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A joint report by New World Wealth and LIO Global said the change in domicile, along with a rise in second citizenship applications, has increased dramatically since the turn of the century.
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The world is home to 1.2 crore millionaires, with India clocking the second highest growth of 22.2 percent in its HNI population last year after Hong Kong.
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"Domestic demand, supported by robust job growth, remains a key pillar to Asia's growth dynamics," it added.
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