61,000 millionaires have left India

India has the second highest millionaire outflow in the world. A new report by global wealth sector information consulting services firm New World Wealth reveals that India has seen  its  high net worth individuals  leave the country in droves in the last 14 years, with as many as 61,000 millionaires shifting base over high taxes and security concerns as well as better education opportunities for their children.

India is second only to China which witnessed 91,000 millionaires move out in the same period. Earlier this year, another wealth report by Knight Frank revealed that one out every four millionaires is bidding goodbye to India.

"In the last 10 years, 27 percent, or 43,400 millionaires among the 160,600 high net worth individuals (HNWIs) in India, have left the country for better employment opportunities in the US, UK and Australia," noted the report, revealing a serious problem of 'wealth flight'.