Nearly 5000 millionaires will leave India in 2020 alone, accounting for 2% of the total number of millionaires in India, according to the global wealth Migration assessment report released by wealth research firm new world (8.610, 0.42, 5.13%).
India has the highest number of wealthy people on a list of investment migrants released by Heinz consulting, the BBC reported Wednesday. Heinz consulting said that COVID-19 is an important factor in promoting India’s rich people seeking emigration to achieve “asset globalization”. Heinz even opened India branch during the epidemic to meet the needs of local rich investors. Vleck, head of the company’s immigration project, said that COVID-19 allowed the rich to think more about immigration issues in a more comprehensive way. Immigrants can not only facilitate their access to the global market, but also provide them with better medical and educational resources to resist the uncertainty posed by the epidemic.
According to the associated press, a new epidemic is coming back due to a shortage of new vaccines in India. According to the latest data, India’s daily average number of new confirmed cases in the past week is more than 130000, and the country’s total number of confirmed cases is about 13.7 million, and the total number of deaths is more than 171000. In addition, the hospitalization rate in India has soared, and experts warn that the epidemic may worsen.
In fact, in addition to the epidemic factors, there are also some domestic factors that cause the loss of Indian millionaires. According to the report released by Morgan Stanley Investment Bank in 2018, 23000 Indian millionaires have left between 2014 and 2018.
It is understood that as the Indian government continues to raise corporate taxes, many rich people have to choose to immigrate. According to the report, compared with the past, the number of tax searches conducted by Indian tax authorities in recent years has more than doubled, and major Indian enterprises have suffered from “tax fear” for a long time. The founder of cafe coffee day, India’s largest coffee chain, also accused tax officials of harassing him. Still, the Indian government is tightening its grip on business owners.
However, some rich Indians believe that the key to their immigration lies in the serious division in India. They do not want their children to grow up in an increasingly divided environment. It is reported that Portugal, Malta and Cyprus are popular destinations for Indian rich immigrants. Usually, as long as a rich man decides to immigrate, he will lead others in the circle to follow suit.
Reprint indicated source：Spark Global Limited information