6,500 Millionaires Likely To Leave India This Year. Here's Why

India is expected to witness an exodus of 6,500 high-net-worth individuals (HNWIs) this year, making it the second-ranked country for millionaire outflows after China, according to the Henley Private Wealth Migration Report 2023. Despite the significant number, experts suggest that India's position is improving compared to last year's outflow of 7,500 millionaires, as the nation continues to produce more new millionaires than it loses.

The migration of millionaires has been steadily increasing worldwide, with an estimated 122,000 and 128,000 millionaires expected to migrate in 2023 and 2024, respectively, according to Dr. Juerg Steffen, CEO of Henley & Partners. The report describes them as people with an investable wealth of USD 1 million (approx. Rs 8.2 core) or more.

Where are Indian millionaires relocating?

Various factors contribute to the migration trend from India, including prohibitive tax legislation and complex rules concerning outbound remittances, which are often subject to misinterpretation and abuse, according to Sunita Singh-Dalal, Partner at Hourani.

Where are they relocating?

Dubai and Singapore remain popular destinations for wealthy Indian families, with Dubai offering attractive benefits such as its government-administered global investor 'Golden Visa' program, favorable tax environment, robust business ecosystem, and safety.

The report predicts that Australia will witness the highest net inflow of millionaires in 2023, with 5,200 individuals expected to migrate to the country. The UAE will welcome 4,500 new millionaires, Singapore is predicted to have a net inflow of 3,200 HNWIs, while the US will add 2,100 people to its millionaire club. Switzerland, Canada, Greece, France, Portugal, and New Zealand also feature in the top 10 countries for net HNWI inflows.

Which countries will lose the highest number of millionaires in 2023?

Russia is expected to witness the departure of 3,000 HNWIs, placing it in the fourth position, followed by Brazil with 1,200. Hong Kong, South Korea, Mexico, South Africa, and Japan complete the top 10, with 1,000, 800, 700, 500, and 300 HNWIs expected to leave, respectively.