7,000 super-rich Indians shifted base in 2017

Agencies
February 5, 2018

New Delhi, Feb 5: India witnessed the second largest outflow of millionaires with 7,000 high net worth individuals changing their domicile during 2017, according to a report.

In 2016, the figure stood at 6,000, while in 2015 as many as 4,000 millionaires shifted base, the report by New World Wealth stated.

China tops the global list with 10,000 super-rich Chinese changing their domicile in 2017.

Other countries that witnessed large high net worth individual (HNI) outflows include Turkey (6,000), United Kingdom (4,000), France (4,000) and Russian Federation (3,000).

As per the migration trends, Indian HNIs moved to the US, the UAE, Canada, Australia and New Zealand, while Chinese HNIs moved to the US, Canada and Australia.

The report, however, noted that the outflows of HNIs from India and China are not "concerning" as these countries are producing far more new HNIs than they are losing.

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

On the other hand, Australia was the top country for HNI inflows in 2017 with 10,000 ultra-rich people shifting base to this country, beating out its main rival the US for the third year running.

Over the past 10 years, total wealth held in Australia has risen by 83% compared to 20% growth in the US.

As a result, the average Australian is now significantly wealthier than the average US citizen, which was not the case 10 years ago.

The US was the second most popular destination for migrating HNIs in 2017 at 9,000, followed by Canada (5,000) and United Arab Emirates (5,000).

As per the report, India has been ranked sixth in the list of wealthiest countries with a total wealth of $ 8,230 billion.

India is home to 3,30,400 HNIs (individuals with $ 1 million or more in net assets). Globally, India was ranked 9th in this aspect.

The country has 20,730 multi-millionaires, 7th largest in the world. And in terms of resident billionaires, India with 119 such individuals was named among the top three countries, after the US and China.

Global wealth migration is accelerating and around 95,000 millionaires (HNIs) migrated in 2017, compared to 82,000 in 2016 and 64,000 in 2015.

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News Network
November 15,2024

amitshah.jpg

Union minister Amit Shah on Friday, November 15, said PM Narendra Modi will amend the Waqf Act despite opposition from leaders like Uddhav Thackeray and Sharad Pawar.

"Modi ji wants to change the Waqf Board law, but Uddhav ji, Sharad Pawar and Supriya Sule are opposing it," Shah said, addressing a rally at Umarkhed in Maharashtra's Yavatmal district.

"Uddhav ji, listen carefully, you all can protest as much as you want, but Modi ji will amend the Waqf Act," he said. Shah said there are two camps in the November 20 Maharashtra assembly polls, one of 'Pandavas' represented by the BJP-led Mahayuti and the other of 'Kauravas' represented by Maha Vikas Aghadi.

"Uddhav Thackeray claims that his Shiv Sena is the real one. Can the real Shiv Sena go against renaming Aurangabad to Sambhajinagar? Can the real Shiv Sena go against renaming Ahmednagar to Ahilyanagar? The real Shiv Sena stands with the BJP," Shah said.

"Rahul Baba used to say that his government would credit money in the accounts of the people instantly. You were unable to fulfil your promises in Himachal, Karnataka, and Telangana," he said.

Shah said the Mahayuti alliance has promised that women will get Rs 2,100 per month under the Ladki Bahin Yojana. "Kashmir is an integral part of India and no power in the world can snatch it away from us," Shah said.

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News Network
November 22,2024

Mangaluru: A man fell victim to an online scam, losing Rs 1.7 crore after fraudsters posed as officials from TRAI. According to a complaint filed at the CEN police station, the incident began on November 11, when the complainant received a call from an unknown number at 9:49 am.

The caller, claiming to represent TRAI, alleged that another mobile number registered under the complainant's name was involved in illegal activities in Andheri (East), Mumbai. The caller further stated that an FIR was lodged against the complainant for harassment under the guise of marketing. He was instructed to contact Andheri (East) police station immediately or risk his mobile service being deactivated within two hours.

The complainant was subsequently connected to an individual named Pradeep Sawant, who claimed the complainant was implicated in a money laundering scheme linked to the Naresh Goyal fraud case. Sawant alleged that a fraudulent bank account under the complainant's name was opened at Canara Bank, Andheri, and used to purchase a SIM card for illegal activities. He warned that the complainant could face arrest.

Later, the complainant was contacted via WhatsApp video call by individuals posing as Rahul Kumar (a police officer) and Akanksha (a CBI officer). They allegedly sent fabricated CBI documents to his WhatsApp number. The fraudsters demanded money to "resolve" the case. Fearing threats, the complainant allegedly transferred Rs 1.7 crore through RTGS in batches of Rs 53 lakh, Rs 74 lakh, and Rs 44 lakh between November 13 and 19. A case has been registered at the CEN police station and an investigation is ongoing.

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News Network
November 15,2024

amitshah.jpg

Union minister Amit Shah on Friday, November 15, said PM Narendra Modi will amend the Waqf Act despite opposition from leaders like Uddhav Thackeray and Sharad Pawar.

"Modi ji wants to change the Waqf Board law, but Uddhav ji, Sharad Pawar and Supriya Sule are opposing it," Shah said, addressing a rally at Umarkhed in Maharashtra's Yavatmal district.

"Uddhav ji, listen carefully, you all can protest as much as you want, but Modi ji will amend the Waqf Act," he said. Shah said there are two camps in the November 20 Maharashtra assembly polls, one of 'Pandavas' represented by the BJP-led Mahayuti and the other of 'Kauravas' represented by Maha Vikas Aghadi.

"Uddhav Thackeray claims that his Shiv Sena is the real one. Can the real Shiv Sena go against renaming Aurangabad to Sambhajinagar? Can the real Shiv Sena go against renaming Ahmednagar to Ahilyanagar? The real Shiv Sena stands with the BJP," Shah said.

"Rahul Baba used to say that his government would credit money in the accounts of the people instantly. You were unable to fulfil your promises in Himachal, Karnataka, and Telangana," he said.

Shah said the Mahayuti alliance has promised that women will get Rs 2,100 per month under the Ladki Bahin Yojana. "Kashmir is an integral part of India and no power in the world can snatch it away from us," Shah said.

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