By Rishi Iyengar @OfficeofRI
We may be in the midst of “the Asian century,” but a new report shows that many of the wealthiest citizens of the continent’s two fastest-growing economies — China and India — have chosen to leave their countries and settle down abroad.
A total of 91,000 Chinese millionaires left the country and settled overseas in the past 14 years, while the exodus of 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 study, released this month, looked at immigration data from 2000 and 2014 indicating applications for a second citizenship or change of domicile (permanent residence).
The U.K.—its capital city London, in particular—appears to be the most popular destination for the world’s rich to settle down in, followed by the U.S., Singapore, Australia and Hong Kong. The report says Indians tend to move to countries like Australia and the United Arab Emirates, while Singapore and Hong Kong are popular destinations for China’s wealthy.
Despite the large-scale departure of millionaires, both China and India still have plenty of wealthy citizens who chose to stay back — reflected by their respective positions at fifth and 10th on the list of countries with the most millionaires overall. They also remain the world’s most populous nations, sharing a third of the global population.
Those who leave generally cite reasons like “turmoil in home country, security concerns and optimizing education of children,” the report said.