new delhi about 12 per cent of second homes purchased by ultra rich individuals in emerging economies including india are located outside their country and this number is likely to rise in coming years says a report according to a latest study by wealthx and the sothebys international realty ultra high net worth uhnw individuals in the brics group of nations prefer to own luxury property overseas largely owing to concerns like market fluctuations business considerations and political upheaval uhnw individuals are defined as those with at least 30 million about rs 200 crore in assets around 12 per cent of second homes purchased by emerging market uhnw individuals those who reside in brics nations are located outside their country of residence the report said adding that this number that is likely to rise in coming years brics comprises brazil russia india china and south africa it further said that recent stock market fluctuations in these nations are leading a new generation of uhnw investors to consider investing in luxury residential real estate in western markets uhnw individuals from brazil russia india and south africa are pursuing opportunities for stable residential real estate investment growth in major urban hubs abroad their decisions are driven by a largely similar set of concerns market fluctuations business considerations and political upheaval the report said as per the report two trends are fueling the rise in the number of ultra wealthy individuals who are buying luxury homes firstly as safe investment diversification and secondly as part of a programme to gain citizenship or residency status in foreign nations globally also there is an uptrend as the uhnw residential real estate index tracked by wealthx rose to 1152 in the second quarter of 2015 registering a rise of 83 per cent over last year the continued rise in the index reflects the confidence of uhnw individuals to invest in luxury residential real estate the report said