Exodus of Wealth: 6,500 Millionaires Leaving India in 2023

Millionaires leaving India: Their Favorite Destinations

In 2023, approximately 6,500 high-net-worth individuals (HNWIs) are projected to leave India, which is a decrease from the previous year’s outflow of 7,500 individuals. This data comes from the Henley Private Wealth Migration Dashboard 2023, a global tracker of wealth and investment migration patterns.

HNWIs, also known as millionaires, are individuals with investable wealth of USD 1 million or more. The report indicates that China is expected to lead in terms of HNWI outflows, with 13,500 Chinese millionaires potentially leaving the country compared to 10,800 in 2022.

According to the Henley Private Wealth Migration Dashboard, HNWIs planning to relocate are likely to choose countries such as Australia, UAE, Singapore, the US, and Switzerland as their preferred destinations in 2023. These countries are anticipated to receive respective inflows of 5,200, 4,500, 3,200, 2,100, and 1,800 individuals.

The migration of millionaires experienced consistent growth leading up to 2020. However, the outbreak of the Covid-19 pandemic disrupted this trend by hindering migration. Fortunately, a swift recovery was observed in 2022, and projections for 2023 and 2024 indicate a continued upward trajectory. Globally, it is estimated that the outflow of high-net-worth individuals (HNWIs) will reach 122,000 in 2023 and further increase to 128,000 in 2024.

Leave A Reply

Your email address will not be published.