We all know how right now, it’s the Asian century going on. But even though India and China are the fastest growing economies, reports have shown that some of the wealthiest people from the two countries, tend to leave their hometowns and settle abroad.
According to an article on Fortune.com, 91,000 Chinese millionaires set up homes overseas in the past 14 years, while Indian millionaires ranked second at 61,000, according to a report by consultancies New World Wealth and LIO Global. France, Italy, Russia, Indonesia, South Africa and Egypt round out the top eight.
The most popular
The study, released this month, looked at immigration data from 2000 and 2014 indicating applications for a second citizenship or change of domicile (permanent residence).
What’s their most preferred destination? UK; more particularly, London. This is followed by the US, Singapore, Australia and Hong Kong. While Indians prefer settling down in Australia and UAE, the Chinese prefer going to Singapore and Hong Kong.
Despite this migration, a sizable number of wealthy nationals live in their country. Those who do leave, cite reasons like turmoil in home country, education of children and security concerns.
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