New Delhi, June 14: India could lose 6,500 wealthy individuals in 2023, according to the Henley Private Wealth Migration (HNWI) 2023 report. It tracks trends in wealth and investment migration worldwide.
Number one millionaire departing the country this year is from China. It is anticipated that 13,500 wealthy individuals will leave. India thereafter took second place. Despite having the second-highest number of millionaires leaving the country in the report (7,500), India’s standing is probably going to improve this year.
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Andrew Amoils, head of research at New World Wealth, said the outflow was not particularly noticeable as India was producing more new millionaires than it was losing to immigration. According to Henley and Partners, millionaires are people with investable wealth of $1 million or more.
Around 1,22,000 and 1,28,000 millionaires are expected to migrate globally in 2023 and 2024. CEO of Henley & Partners, Dr. Jürg Steffen said.
Dubai and Singapore are preferred destinations for wealthy Indian families. Also known as India’s 5th city, the government-run Global Investor Golden Visa program is particularly attractive for its favorable tax environment, robust business ecosystem and safe, peaceful environment.
The report predicts that 5,200 millionaires will migrate to Australia by 2023. Millionaires migrated to Dubai in 2022. 4,500 new millionaires will be heading there this year. Wealthy immigration to Singapore is expected to reach 3,200 by 2023. Also, 2,100 rich people will migrate to America. Other countries in the top 10 list of rich emigration are Switzerland, Canada, Greece, France, Portugal and New Zealand.
