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When we talk about countries with the highest number of millionaires, only the western nations top the list. The vast opportunities and preferable conditions for businesses make the western nations see the growth in millionaires. Rich people migrating to the western nations is also a big reason behind this.
America, Australia, and the United Kingdom are the preferred locations for rich people to migrate to. India is seeing rich people leaving the country due to various reasons. A recent report found that not just India, but countries like superpower nation Russia and dragon country China are also losing rich people.
London-based investment migration consultancy firm Henley & Partners prepared a report tracking the migration of rich people from various countries and said that Russia, China, and India are the top three nations that are losing millionaires. The data say that Russia, China, and India lost 15,000, 10,000, and 8,000 rich people respectively.
Though India is losing the rich people in thousands, the report said that it is not a big concern as more rich people than migrants are growing in the country. On top of this, the migrants might come back if the situations in the country get better.
"There is also a trend of affluent individuals returning to India and once the standard of living in the country improves, we expect wealthy people to move back in increasing numbers," the report said.
The growth in businesses has slowed down in India since the emergence of the Covid pandemic and rich people are looking for better places where they can see good growth.
Russia has been seeing bad situations in the nation for business and growth since the war it waged against the European nation Ukraine. Many companies left Russia and economic sanctions were imposed on Russia.
The dragon country China often competes with the superpower nation United States in terms of GDP and growth. But things went upside down for China due to its issues with the United Kingdom and America. China pinned high hopes on Huawei 5G. Raising doubts about possible spying, the service was banned in many nations, giving a shock to China.