INDIAN MILLIONAIRES ARE LEAVING INDIA



   (Image courtesy to Unsplash)

India has witnessed 7,500 rich Indians leaving the country in 2022. According to Henley Private Wealth Migration Report (2023) India is expected to witness a net outflow of 6,500 ultra-rich. These ultra-rich is High Net-Worth Individuals (HNWI) who have an investable wealth of US$1 million or more (Rs 8.2 crores at current rate). The outflow of 2023 will make India the second worst performer in losing HNWIs after China. The top five destinations projected for these outflow in 2023 will be Australia, Singapore, UAE, USA and Switzerland. The largest expected outflow of these millionaires are from China, India, UK, Russia and Brazil.

India was among the ten richest countries in 2022 with the population of HNWIs. India has 3,44,600 HNWIs, 1,078 centi-millionaires (those with wealth exceeding $100 millions), 123 billionaires (those with wealth exceeding $1 billion or 
Rs 8,200 crores). China has 7,80,000 HNWIs and 285 billionaires. US has 52,70,000 (HNWIs) and 770 billionaires. The richest (W10) countries are USA, Japan, China, Germany, UK, Switzerland, Australia, Canada, France and India. 

According to Juerg Steffen,  of Henley & Partners there are numerous causes for these outflow as well as inflow. 'Affluent families are extremely mobile and their transnational movements can provide an early warning signals in terms of a country's economic outlook and future trends. They look at the potential threatd to their wealth and resources. They do not have confidence in the economic development of the country. Some corrective actions are to be taken on top most priority. Political stability, low taxation and personal freedom are those attract these millionaires to check into another country. Equal consideration they give to their children's prospects, quality of their lives and the legacies they leave. While they prefer a safe haven for their wealth, they also look for their security. They, therefore, look for an environment where the rule of law is respected and economic freedom is guaranteed.'

Now it is time for the government of India to evaluate the situation and do corrective measures well in time.

K  V George 

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