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India, China face exodus of millionaires: report

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Washington: India and China are facing an exodus of their wealthiest citizens with tens of thousands of “high-net-worth individuals” (HNWIs) having left to seek greener pastures, according to a new report. inidian-nri

As many as 61,000 Indian millionaires left the country and settled overseas in the last 14 years, second only to China which saw an exodus of 91,000, 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, according to the study cited by Time magazine.

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).

Britain — 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 US, Singapore, Australia and Hong Kong.

The report said 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, India still has the tenth largest number of millionaires at 226 800, while China stands fifth with 608,500. The US tops the list with 4,105,000 millionaires.

Those who leave generally cite reasons like “turmoil in home country, security concerns and optimizing education of children,” the report said.

Highlights:

Britain was the top beneficiary of HNWIs from abroad. Most of these HNWIs came from Europe, Russia, China and India.

Inflows into the US predominantly came from China. Notable numbers also came from Britain, India and Russia.

Singapore in second place benefited from a strong migration of HNWIs from China, India and Indonesia.

Australia was boosted by strong inflows from the Asia Pacific region (India, China, Indonesia), as well as Britain and South Africa.

The UAE (mainly Dubai) saw strong inflows from North Africa, India and Middle Eastern countries.

Indian HNWIs tended to move to the UAE, Britain, the US and Australia.

(IANS)

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President Ram Nath Kovind Pays His Condolences to Former UN Chief Kofi Annan

Annan was awarded the Nobel Peace Prize jointly with the UN in 2001 "for their work for a better organised and more peaceful world".

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India condoles former UN chief Kofi Annan's death.
India condoles former UN chief Kofi Annan's death. Flickr

India on Saturday condoled the death of former UN Secretary General and Nobel laureate Kofi Annan with President Ram Nath Kovind expressing his condolences to the former Ghanaian diplomat’s family and the UN community as a whole.

“Sorry to learn of the passing of former Secretary General of the United Nations Kofi Annan,” Kovind said on the Rashtrapati Bhavan Twitter handle.

“My condolences to his family and to the UN community,” he stated.

Annan, 80, died on Saturday in Switzerland after a short illness, with his wife and three children by his side.

“It is with immense sadness that the Annan family and the Kofi Annan Foundation announce that the former Secretary General of the UN and Nobel Peace Laureate, passed away peacefully on Saturday 18th August after a short illness,” his family said.

Kofi Annan
Annan was the first black African to take up the role of the world’s top diplomat, serving two terms from 1997 to 2006. Flickr

Annan was the first black African to take up the role of the world’s top diplomat, serving two terms from 1997 to 2006. He later served as the UN special envoy for Syria, leading efforts to find a peaceful solution to the conflict.

He also led a UN commission to investigate the Rohingya refugee crisis in Myanmar.

The Myanmar government led by Aung San Suu Kyi supported Annan’s recommendations on the crisis in the country’s Rakhine State.

Also Read: New AI Model to Identify the Risk of Heart Disease in Indians

Annan was awarded the Nobel Peace Prize jointly with the UN in 2001 “for their work for a better organised and more peaceful world”.

His tenure as the UN chief coincided with the Iraq war and the HIV/Aids pandemic. (IANS)

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