DNA Money Edit: Indian millionaires rise, some shift shores

A report pointed out 20% jump both in the number of dollar millionaires in India as well as their wealth in 2017, while another one said India's mega-rich are migrating to foreign shores.

The growth in the Indian millionaires, which has made the country the fastest growing market for high net worth individuals (HNIs) despite the adverse impact suffered by the quick implementation of goods and services tax (GST), is exemplary, but stokes concerns over social ramifications of asymmetry in wealth distribution. The number of HNIs grew 20.4% to 2.63 lakh people while their collective wealth grew 21% to over $1 trillion, as per a report by French tech firm Capgemini. The primary reason is the spurt in market capitalisation during last year along with an increase in realty prices and the 6.7% economic growth, among the fastest in the world.

On the flipside, the flight of India's millionaires to foreign countries, with at least 7,000 changing their residence status last year, as per global market research group New World Wealth, is definitely a matter of concern. The exodus should not create panic as the number is minuscule when compared to the HNI population the country is producing. But the country could see more human and capital flight if it continues to reel under inadequate infrastructure and polluting cities.