Study: Almost 30 per cent of ‘super wealthy’ Malaysians considering migrating abroad

KUALA LUMPUR: Approximately 26 per cent of Malaysia’s existing ultra-high-net-worth-individuals (UHNWIs) are considering migrating in the next decade, in comparison to the regional average of 16 per cent, according to independent global property consultancy, Knight Frank.

“This is particularly interesting given that we do a study of the region, and Malaysia’s UHNWIs shows the highest propensity to find other domiciles,” said its Asia Pacific Head of Research, Nicholas Holt.

Knight Frank Malaysia managing director, Sarkunan Subramaniam said that there multiple push and pull factors contributing to this.

“This desire to domicile elsewhere is not unique given that Malaysians are becoming more international. In fact 26 per cent versus the regional 16 per cent is not that significant, when you look at the grander scope of things.

” The firm had earlier shared that Malaysia’s UHNWIs, which is defined as those who have US$30 million of investable assets, excluding their current residential, had been impacted hard by the challenging economic climate brought upon by the fall in global oil price and ringgit devaluation.

“Malaysia has a 1,168 of UHNWIs in 2014, but that number dropped to 993 by end of 2015,” said Holt.

Deputy Prime Minister Ahmad Zahid Hamidi had yesterday said that a total of 54,406 Malaysians have renounced their citizenship from 2010 until Jan 31 this year.

“The reason given for their surrender (of citizenship) is because they have chosen not to retain their Malaysian citizenship, and have obtained citizenship in other countries,” said Zahid in a parliamentary session yesterday.

In January this year alone, 1,102 Malaysians had renounced their citizenship.

A total of 11,080 Malaysians had renounced their citizenship in 2011, while another 10,644 chose not to retain their citizenship the year before.

Since then, the number of Malaysians renouncing their citizenship has reduced.

Zahid said 8,983 people gave up their Malaysian citizenship in 2012, followed by 6,678 in 2013, 7,843 in 2014 and 8,076 last year.