China has seen the largest exodus of millionaires compared to any other country over the past 14 years according to a recent report which looks at where wealthy individuals choose to live.
New World Wealth, a company which provides information on the global wealth sector, published a report this month, listing the top eight countries with the most inflow and outflow of millionaires between 2000 and 2014, as well as the top 10 countries with the most millionaires in 2014.
A total of 64,000 global millionaires were recorded, each with net assets of one million besides their primary residences.
While USA is ranked the highest with a total of 4,105,000 millionaires, the aggregate of 608,500 millionaires positioned China in the fifth place behind the United Kingdom, Japan and Germany.
For the number of outflows over the past 14 years, China has topped the list with a net outflow of 91,000 millionaires, followed by India and France. Many of the Chinese millionaire outflows saw the United States, Hong Kong, Singapore, and the United Kingdom as favorable options for their second home country.
Major reason of the outflow is predicted to be the stringent tax regimes of the home country which affects the wealth of the super-rich.
From the list of inflow in the report, Hong Kong, which is ranked the third most popular choice for second home country among millionaires, saw the majority of its net inflow of 29,000 millionaires from China.
At the top of the list is the United Kingdom, with a net inflow of 125,000 millionaires, is most popular among Russian millionaires. Followed by the United States, Singapore and Australia before Hong Kong.
The United Kingdom is popular because of its ease of travelling, buying property and moving money, as well as the high quality of its schools.
By Joyce Ng
[Images via New World Wealth]