Millionaires Leaving India? 6,500 Rich Indians Could Migrate in 2023, Many Plan to Settle in Dubai and Singapore, Says Report
Despite the recent drop in outflows, the report's results imply that India is still a popular choice among HNWIs. In the years to come, India's attempts to boost the economy and combat financial crime are certain to keep HNWIs interested.
Mumbai, June 14: In 2023, 6,500 high-net-worth people (HNWIs) are anticipated to leave India. According to the Henley Private Wealth Migration Report 2023, this indicates a decrease from the 7,500 HNWIs that migrated out of India in 2022. The Henley & Partners report sheds light on millionaires' movement and is based on projections from the global wealth intelligence firm New World Wealth.
India now ranks second globally in the number of HNWIs leaving the nation, after China (net loss of 13,500). The results show that Russia (3,000) and the United Kingdom (3,200) are rated third and fourth, respectively. HNI: Wealthy Indians Giving Up Citizenship, Moving Abroad; Reports Reveals Why.
The United States, Canada, and the United Kingdom are anticipated to be the top three countries for HNWI migration in 2023. The population of high net worth individuals is anticipated to increase by 80 per cent by 2031, making India one of the world's wealthiest markets at this time. The nation's expanding financial services, healthcare, and technology sectors will be the main drivers of this development.
According to the research, there will be 22.5 million HNWIs worldwide by 2023, an 8.5 per cent increase from the current level. Strong economic development in emerging nations like China and India will be the main driver of this expansion.
Despite the recent drop in outflows, the report's results imply that India is still a popular choice among HNWIs, with many intending to settle in Dubai and Singapore. In the years to come, India's attempts to boost the economy and combat financial crime are certain to keep HNWIs interested.
The recent and ongoing unrest, according to Dominic Volek, group head of private clients at the company, has caused a shift in which more investors are thinking about relocating their families for a variety of reasons, including safety and security, education and healthcare, climate change resilience, and even crypto-friendliness. Wealth Migration: 7,000 Super-Rich Indians Shifted Base in 2017.
Surprisingly, there is a clear trend of affluent people coming back to India. The analysis expects a massive influx of rich people to return to India in larger numbers as the standard of life grows.
(The above story first appeared on LatestLY on Jun 14, 2023 02:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).