About 19 percent of the assets held by high net worth individuals in India were held offshore, up from an estimated 15 percent in 2007, new research suggests.

In that 10-year period, around 38,000 HNWIs left India to live or work overseas, according to consultants New World Wealth (NWW), in a study on the country.

Most went to the UK, US, UAE, Canada, Australia and New Zealand, although some used the residency programmes in Portugal, Cyprus, Malta and the Caribbean.

But NWW doesn’t see these outflows as concerning, noting, “India is still producing far more new millionaires than it i...