Around 6,500 high-net worth individuals (HNIs) or Millionaires are likely to leave India in 2023in comparison to 7,500 in 2022 for greener pastures, according to the 2023 edition of Henley’s annual Private Wealth Migration Report.
The HNI are people with an investable wealth of $1 million (approx. ₹8.2 core) or more.
WHY MILLIONAIRES ARE RELOCATING?
Sunita Singh-Dalal, Partner, Private Wealth & Family Offices at Hourani adds that “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”.
However, Andrew Amoils, Head of Research at New World Wealth, “these outflows are not particularly concerning as India produces far more new millionaires than it loses to migration.”
WHERE ARE THEY RELOCATING?
As per the study, Dubai and Singapore are the most preferred destinations. Dubaiis attractive because of the favours it gives such as the UAE government-administered ‘Golden Visa’ programme, favourable tax environment, robust business ecosystem, and safe, peaceful environment.
