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 21,2024

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Mangaluru, May 21: A tragic road accident on Shiradi Ghat early Tuesday morning claimed the lives of a college student and his mother. The mishap involved their Innova car and a speeding truck.

The deceased have been identified as Mohammed Shafiq bin Shabbir (20) and his mother, Safiya (50). Shafiq, a student at P A Engineering College in Mangaluru, was driving the car. They were residents of Bondala in Bantwal taluk.

The accident occurred in the jurisdiction of the Sakleshpur rural police station as the car was nearing Kempuhole on Shiradi Ghat. A container truck, traveling in the opposite direction, collided with their vehicle.

Among the car's passengers, three children sustained serious injuries. The family was returning from a wedding reception in Bengaluru.

Family sources reported that the victims had attended a wedding reception in Bengaluru on May 20. They left the city around midnight to return to Dakshina Kannada. The accident occurred when the truck collided with their car.

The mortal remains of Shafiq and Safiya have been moved to a private hospital in Mangaluru. The injured children are receiving treatment at another hospital in the city.

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May 24,2024

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Udupi, May 24: In a heart-wrenching incident, a college student lost his life after being struck by lightning while standing near a washroom to take a bath in Shirva Manibettu, Udupi district, last night.

The deceased, Rakshit Poojary, only 20 years old, was the beloved son of Ramesh Poojary. A resident of Shirva Manibettu Totadamane, Rakshit was in his second year of BCA studies at Shirva MSRS College.

Rakshit was standing near the washroom to take a bath when the lightning struck him. He was discovered lying on the ground and was rushed to Manipal Hospital by his devastated family. Despite the best efforts of the medical team, Rakshit passed away at 10 PM.

The sudden and tragic loss of this young student has left the community in deep sorrow, mourning the untimely death of a bright and promising young man.

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News Network
May 28,2024

Mangaluru: With the surge in cybercrimes in Dakshina Kannada, the police department is set to create more awareness on social media through informative short videos. These videos aim to educate the public about various cyber fraud tactics and how to avoid falling victim to them.

Awareness Campaign

Superintended of Police CB Ryshyanth announced on Monday in Dharmasthala, “We will release the videos within 10 days. These videos will be shared on social media to raise awareness about the methods fraudsters use to deceive people.”

Common Cybercrimes

The SP highlighted several prevalent cyber scams:

Part-Time Job Scams: Fraudsters lure victims with fake job offers, often asking them to write reviews.

Share Trading Scams: Malicious links promise high returns in share trading. Initially, fraudsters pay a small amount to gain the victims’ trust. However, the app showing "high returns" is a trap, and victims realize they have been duped when no actual returns are received.

Phishing Scams: Fake 'payment gateway' pages are created to trick victims into sharing their personal details, which are then used to siphon money from their accounts.

Online Market Scams: Fraudsters offer products like iPhones at significantly lower prices, only to scam the buyers.

Precautionary Measures

SP Ryshyanth urged people to be cautious and not to attend video calls from unknown persons. He also addressed the importance of CCTV cameras in commercial establishments under the Public Safety Act. “If they fail to comply, a DSP rank officer can issue a notice and impose a fine,” he explained.

The police department’s initiative aims to make the public more vigilant and knowledgeable about cybercrimes. By understanding these fraud methods, people can better protect themselves from becoming victims. Stay informed, stay safe.

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