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World's millionaires flee homelands, but India and China beat the trend

Australia tops most "wish lists" for immigrants because of its perceived safety, no inheritance tax and strong business ties to China, Japan and South Korea.

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The world's millionaires are leaving their homelands for safer shores. (Bloomberg photo)

Alex Sazonov | Bloomberg
The world’s wealthy are increasingly on the move.

About 108,000 millionaires migrated across borders last year, a 14 per cent increase from the prior year, and more than double the level in 2013, according to Johannesburg-based New World Wealth. Australia, U.S. and Canada are the top destinations, according to the research firm, while China and Russia are the biggest losers. The U.K. saw around 3,000 millionaires depart last year with Brexit and taxation cited as possible reasons.

Wealth migration figures point to present conditions--such as crime, lack of business opportunities or religious tensions--but can also be a key future indicator,

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First Published: Apr 30 2019 | 4:41 PM IST

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