Kong (SAR China) HNWI departures continue albeit at a slower pace, with projected net millionaire outflows of 3,000 in 2022 (a 29% drop compared to 2019). Brazil’s millionaire exodus is intensifying with net outflows of 2,500 HNWIs predicted – up 79% compared to 2019. India is expected to suffer a net loss of approximately 8,000 HNWIs in 2022, up 14% since 2019 when the net loss was 7,000. However, India produces far more new millionaires than it loses to migration each year.

Prof Trevor Williams, former Chief Economist at Llyods Bank Commercial suggests that emerging economies are being forecasted to witness a boom in their economies.

Commenting on wealth growth projections in the Henley Global Citizens Report, Prof. Trevor Williams, former Chief Economist at Llyods Bank Commercial, says emerging economies are forecast to boom in the next decade. “As the world economy grows, economies in Africa, Latin America, and elsewhere in the Global South are catching up with high-income economies. And as this report shows, they will see a more significant number of millionaires and billionaires in the next decade. For example, the number of HNWIs in Sri Lanka is forecast to increase by 90% by 2031, while India and Mauritius’s millionaire growth is forecast at 80%, and China’s at 50%, compared to 20% in the USA and 10% in France, Germany, Italy, and the UK.”

first published:June 15, 2022, 8:26 p.m.



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