India has lost the highest percentage of dollar – millionaires to migration since 2014, ahead of China and France, with the crackdown on black money being the most plausible reason for the exodus.

Nearly 23,000 dillar – millionaires have left the country since 2014, with 7,000 leaving in 2017 alone, taking India to the top of the exodus charts.

Data complied by Ruchir Sharma, head of emerging markets and chief global strategist at Morgan Stanley Investment Management, shows that 2.1% of India’s rich left the country compared with 1.3% for France and 1.1% for China. Ge presented the data at a media event last week.

While some of the millionaires leaving may be desirable given the corruption drive, we have to be careful we do not throw the baby out with the bathwater, which is collateral damage of the regulatory overkill, said Sharma.