Journal : Global Times (Chinese) Date : Author : Rosi Page No. : NA

According to the “Global Wealth Migration Assessment Report” released by the wealth research company New World Wealth, nearly 5,000 millionaires left India in 2020 alone, accounting for 2% of the total number of wealthy individuals in India.

According to a British Broadcasting Corporation (BBC) report of the 13th, the British Heinz Consulting released a list of investment immigrants, and the number of rich people in it from India topped the list. Heinz Consulting said that the new corona epidemic is an important factor driving these rich Indians to seek immigration into the UK in order to achieve “asset globalization”, Heinz even opened an Indian branch during the epidemic to accommodate the soaring demand for investment immigrants from rich locals. The company’s head of immigration program, Wolek said that the new corona epidemic has made the wealthy think about immigration in a more holistic way, and that immigration will not only facilitate their access to global markets, but also provide them with better medical coverage and educational resources to counter the uncertainty brought about by the epidemic.

According to the Associated Press, there is a new wave of the epidemic in India. It is making a comeback as India experiences a shortage of the new corona vaccine. The latest data show that India has averaged more than 130,000 new confirmed cases per day in the past week, with a cumulative total of about 13.7 million confirmed cases and more than 171,000 cumulative deaths nationwide. In addition, India’s domestic hospitalization rate has surged, and experts warn that the epidemic may worsen.

In fact, in addition to the epidemic, there are a number of domestic factors that are contributing to the ongoing loss of wealthy Indians. A report released by Morgan Stanley Investment Bank in 2018 suggests that 23,000 Indian millionaires have left one after another between 2014 and 2018.

It is understood that due to the Indian government’s continuous increase in corporate taxes, many wealthy people have  no choice but to emigrate. The report shows that, compared with the past, the number of tax searches by Indian tax authorities more than doubled in recent years, with India’s major enterprises suffering from long-term “tax fear. The late founder of India’s largest coffee chain, Cafe Coffee Day, had also accused tax officials of harassing him when he was alive. Despite this, the Indian government continues to tighten its stranglehold on business owners.

But some wealthy Indians believe that the key to what is prompting them to emigrate is that India is deeply divided within the country and they do not want their children to grow up in an increasingly polarized environment. It is said that places like Portugal, Malta and Cyprus are popular destinations for rich Indians to emigrate, and usually as soon as one rich person decides to emigrate, it will surely drive others in their circle to follow suit.



Share now