6,500 millionaires to leave India; Dubai & Singapore continue to attract rich Indians

An estimated 6,500 Indian high net-worth individuals (HNIs) are likely to leave the country in 2023, according to the Henley Private Wealth Migration Report 2023. This, however, is lower than last year's outflow of 7,500 millionaires.

As per the report, China has lost the most number of high net worth individuals followed by India, UK and Russia. Dubai and Singapore continue to remain the favourite destination for wealthy Indians. Dubai is particularly preferred due to its Golden Visa programme, favorable tax structure, robust business ecosystem and safe, peaceful environment.

Dominic Volek, Group Head of Private Clients at Henley & Partners has said that safety, security, education, healthcare, climate change resilience and crypto-friendliness are driving Indians to relocate. However, the millionaires outflow is not particularly concerning, as per the report, that has kept India as one of the world's fastest-growing wealth markets. New World Wealth has forecasted that the high net worth individuals would witness a 80% increase in wealth by 2031. As per the report, This growth will be primarily fuelled by thriving financial services, healthcare, and technology sectors within the country.

The report also suggests that there is a trend of affluent individuals returning to India, and as the standard of living continues to improve, it anticipates a significant influx of wealthy individuals moving back to India in greater numbers.