Indian Millonaires on A Migrating Spree

By siliconindia | Thursday, 12 March 2015, 12:59 Hrs

BANGALORE: The number of Indians in the billionaire and millionaires club across the globe is increasing at a rapid pace and Indians settled abroad are nowhere behind when it comes to bagging the millionaire title.

As the world is oscillating to and fro with the economic instability from many years, there are few countries in which the number of rich is increasing day by day. In spite of the global economic uncertainties, there are millionaires who blow up their money without being pinched.

According to the latest Knight Frank’s Annual Wealth Report, India stood 2^nd in the list with more than 43,000 Indian millionaires who have left the country to settle elsewhere in the past 10 years. The list is topped by China, which has 76, 200 millionaires who have settled abroad, reports The Wall Street Journal.

As the total number of billionaires all around the world is 1, 844, it is revealed that India has seen almost 82 percent of increase as compared to that of ten years ago.

According to Liam Bailey, global head of research at Knight Frank, “High net-worth Indians are a big part of the prime market in places like London and that has been slightly undermined in the last two years by the tightening of capital controls (in India) making it much more difficult to export capital.”

In another survey done by Knight Frank Wealth on number of billionaires around the world in 2015, has ranked the countries according to the number of billionaires existing in a country. According to the survey, among the 68 billionaires residing in India, 30 are the residents of Mumbai.

Most of the investments done by the Indians are in watches, art and jewelry. Shishir Baijal, chairman and MD of Knight Frank, India said that it is expected that wealth in India is expected to accelerate as the number of UHNWIs will double over the next ten years. According to him this is good, as 2014 reflected a sharp devaluation of Rupee.

The report mentions that the European UHNWIs hold most of the wealth in the world with almost $6.4 trillion of treasure chest. In 2014, almost 15 people a day joined the ultra wealthy list with a net worth up to $30 million.