Bhumesh
Quit India movement by Indian millionaires
Bhumesh Verma 21 May 2019

Quit India movement by Indian millionaires

A new sort of Quit India movement seems to be in vogue.

League of Millionaires plays an important part in the economic development of any nation (developed, developing and underdeveloped) and to fortify the socio-economic standards of the nation by bridging the economic inequalities amid all sections of the society.

 India is no exemption to the aforesaid proposition – the league of Indian Millionaires is at the forefront in making it possible for India to be rated among the fastest growing economies in the world and favorable destination for global investors to explore.

 However, this is only one side of the coin – on the other side, India is witnessing an upsurge in the count of millionaires or high net worth individuals (HNWI) leaving the country and landing on foreign territories. This undoubtedly is a cause for concern as it could hurt the economic prospects of the nation.

As per the Global Wealth Migration Review (GWMR) 2019 (which is conducted by AfrAsia Bank and Research Firm New World Wealth) – India has emerged third on the list of nations with maximum number of outflow of millionaires.

China is on the pinnacle of the list as it registered the most number of millionaires migration – primary reason could be trade war with United States the Chinese economy is reeling under immense pressure.

Russia has grabbed the second spot as multiple embargoes have been impacting the Russian economy.

According to the available statistics, around 2 per cent of the total number of HNWIs in India are out of the nation. 

The rate at which HNWI migrating from India to other nations is way faster than the United Kingdom – It is interesting to note that United Kingdom has been facing the political turmoil on the ground of Brexit.

Prior to Brexit, United Kingdom was one of top sought countries for cash rich persons to migrate during the last three decades – Post Brexit, it had lost its sheen and witnessed outflow of wealth persons.

In the report, United States and Australia are the much loved nations for the Migrating Millionaires to settle down.

The rationale for migration of HNWI from India can be attributed to the upsurge in socio-economic inequalities amid the rich and poor sections of the society at an alarming rate – Nearly half (48%) of the total wealth in the nation is concentrated in the hands of HNWI whereas the average of this measure stood at 36% worldwide.

An encouraging prospect of GWMR is that in the next coming ten years the economy of India will augment at a handsome rate and will further outclass the United Kingdom and Germany in the terms of revenue generation.

Another noteworthy aspect of the GWMR is that India and China should not be too much concerned with the upsurge in migrating HNWI as both are generating more millionaires than the count of migrating HNWI.

It is estimated that the migrating HNWI from different nations could come back to their own country following the enhancement in the socio-economic conditions in their mother land.

All said and done, it’s high time the central government takes note of the HNWI migration to other nations and should take apt measures to reduce such migration. Retention and facilitation of such class within India may speed up the development process.
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