A new report shines fresh light on where the world's wealthy are flocking to.

Mumbai – India’s financial hub – is expected to see the largest influx of wealth over the next decade, according to a recent report.

Wealth across the country is expected to triple over that period to around $25 trillion, followed by China’s 180 per cent increase to $69 trillion, the report says. The US will expand 20 per cent but still tops the holdings list with $75 trillion of wealth. 

In the UK, wealthy Londoners are said to be fleeing the city as new taxes, such as changes to how wealthy foreigners are treated in ownership of property. Meanwhile, Britain’s divorce from the European Union is spurring rich Europeans living in the UK capital to return home. 

This places the UK’s main financial hub in the same category as Lagos and Istanbul, both of which are also experiencing net outflows of rich people. Around 5,000 high net worth individuals (HNWIs) exited the UK last year while only about 1,000 arrived, according to New World Wealth’s Global Wealth Migration Review.

“Over the past 30 years, the United Kingdom has been one of the biggest recipients of migrating HNWIs,” the report said. “However, this trend changed in 2017 when the country experienced its first major HNWI net outflow.”

When the rich pack their bags and set sail, it is typically a sign of trouble in a country’s political landscape. The rich are often the first to leave, because they can afford to do so – unlike the middle class or poor. 

At the other end of the spectrum, cities that saw high inflows of HNW individuals included Auckland, Dubai, Montreal, New York, Tel Aviv and Toronto, according to the report. 

The report focuses only on HNWIs who have truly relocated, defined as staying in a new country for more than six months. China and India top the list of countries that the rich are leaving, but once the standard of living improves many wealthy people will likely return, the report suggests.

Total wealth worldwide is around $215 trillion, according to the report. There are some 15.2 million HNWIs across the world, defined as those with net assets exceeding $1 million, while the average person has $28,400. 

In Russia, the scales are tipped as 24 per cent of its total wealth is held by billionaires. Japan is the most equal, with just 3 per cent controlled by billionaires.