The practice of acquiring 'global citizenship' — a second citizenship or place of residence — is becoming popular among the world's ultra-wealthy.
Rich Indians - defined as those with a net worth of $30 million and above — have now become one of the largest populations based abroad. Among Indian billionaires, L N Mittal is based in the UK while Pallonji Mistry holds an Irish citizenship.
The average net worth of someone who applies for a second citizenship is above $205 million, 47% above the global average for UNHW (ultra high net worth) individuals of $139 million. About 32% of their net worth is in liquid assets, equal to over $66 million per individual. There are currently almost 200,000 UHNW individuals globally worth a collective $27,770 billion. Billionaires account for 1% of the world's UHNW individuals holding 23% of the collective UHNW wealth, which represents $6.5 trillion. It is predicted that by 2020 the billionaire population will grow by 80%, an increase of 1,700 billionaires.
One group moves to provide their children with increased education opportunities, and many of these individuals opt to relocate to the US and UK. The second cluster is elderly UHNW individuals planning on transferring their wealth to the next generation, who apply to more tax-friendly countries including the Caribbean countries of Antigua and Dominica.
Billionaires are five times more likely to apply for second citizenship than an average UHNW individual.
Britain's Migration Advisory Committee revealed that millionaire Indians were fifth commonest nationality who have come to UK since 2008 under an "investor" visa scheme which allows successful applicants to live in Britain in return for a minimum £1 million investment in government gilts — effectively a loan — but does not grant them a UK passport. Russian oligarchs top the list with 850 gaining the right since 2008 followed by 419 Chinese millionaires.
Rich Indians - defined as those with a net worth of $30 million and above — have now become one of the largest populations based abroad. Among Indian billionaires, L N Mittal is based in the UK while Pallonji Mistry holds an Irish citizenship.
The average net worth of someone who applies for a second citizenship is above $205 million, 47% above the global average for UNHW (ultra high net worth) individuals of $139 million. About 32% of their net worth is in liquid assets, equal to over $66 million per individual. There are currently almost 200,000 UHNW individuals globally worth a collective $27,770 billion. Billionaires account for 1% of the world's UHNW individuals holding 23% of the collective UHNW wealth, which represents $6.5 trillion. It is predicted that by 2020 the billionaire population will grow by 80%, an increase of 1,700 billionaires.
One group moves to provide their children with increased education opportunities, and many of these individuals opt to relocate to the US and UK. The second cluster is elderly UHNW individuals planning on transferring their wealth to the next generation, who apply to more tax-friendly countries including the Caribbean countries of Antigua and Dominica.
Billionaires are five times more likely to apply for second citizenship than an average UHNW individual.
Britain's Migration Advisory Committee revealed that millionaire Indians were fifth commonest nationality who have come to UK since 2008 under an "investor" visa scheme which allows successful applicants to live in Britain in return for a minimum £1 million investment in government gilts — effectively a loan — but does not grant them a UK passport. Russian oligarchs top the list with 850 gaining the right since 2008 followed by 419 Chinese millionaires.
No comments:
Post a Comment