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New World Wealth, a global wealth sector information consulting services firm, has revealed that high number of Indian high net-worth individuals (HNWIs) are moving out of India, making the country the second highest loser of rich citizens. According to a new report, India has the second highest millionaire outflow as the number of rich citizens changing the domicile has increased drastically in the 21st century.

From 2000 to 2014, around 61,000 HNWIs left the country. China stood first in the list, witnessing 91,000 millionaire outflow.

The UK, US, Australia, UAE and Singapore are the top five destinations for Indian millionaires, said Andrew Amoils, head of research, New World Wealth. The major reasons behind the out flow included security concerns, chaos in their home country and pursuit of better education prospects for their children. Standard of living and tax saving have been the biggest draws for Indians.

"The UK, Australia and the USA appeal to people due to language, standard of living, schooling and security. The UAE and Singapore also have a low tax structure," said Amoils.

"We have not checked them individually. They may hold 2-3 passports. We looked at where they were living in 2000 and where they were in 2014.”

The top beneficiary of HNWIs from abroad, in this time period, was the UK. Most of them migrated from Europe, Russia, China and India to the UK. Other destinations that followed the UK were the US, Singapore, Australia, Hong Kong, UAE, Canada and Turkey.

-Sumana