India Witnesses Surge in Millionaires Emigrating: The Exodus of Wealth

visamintdigital Jul 28, 2023 09:17 852 0

In recent times, India has been witnessing a significant trend that has caught the attention of many economists and global analysts - the exodus of millionaires from the country. This sudden surge in wealthy individuals seeking greener pastures abroad has sparked debates and raised concerns about the factors driving this migration and its potential impact on the nation's economy.

According to the 2023 Henley Private Wealth Migration Report, which monitors global trends in wealth and investment migration, India is projected to experience a significant outflow of millionaires, potentially resulting in the departure of around 6,500 high-net-worth individuals (HNWIs).

According to the report, millionaires or high-net-worth individuals (HNWIs) are individuals with investable wealth totalling $1 million or above.

These individuals often have the financial means and flexibility to consider international mobility and may explore opportunities to migrate or invest in other countries for various reasons, such as diversifying their assets, taking advantage of better Economic Conditions or Tax Policies, seeking Improved Living Standards, Education & Healthcare, Business and Entrepreneurial Environment, Political Stability and Rule of Law or Residency and Citizenship Programs.

The report predicts that Australia will experience the highest net inflow of millionaires in 2023 with an estimated 5,200 wealthy individuals moving to the country. It suggests that Australia is becoming increasingly attractive to high-net-worth individuals (HNWIs) from India as a destination for residence or investment.

Dubai and Singapore remain preferred destinations for wealthy Indian families. Other countries include USA,Switzerland, Canada, Greece, France, Portugal, and New Zealand.

In the wake of these reports, experts have highlighted that India maintains a steady trend of creating a greater number of new millionaires within the country than the number of millionaires lost due to migration.

As per the report, China leads the list of individuals leaving the country with an estimated outflow of 13,500 HNWI, while India takes the second position.The United Kingdom (UK) is expected to rank third, with an anticipated outflow of 3,200 high-net-worth individuals (HNWIs), while Russia is projected to secure the fourth position, with an expected outflow of 3,000 HNWIs.

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