6,500 millionaires to leave India this year, where are they going?
India is expected to be the 2nd biggest loser of high-net-worth individuals (HNWIs) globally in 2023.
This is according to the Henley Private Wealth Migration Report 2023, which tracks wealth and investment migration trends worldwide.
Which countries are losing the maximum no. of millionaires in 2023?
1. China - 13,500
2. India - 6,500
3. UK - 3,200
Around 1.2 lakh millionaires are expected to migrate globally in 2023.
Where are these millionaires going?
Dubai and Singapore are preferred destinations for wealthy Indian families.
Dubai, also known as the "5th City of India", is particularly attractive for its government-administered global investor "Golden Visa" program, favorable tax environment, robust business ecosystem, and safe, peaceful environment.
Why are millionaires leaving India?
According to Sunita Singh-Dalal, Partner, Private Wealth & Family Offices at Hourani, there are 2 primary reasons triggering HNWIsโ migration from India:
1. Prohibitive tax legislation
2. Convoluted, complex rules relating to outbound remittances that are open to misinterpretation and abuse
Is this concerning?
Not really. Andrew Amoils, Head of Research at New World Wealth says, "these outflows are not particularly concerning as India produces far more new millionaires than it loses to migration."
Indiaโs expected net outflow of millionaires of 6,500 is better from last yearโs 7,500.
For context, how many millionaires does India have?
In 2021, India had around 8 lakh millionaires according to Credit Suisse. (Credit:NDTV)
India is expected to be the 2nd biggest loser of high-net-worth individuals (HNWIs) globally in 2023.
This is according to the Henley Private Wealth Migration Report 2023, which tracks wealth and investment migration trends worldwide.
Which countries are losing the maximum no. of millionaires in 2023?
1. China - 13,500
2. India - 6,500
3. UK - 3,200
Around 1.2 lakh millionaires are expected to migrate globally in 2023.
Where are these millionaires going?
Dubai and Singapore are preferred destinations for wealthy Indian families.
Dubai, also known as the "5th City of India", is particularly attractive for its government-administered global investor "Golden Visa" program, favorable tax environment, robust business ecosystem, and safe, peaceful environment.
Why are millionaires leaving India?
According to Sunita Singh-Dalal, Partner, Private Wealth & Family Offices at Hourani, there are 2 primary reasons triggering HNWIsโ migration from India:
1. Prohibitive tax legislation
2. Convoluted, complex rules relating to outbound remittances that are open to misinterpretation and abuse
Is this concerning?
Not really. Andrew Amoils, Head of Research at New World Wealth says, "these outflows are not particularly concerning as India produces far more new millionaires than it loses to migration."
Indiaโs expected net outflow of millionaires of 6,500 is better from last yearโs 7,500.
For context, how many millionaires does India have?
In 2021, India had around 8 lakh millionaires according to Credit Suisse. (Credit:NDTV)
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To IFSCA Grade A Interview appearing candidates only. Rest can selection Poll Check Option.
Mention your state.
Mention your state.
Anonymous Poll
3%
Gujarat
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Maharashtra
4%
North Indian State
78%
Poll Check
2%
Madhya Pradesh
2%
Rajasthan
2%
NE State
4%
Southern Indian State
3%
East Indian State
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