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Millionaires fleeing India in larger numbers - Report


New Delhi, May 12 (IANS): All the chest thumping over a big leap forward in the ease of doing business index and the tag of the world's fastest growing economy in the world may not be of much worth, as a new report suggests that Indians who have the means to quit the country are doing so and in increasing numbers.

India saw the third highest outflow of wealthy individuals last year. Nearly 5,000 millionaires, or high-net-worth individuals (HNWIs), left the country, which is 2 per cent of the total number of HNWIs in India, says the Global Wealth Migration Review (GWMR) 2019 by AfrAsia Bank and research firm New World Wealth.

The net outflow of HNWIs that India saw in 2018, was even faster than the UK, which is in the middle of a political turmoil owing to Brexit.

The UK for the last three decades was ranked among the countries with the highest number of inflow of wealthy individuals but the trend reversed sharply in the last two years, thanks to Brexit.

China topped the list, as its economy is starting to show the impact of the trade battle with the US. Things might worsen for the worlds' second largest economy after the US slapped fresh tariffs on China last week.

Russia occupied the second spot, ahead of India, as the Russian economy grapples with the impact of multiple embargoes.

For the migrating millionaires, the US and Australia topped the list of the most soought after country destinations.

The report also pointed out another critical problem with the Indian economy of the degree of inequality growing at an alarming rate. The HNWIs hold nearly half the total wealth in the country.

While the worldwide average of this measure was 36 per cent, it was as high as 48 per cent in India.

Nevertheless, India's total wealth is set to grow at a handsome rate in the next 10 years. The GWMR notes that India will outperform the UK and Germany in terms of wealth generation to become the fourth largest wealth market in the world by 2028.

Among the cities which will drive this growth in the next 10 years are Delhi, Bangalore and Hyderabad. Delhi would do so on the back of its well-diversified economy and strength in a number of key sectors, Bangalore on its prowess in the fields of IT and R&D, and Hyderabad on the base of its being the "Pharmaceutical Capital of India" and its many special economic zones, the report said.

However, the report also went on to mention that the outflow of HNWIs from India and China "are not particularly concerning" as both the countries are still producing far more new HNWIs than they are losing.

"Also, once the standard of living in these countries improves, we expect several wealthy people to move back," the report noted.

 

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Comment on this article

  • JL, Mangaluru

    Mon, May 13 2019

    No worries..Chowkidar will bring 'em back.

    DisAgree Agree [3] Reply Report Abuse

  • Vincent Rodrigues, Katapadi/Bangaluru

    Mon, May 13 2019

    This seems to be a conspiracy by the government and doubt arise that these frauds are committed by the backing of the government since these people are left freely to flee away from the country.

    DisAgree Agree [5] Reply Report Abuse

  • Krishna Dasa, Udupi,.

    Mon, May 13 2019

    Uncle Sam from USA tells the Indian:, Get good education from Prestgious Indian University or accumulate wealth (black or white) and come to America with your talents, education & money. We will give you freedom, peace and progress in life. You will not be asked your cast, religion, diet,gender.

    DisAgree Agree [12] Reply Report Abuse

  • Chandu, Karla

    Sun, May 12 2019

    Result of ache din and sabke sath sabka vikas and of course Cow is above human lives. Great going....!!

    DisAgree [6] Agree [53] Reply Report Abuse

  • Anand, mumbai.

    Mon, May 13 2019

    80 percent of business people wanted to settle in Christian countries are Hindus. And in India Modi is doing cow politics and brainwashing Majority community.

    DisAgree [2] Agree [25] Reply Report Abuse

  • George, Mangalore

    Mon, May 13 2019

    Most Indians are also go to perceive education, job and medical treatments in western countries.
    Politicians even for simple sicknesses holidaying in US and European countries. And, we still body of our Yet to come Acche din

    DisAgree Agree [15] Reply Report Abuse

  • geoffrey, hat hill

    Sun, May 12 2019

    "Right now if western countries open up their Visa policies, 80% of the Indians will swim across the oceans and go away. That means you are holding them back by force - it's a prison. People should want to be here, but everybody wants to go away and we are holding them . This is not the way to run a nation" - Jaggi Vasudev.

    DisAgree [1] Agree [34] Reply Report Abuse

  • P Shetty, Udupi

    Sun, May 12 2019

    It is common practice. Most of the bussinessmen move their registered office to other countries which give tax benefits. However, they still operate their business in India as NRI.

    DisAgree [28] Agree [16] Reply Report Abuse

  • Vinod raj, Mangalore

    Sun, May 12 2019

    ರೇಪ್ ಮಾಡಿದರು ಶಿಕ್ಷೆ ಬೇಡ,ಬೀಫ್ ತಿಂದವರಿಗೆ ಗಲ್ಲು ಶಿಕ್ಷೆ ಕೊಡಬೇಕೆಂದು ಪ್ರತಿಪಾದಿಸುವ ಸರಕಾರ ನಡೆಸುವ ಈ ದೇಶದಲ್ಲಿ ಯಾರು ಇರುತ್ತಾರೆ?

    DisAgree [6] Agree [53] Reply Report Abuse

  • Sean Fernandez, Manipal, Udupi. (Riyadh)

    Sun, May 12 2019

    Firstly the countries like Canada, Australia, and European nations should stop issuing PRs. They can encourage people from other nations to come and work but not grant citizenship just like the Middle East countries. I have encountered many of my friends in India wherein they are hell bent in settling in a foreign country for the rest of their lives.

    DisAgree [10] Agree [26] Reply Report Abuse

  • Valerian DSouza, Udupi/Mumbai

    Sun, May 12 2019

    It's really surprising, after claiming that there is ease of doing business, so many Millionaires, specially from Gujarat are fleeing the country.
    So many contradictions 😀

    DisAgree [2] Agree [59] Reply Report Abuse

  • RkR, Mangalore/ Dubai

    Sun, May 12 2019

    Investors would like to invest but nobody would like to pay brokerage fee.
    Only experienced would be able to explain!!
    Money z what everybody wants at the end of the day.
    Employees vs Employer vs Bureaucrats

    DisAgree Agree [15] Reply Report Abuse

  • Rita, Germany

    Sun, May 12 2019

    who wants raids in their houses at midnight or early morning.?Everyone wants to sleep and enjoy their hard earned money smoothly without anybodys notice.Everyone wants to live ,not be killed from some butchers with sword like a cow.Even cows are living happily in Goshala.

    DisAgree [6] Agree [66] Reply Report Abuse

  • Cynthia, Kirem

    Sun, May 12 2019

    Good comment Rita... But I can't leave this place because I am not a millionaire..

    DisAgree Agree [41] Reply Report Abuse

  • DON, Udupi

    Sun, May 12 2019

    Effect of "Make in India" out of India.
    Let;s guess who are next after may 24th

    DisAgree Agree [41] Reply Report Abuse

  • Mr Clean, Mangalore

    Sun, May 12 2019

    After all Chai, Pakoda, Pickle, Gobar and cow urine are not promising business ideas. How GDP and future growth forecast is so sky high as per NITI AYOG without increase in job number which is directly proportional to economic growth unless otherwise it is Modinomics ????. If BJP wins elections again then India will be worse than Somalia economically, Pakistan socially, China Democratically. India will be a world model for total disaster and failure.

    DisAgree [1] Agree [49] Reply Report Abuse

  • nitin, kodagu

    Sun, May 12 2019

    are dey fleeing when sky is full of cloud so that radar cannot detect them.

    It was a cloudy and raining when Nirav Modi, Vijay Malya and Choksi escaped from India !!!

    DisAgree [1] Agree [56] Reply Report Abuse

  • AMAR NATHAL, MANGALORE

    Sun, May 12 2019

    These can not stand 56". They don't want the risk being served only chai-pakoda.

    DisAgree Agree [38] Reply Report Abuse

  • Prakash, Mangalore

    Sun, May 12 2019

    it appears people don't like Acche Din?

    DisAgree [2] Agree [41] Reply Report Abuse

  • D.Shetty, Mangalore

    Sun, May 12 2019

    good ..yanu ora balipuva...its all fear of black money hahaha...before ED gets over all want to escape...Jai Modiji...but they dont know now they escape unnoticed but have to return with big headlines...

    DisAgree [63] Agree [9] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Sun, May 12 2019

    D.Shetty, Mangalore
    These are fleeing with our money after converting them into precious Foreign Exchange ...

    DisAgree [6] Agree [64] Reply Report Abuse

  • Melwyn, Mangalore/Canada

    Sun, May 12 2019

    Modiji's Notorious rule as CM of Gujarat. A brief timeline of crime.

    Kesha's Patel is the CM of Gujarat but he is unable to push the RSS Agenda aggressively. The state ruled by BJP is slipping out of control. This is around 1999-2000.

    Modi is party general secretary posted in Delhi.

    He is sent by BJP Central leadership, under the advise of Advani to Gujarat as replacement CM. He is not even an elected MLA at that time.

    Modi becomes CM. As soon as that happens he starts to identify strong contenders to his post.

    Haren Pandya is one such contender.

    Modi needs to get elected to Gujarat Assembly and Ellisbridge Constituency held by Haren Pandya is a safe seat.

    Taking that seat serves two purposes, puts Haren Pandya out of circulation and allows Modi to become formal member of Assembly.

    Haren Pandya refuses to vacate.

    Modi goes to Rajkot and gets elected.

    Then Godhra happens.

    Elections are approaching in 2002. BJP is still on a weak wicket.

    Modi decides to cash in on the incident, allows VHP to bring charred bodies to Ahmadabad. Haren Pandya opposes this move and warns of widespread riots, but that is what BJP wants apparently.

    Bodies paraded in Ahmadabad. Riots break out on 27.02.2002. Modi holds an alleged meeting of Law and Order Machinery at his residence. Allegedly asks everyone to look the other way but is forced to ask for Army help. Army arrives at Ahmadabad Airport on 28.02.2002. Troop Commander meets Modi at his residence on 01.03.2002 at 2 a.m. Returns to airport.

    Riots intensify.

    Some upright policemen work hard to keep their areas calm. Many others fall in line to government diktat.

    Army kept waiting till 7 a.m. on 02.03.2002, they move out finally and riots subside.

    Citizens Tribunal visits Gujarat to investigate the riots.

    Meanwhile Haren Pandya comes to know about the meeting at Modi's residence.

    He deposes about this in front of Citizens Tribunal and says that if this information leaks then he might be killed.

    Elections are approaching, Modi does not want Haren Pandya to be given a ticket as that would mean a cabinet berth for him.

    Modi throws a temper tantrum, gets admitted for heart problem at a local hospital. Haren Pandya is denied a party ticket.

    Modi forms new government after elections.

    Haren Pandya is killed while on his morning walk. Shot inside a Maruti 800 with no bullets and no blood inside the car.

    Haren Pandya's father accuses Modi of murder. Police makes some arrests but that case collapses years later.

    A man who was running an extortion racket under the guidance of some police and politicians in Gujarat runs away.

    He is Sohrabuddin. There is fear that Sohrabuddin has gone rogue and needs to be taken 'care' of.

    Police (DG Vanzara, IGP) takes the help of his one time associate to flush out Sohrabuddin from Andhra Pradesh.

    Both Sohrabuddin and his wife (who refused to leave his side when he was taken into custody) are killed. Wife's body is destroyed in the native village of DG Vanzara (allegedly). Tulsiram Prajapati regrets exposing Sohrabuddin. He is sent back to Rajasthan where he is held in another case. He now fears for his own life. He speaks about his predicament with many of his jail mates and his family.

    Sohrbuddin death investigation is given to Vasant Lalji Bhai Solanki. He does a through investigation, finds witnesses and evidence showing that it was a fake encounter that killed Sohrabuddin. Rubbaudin (Sohrabuddin's brother) writes to SC which converts his letter into a case. Asks Gujarat Government to investigate. Geeta Johri supervises the investigation.

    Geeta Johri calls for / requests to visit Tulsiram Prajapati after filing affidavit that the encounter was fake. Many senior officers taken into custody. She is refused permission, Tulsiram Parajapati is brought to Gujarat under protest. He tells the judge that he will be encountered and that to send him in chains but judge ignores.

    Tulsiram Prajapti meets Geeta Johri. On the way back, Rajasthan Police says that he escaped at night after throwing chili powder in their eyes. He is found in the night itself, somehow he now has a gun. A gun fight takes place. Tulsiram Prajapati is killed.

    Gujarat Probe drags. Courts also drag matter.

    SC moves the case out of Gujarat and appoints CBI as the investigation agency. Special CBI Court created in Bombay. SC says one judge will listen to the case from start to finish. Judge Utpat starts hearing the case. Around 25 June 2014 he is ready to pronounce judgment. Government has changed at the center. Judge Utpat transferred over night.

    Judge Loya appointed to CBI Court. He too is under pressure, bribes are offered of 100 Crores by CJ Mohit Shah (alleged), he refuses to bow to pressure. He is taken by force to attend a wedding at Nagpur. He dies there apparently of a heart attack.

    Judge M.B. Gosavi appointed. He gives acquittal to #1 accused Amit Shah on 30.12 2014. MS Dhoni retires on the same day drowning all news of acquittal.

    Judge M.B. Gosavi moved out, Judge Sharma takes over, (all this while SC does nothing about its own order that one judge will hear the case).

    Meanwhile two other persons knowing about Judge Loya die in suspicious circumstances, one is Advocate Khandalkar and other is District Judge Nagpur Thombre, both in Nagpur. Third person, Advocate Satish Uke survives two attempts to murder.

    Case drags on.

    Many witnesses turn hostile.

    One witness, Azam Khan finally links all these events in an open court. CBI Judge does nothing.

    Azam Khan is back in jail in Udaipur, he is being tortured and may die.

    Just to cover up one death, so many people have been killed.

    The conspiracy goes right to the top.

    Meanwhile another parallel story is developing.

    Sanjiv Bhatt is one of the officers who claims that he was present in the meeting at CM residence where orders were given to look the other way.

    Sanjiv Bhatt makes this statement on oath when put on stand. He could not depose earlier as he was bound by service rules. He gives his statement in a sealed envelope to SIT constituted by SC to look into Gujarat Riots.

    His testimony leaks. He becomes the hunted. He is shifted from one posting to another.

    One such posting is Sabarmati Jail. Here he lands on some incriminating evidence linking police officers to Haren Pandya's murder. He approaches then MoS Amit Shah with the evidence, is shouted on and asked to destroy all evidence.

    Slowly the pieces are all falling into place. Cases are opened against Sanjiv after his SIT testimony.

    He is kept without work and made to run from one court to another and while on such work, he is sacked for remaining absent from work.

    Sanjiv Bhatt requests for security but is denied, finally one security officer is provided and that too is withdrawn.

    His house is attacked for some minor alteration done immediately after the Bhuj earthquake. His house is partially demolished.

    He is finally arrested by Gujarat Police in a 22 year old case on 05.09.2018. He remains in judicial custody as this is being written with Gujarat Government hiring some of the top lawyers (that charge 11,00,000 per appearance) to appear for them to oppose bail.

    He too is in this loop because of his information about the Haren Pandya murder and also for what happened during 2002.

    There are many other parallel stories, like that of RB Sreekumar who did not bend and who is now retired, denied pension and retirement benefits.

    All the police officers who did not bend during 2002 were denied promotions, shunted around and many have left the force.

    All those who followed orders have been rewarded handsomely. The message sent by the establishment is that if you oppose us, we will hound you, destroy you and even kill you and if you follow orders there is a lot to gain.

    DisAgree [5] Agree [58] Reply Report Abuse

  • Dev, Mangalore

    Sun, May 12 2019

    Full story or history of Gujarath Model of Vikas you have put here, I wonder how many educated people see this instead of propaganda of the ruling party which is FAKE just like the leader.

    DisAgree [2] Agree [34] Reply Report Abuse

  • Mr Clean, Mangalore

    Sun, May 12 2019

    Really appreciate your detailed knowledge on this issue even being a NRI. So, the opposition parties might be having even deeper and wider knowledge about this criminal conspiracy to nail Modibaba and 40 chors with clear cut, waterproof, clinching evidences. Modi has definitely made lot of enemies in this journey to aid the opposition.

    DisAgree [1] Agree [29] Reply Report Abuse

  • Kumar, Mangalore

    Sun, May 12 2019

    I guess next 5-10 years going to be really tough, from Economy perspective..

    DisAgree [6] Agree [46] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Sun, May 12 2019

    Kumar, Mangalore
    Hopefully we should get a New, Smart & Educated Prime Minister soon ...

    DisAgree [3] Agree [54] Reply Report Abuse

  • Bharath KS, MANGALURU

    Sun, May 12 2019

    Best economist looted India in the name of 2G.. Adarsh.. Commonwealth.. Coal.. Etc.. Etc..

    Modi is the best... Will be the best PM...

    DisAgree [59] Agree [5] Reply Report Abuse

  • Mr Clean, Mangalore

    Sun, May 12 2019

    No case has been filed for any economic disaster before 2014 and even if so court has rejected it for lack of evidence. If Modi is best PM then why businessmen are closing thier businesses and running and few remaining are making the situation worse by bringing down the economy faster??????... It started from firing RBI governor. After that businessmen saw no future for thier businesses. For what he has to be the next PM if there is no prospects in any field but only misery and hopelessness!!!!?????.....

    DisAgree [1] Agree [31] Report Abuse

  • RkR, Mangalore/ Dubai

    Sun, May 12 2019

    Yes. We will feel the heat!!

    DisAgree Agree [10] Reply Report Abuse

  • prem, moodbidri

    Sun, May 12 2019

    Cloud ke beech mein aakar attack karengey toh, kaun yahan rukhega bhai...?

    DisAgree [1] Agree [41] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Sun, May 12 2019

    Only One Person has to Blamed ...

    DisAgree [10] Agree [84] Reply Report Abuse

  • Pravin, Udupi

    Sun, May 12 2019

    Yes. Rahul Gandhi. After he started spoiling names of imàndar tax payers like Anil Ambani.

    DisAgree [36] Agree [5] Reply Report Abuse

  • Mr Clean, Mangalore

    Sun, May 12 2019

    Which businessman pays tax after declaring bankruptcy in his business?????... If there is no business and no income then where is question about paying taxes by Imandar Tax Payer???....So, whose name has been spoilt by whom ????......Limit to faking by Blind Bhakths!!!!!!??????..?

    DisAgree [2] Agree [30] Reply Report Abuse

  • Narsh, Malpe

    Sun, May 12 2019

    You mean to say that for last 30 years what he pays as GST, Excise, Sales Tax, TDS, Service Tax, Custom duty are not tax. There us always a risk of failure in business.

    DisAgree [9] Agree [2] Report Abuse

  • Mr Clean, Mangalore

    Mon, May 13 2019

    I mean after 2014. For 30 years his business was booming under business friendly congress rule and he paid taxes.

    DisAgree Agree [5] Report Abuse

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