About 82,000 millionaires shifted overseas in 2016: Report

February 21, 2017

New Delhi, Feb 21: Global wealth migration is accelerating as around 82,000 ultra rich people shifted overseas in 2016, compared to 64,000 in 2015 and Australia is the top country for millionaire inflows, says a report.

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Millionaires or High Net Worth Individuals (HNWIs) refer to individuals with net assets of USD 1 million or more.

According to New World Wealth's latest report on global wealth and wealth migration trends in 2016, for the second straight year Australia remained the top country worldwide for millionaire inflows, beating out traditional destinations such as the US and the UK.

An estimated 11,000 millionaires moved to Australia in 2016 compared to 10,000 that moved to the US and 3,000 that moved to the UK.

The reasons behind HNWIs preferring Australia to USA and the UK is that Australia has one of the best healthcare systems in the world and its location makes it a good base for doing business in emerging Asian countries such as China, Hong Kong, Korea, Singapore, Vietnam and India.

Moreover, Australia is relatively immune to the turmoil in the Middle East and the related refugee crisis in Europe and it has lower inheritance taxes than the US and much lower inheritance taxes than the UK.

Other countries that experienced large inflows of HNWIs in 2016 include Canada, UAE, New Zealand and Israel.

On the other hand, countries that lost large numbers of HNWIs in 2016 included France, Turkey and Brazil.

Large outflow of millionaires from France (over 12,000 millionaires is 2016) is notable. France is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas, the report said.

"We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate," it added.

The report further noted that other European countries where religious tensions are starting to emerge such as Belgium, Germany, Austria, the UK, Holland and Sweden will also be negatively affected in the near future.

"Going forward, we expect HNWI migration into the UK to continue, despite the Brexit. In particular we expect large HNWI inflows from France, China, India, the Middle East and Africa into the UK. However, on the flip side, we do expect some UK HNWIs to move to Australia, New Zealand, Canada and the US over the next 10 years," the report said.

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News Network
May 8,2024

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Mangaluru, May 8: The health officials in Dakshina Kannada are concerned over the increase in dengue cases in the rural areas of the district. They've seen 108 cases since January, compared to 45 last year. 

Dr. Naveen Chandra Kulal, who works on controlling diseases spread by insects, says humidity makes mosquitoes breed more.

People storing water in pots and drums during summer also make more mosquitoes, he added. 

In Lingappayyakadu village near Mulky, a survey found people store lots of water because they don't have regular drinking water. Dr. Kulal says this water becomes a place for mosquitoes to breed if containers aren't closed properly.

Dengue cases are also rising in Bengaluru, Mysuru, and other districts, he said. Even though there haven't been big groups of dengue cases in Dakshina Kannada yet, the health department is trying hard to stop it from spreading. They're doing things like teaching people how to prevent dengue and getting rid of places where mosquitoes can breed.

So far this year, Dakshina Kannada district has only had 16 cases of malaria. Dr. Kulal says many of these cases were among workers who came from other states to work on building sites.

Dr. Thimmaiah HR, who works for the health department, says if people have a fever, they should go to the nearest clinic or hospital. He also says they should get tested if they have symptoms of dengue or malaria and be careful about the hot weather.

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News Network
May 6,2024

Mangaluru, May 6: A five-year-old girl from Arendur village of Siddapura taluk of Uttara Kannada district died of Kyasanur Forest Disease (monkey fever) recently.

As her health deteriorated, she was admitted to the KMC Hospital in Mangaluru, where she failed to respond to the treatment and died on Friday night.

It is learned that the KFD is slowly spreading to the newer areas of coastal and malnad areas of Karnataka

According to officials, KFD spreads due to bites of ticks that generally survive on monkeys. This tick bites humans which causes the infection. Humans also contract the disease by coming in contact with cattle bitten by ticks.

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News Network
May 11,2024

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Madikeri, May 11: Kodagu police have apprehended the man allegedly responsible for the brutal murder of a minor girl within the confines of Kumbaragadige village in Karnataka's Somwarpet taluk. 

Kodagu Superintendent of Police, K Ramarajan, disclosed that the arrested individual is Prakash (32) from Hammiyala village in Somwarpet taluk. However, authorities are still in the process of recovering the severed head of the victim. The perpetrator had absconded with the victim's severed head after committing the crime. 

Search operations for the suspect commenced late on Thursday night (May 9), with officials diligently pursuing leads. Acting on information suggesting the suspect's presence in a forested area near the village, the police swiftly moved in and apprehended him.

The victim US Meena, 15, a student of Surlabbi High School, had passed the SSLC examinations, the results of which were announced on May. One same day, she was murdered. 

Reportedly, the engagement of the minor girl with the suspect was thwarted by officials from the Women and Child Development department. Subsequently, officials persuaded the girl's parents against proceeding with the marriage. 

However, despite these interventions, the suspect forcibly entered her residence during the night, purportedly abducted her, and later perpetrated the heinous crime in a wooded area on the outskirts of the forest, before absconding with her severed head.

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