Indian Millionaires Are Investing in Second Citizenship and Moving Abroad
LONDON, April 16, 2021 /PRNewswire/ -- The affluent class in India is moving abroad through large investments in exchange for citizenship or residency in another country, according to CS Global Partners, a London-headquartered citizenship advisory firm. In 2018, a report from Morgan Stanley Bank on Wall Street indicated that 23,000 Indian millionaires had left the country since 2014. More recently, a report by the Global Wealth Migration Review found that nearly 5,000 millionaires, or two percent of all high-net-worth individuals in India, moved abroad in 2020 alone.
Currently, India is home to 6,884 ultra-high-net-worth individuals and 113 billionaires. During the pandemic, forty Indians entered the billionaires' club to take the number of those in the coveted list to 177 people.