Millionaires, commonly referred to as high-net-worth individuals (HNWIs), are expected to leave India in large numbers in 2023. India ranks second globally in terms of the number of HNWIs leaving the nation, according to the Henley Private Wealth Migration Report 2023.
In the ranking, China is at the top, while the UK is in third place.
Approximately 6,500 millionaires are expected to leave India in 2023, according to the Henley Private Wealth Migration Report 2023. The amount is nevertheless less than the 7,500 net outflows of HNWI that were noted in 2022.
Head of Research at New World Wealth Andrew Amoils notes that "these outflows are not particularly concerning as India produces far more new millionaires than it loses to migration."
Henley & Partners defines millionaires or high-net-worth individuals (HNWIs) as those with an investable wealth of $1 million or more.
In 2023, it's anticipated that the following nations would lose the most net millionaires:
- China
- India
- United Kingdom (UK)
- Russia
- Brazil
- Hong Kong
- South Korea
- Mexico
- South Africa
- Japan
- Vietnam
- Nigeria
- Indonesia
- Argentina
- Egypt
- Saudi Arabia
- Colombia
- Chile
- Kenya
- Ghana
According to Dr Juerg Steffen, CEO of Henley & Partners, worldwide millionaire migration is anticipated to reach approximately 1,22,000 and 1,28,000 millionaires in 2023 and 2024, respectively. This growth has been steady over the past ten years.
Why the departure from India?
"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," claims Sunita Singh-Dalal, Partner, Private Wealth & Family Offices at Hourani.
According to the most recent report, Henley & Partners saw a large increase in demand from Americans and Indians for investment migration plans during the first quarter of this year.
Where do millionaires want to migrate?
Most millionaires looking to relocate choose Australia as their preferred destination. Australia is predicted to get the most net HNWI inflows in 2023, with an infusion of 5,200 millionaires.
With predicted net HNWI inflows of 4,500 and 3,200 respectively, the United Arab Emirates (UAE) and Singapore are the second and third most popular destinations. Switzerland, Canada, Greece, France, Portugal, and New Zealand round out the Top 10 list of nations receiving net inflows of HNWI.
Why do Indian millionaires prioritise living in the UAE?
For wealthy Indian families, Dubai and Singapore continue to be top travel destinations. The former, often referred to as the "5th City of India," is especially alluring due to its government-managed "Golden Visa" programme for foreign investors, a favourable tax environment, a strong business ecosystem, and a secure, peaceful setting.
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