India To Lose 6,500 Millionaires This Year

According to the Henley Private Wealth Migration Report 2023, India will likely observe a departure of millionaires, with a projected loss of 6,500 high-net-worth individuals (HNWIs) in 2023. This report tracks patterns of wealth and investment migration across the globe.

China has ranked first this year regarding a significant outflow of millionaires, estimated to lose 13,500 HNWIs, followed by India, which holds the second position. Despite securing this position, India’s standing is expected to improve since the previous year, when it had lost 7,500 millionaires. Andrew Amoils, Head of Research at New World Wealth, explains that these outflows are reasonable since India’s production of new millionaires surpasses the number it loses to migration.

According to Henley and Partners, individuals classified as millionaires or high-net-worth individuals (HNWIs) possess an investable $1 million or more wealth. Dr. Juerg Steffen, CEO of Henley & Partners, notes that the migration of millionaires has steadily increased over the past decade, with an estimated 122,000 and 128,000 millionaires expected to migrate globally in 2023 and 2024, respectively.

The primary reason for the migration from India, according to Sunita Singh-Dalal, Partner at Hourani, is due to “prohibitive tax legislation coupled with convoluted, complex rules relating to outbound remittances that are open to misinterpretation and abuse, are but a few issues that have triggered the trend of investment migration from India.”

The latest report from Henley and Partners indicates that there has been an increase in the number of enquiries for investment migration schemes in the first quarter of this year, with a significant demand coming from individuals residing in India and the United States.

According to a recent report, Dubai and Singapore are the top choices for affluent Indian families seeking to relocate. Dubai, also known as the “5th City of India,” boasts many attractive features, such as its government-administered global investor “Golden Visa” program, good tax environment, robust business ecosystem, and overall safety and tranquillity.

The report predicts Australia will experience the highest net inflow of millionaires in 2023, with an estimated 5,200 arrivals. The UAE, which had a record-breaking influx of High Net Worth Individuals (HNWIs) in 2022, will welcome 4,500 new millionaires this year. Singapore’s expected net inflow of HNWIs is forecasted to be 3,200 in 2023, with the United States adding 2,100 individuals to its elite millionaire club. Switzerland, Canada, Greece, France, Portugal, and New Zealand are other countries in the top 10 list for net HNWI inflows.