6,500 Super-Rich Indians Will Leave India in 2023 and Why

According to the Henley Private Health Migration Report 2023, around 6,500 Indian millionaires and their families are expected to leave the country. China tops the list with an estimated loss of 13,500 high-net-worth individuals, while India is second.

This year’s number is less than 2022, when the total outflow of HNIs reached 7,500. The United Kingdom (3,200), Russia (3,000), and Brazil (1,200) are next on the list of exodus. The report says that Australia, the United States, and Switzerland are the most preferred investment destinations for wealthy and affluent Indians.

Moreover, Dubai and Singapore also remain the top immigration destination for wealthy Indians. Dubai is particularly attractive for Indians due to its ‘Golden Visa’ program, favourable tax policies, ease of business, and safe environment.

According to the Knight Frank India report, the population of high-net-worth individuals in India continues to grow rapidly. At present, each HNI with a net asset value of $1 million and above was recorded at 797,714 in 2022. So, 6,500 shouldn’t be a matter of concern as only 0.81% of the HNI population plans to move out of India.

As per the data published by the Ministry of External Affairs, 2.5 million Indians migrate every year. At present, the total number of the Indian diaspora, including both NRIs and persons of Indian origins, stands at 32 million. So, 6,500 Indians moving overseas isn’t a big issue, especially when they have a total wealth of $1 million.

Affluent families have a vision for themselves and their families.

What are the reasons behind Indian HNIs moving out of India?

The biggest reason why HNIs are leaving India is related to high living standards, world-class education and healthcare facilities, a stable political environment, excellent work-life balance, and citizenship opportunities. Other reasons include:

• High-quality of life

• A safe escape from several social stigmas

• Favourable tax policies

• Stable BanKing system

• Opportunity to earn in strong currencies and invest in the rupee

• Unrestricted or visa-free travel opportunities across the world

• Availability of investment visa pathway like Canada startup visa

Where are the rich people heading?

Australia leads the pack as the country is expected to welcome the highest number of high-net-worth individuals through Australia 188 visa. The country projects an inflow of 5,200 millionaires in 2023. The UAE takes the second spot with a total influx of 4,500 new millionaires this year.

Singapore secures third place with an estimated inflow of 3,200 HNIs, followed by the United States of America with an estimated net influx of 2,100 HNWIs.

Switzerland is another country that keeps on attracting high-net-worth individuals across the world. The country expects to welcome 1,800 HNWIs this year, whereas Canada will welcome 1,600 HNWIs this year.

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Moneycontrol journalists were not involved in the creation of the article.