India is expected to lose 6,500 millionaires or high-net-worth individuals (HNWIs) in the year 2023, according to a report by Henley Private Wealth Migration Report, which keeps track of wealth and investment migration trends worldwide.
China leads the trend in terms of the outflow of HNWIs from the country this year. It is predicted that China will lose 13,500 millionaires, followed by India and the UK with 3,200. However, despite having the second biggest numbers on the report, India’s situation will still be an improvement as compared to last year when 7,500 millionaires left the country. Head of Research at New World Wealth, Andrew Amoils, said, “hese outflows are not particularly concerning as India produces far more new millionaires than it loses to migration.”
Millionaires of HNWIs are people who have an investable wealth of $1 million (₹8.2 crores) or more according to Henley and Partners.
Sunita Singh-Dalal, Partner at Private Wealth & Family Offices, Hourani says “prohibitive tax legislation coupled with complex rules relating to outbound settlements that are open to misinterpretation are but a few issues that have triggered the trend of investment migration from India.”
According to reports, the top destinations for these millionaires to land are Australia at 5,200, The UAE at 4,500, and Singapore with 3,200, while the US will add 2,100 to its millionaire club. Switzerland, Canada, Greece, France, Portugal, and New Zealand make up the top 10 list for the net HNWI inflows.