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
December 7,2025

Mangaluru, Dec 7: A 34-year-old fruit and vegetable trader in Mangaluru has reportedly lost ₹33.1 lakh after falling victim to an online investment scam run through a fake mobile app.

Police said the scam began in September, when the victim received a link on Facebook. Clicking it connected him to a WhatsApp number, where an unidentified person introduced a high-return investment scheme and instructed him to download an app.

To build trust, the fraudster asked him to invest ₹30,000 on September 24. The trader soon received ₹34,000 as “profit,” convincing him the scheme was genuine. Over the next two months, he transferred money in multiple instalments via Google Pay and IMPS to different scanner codes and bank accounts shared by the scammers. Between September 24 and December 3, he ended up sending a total of ₹33.1 lakh.

When he later requested a refund of his investment and promised returns, the scammers demanded additional payments, claiming he needed to pay a “service tax” first. Even after he paid a small amount, no money was returned, and the scammers continued pressuring him for more.

A case has been registered at the CEN Crime Police Station.

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News Network
December 19,2025

Mangaluru: Public transport in Mangaluru is set for a state-led transformation as the government moves to deploy 100 new electric govt buses to replace unreliable private services. The initiative aims to provide a dependable alternative to private operators who have been frequently "cutting trips," leaving thousands of commuters stranded.

The announcement was made by Deputy Commissioner and MCC Administrator Darshan HV during a public phone-in session. The move specifically targets routes where private bus service has become erratic, ensuring that citizens no longer have to rely on a fluctuating private sector for their daily commute.

Restoring the Govt Presence

The transport crisis was brought to the forefront by Ramayya, a resident of Bajal, who highlighted a growing trend of private buses skipping morning and night trips. With the previous KSRTC (govt) services discontinued, residents have been left without a fallback option.

To fix this, the DC confirmed that the PM-eBus Sewa Scheme will bring 100 government-owned electric buses to the city:

•    Phased Deployment: The first 50 of the new 100 government buses are scheduled to arrive by March 2026.

•    State Infrastructure: Two new government depots, including one at Mudipu, are being prepared for operations.

•    Recruitment: The state has already begun training a new batch of government bus drivers to ensure the fleet is operational the moment it arrives.

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News Network
December 15,2025

Mangaluru police have arrested a 27-year-old NRI on his return from Saudi Arabia in connection with an Instagram post allegedly containing derogatory and provocative remarks about the Hindu religion, officials said on Monday.

The accused, Abdul Khader Nehad, a resident of Ulaibettu in Mangaluru, was working in Saudi Arabia when the post was uploaded, police said.

A suo motu case was registered at the Bajpe police station on October 11 after an allegedly offensive post circulated from the Instagram account ‘team_sdpi_2025’. Police said the content was flagged for being provocative and derogatory in nature.

During the investigation, technical analysis traced the Instagram post to Nehad, who was residing abroad at the time, a senior police officer said. Based on these findings, a Look Out Circular (LOC) was issued against him.

On December 14, Nehad arrived from Saudi Arabia at Calicut International Airport in Kerala, where he was taken into custody on arrival. Police said further investigation is underway.

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