Sunday, May 26, 2024

“Growing Trend: Increasing Number of Millionaires Leaving India for Global Migration”


The Great Indian Migration: Why Are High Networth Individuals Leaving the  Country?

Around 6,500 millionaires are expected to depart from India, according to a report by Henley Private Wealth Migration. The report highlights China as the country with the highest number of millionaires leaving, with over 13,000 individuals projected to depart this year. India follows closely behind on the list. However, the report suggests that the number of people leaving this year will be lower than the previous year’s figure of 7,500 millionaires. Researcher Andrew Amoils assures that, considering the continuous increase in the number of millionaires in India each year, the departure of this group should not be a cause for concern.

Globally, the migration of millionaires has been steadily rising, as stated by Dr. Jürg Steffen, CEO of Henley & Partners. The Henley report indicates that in 2023 and 2024, approximately 122,000 and 128,000 millionaires, respectively, are expected to migrate worldwide.

The report attributes the departure of millionaires from India to issues such as complicated tax laws, which are compelling the super-rich to seek opportunities elsewhere. Inquiries regarding investment and immigration projects from Indians and Americans have notably increased in the first quarter of this year.

Dubai and Singapore are the preferred destinations for wealthy Indian families seeking to relocate. Dubai, with its Golden Visa program, attracts individuals due to simplified tax procedures, a robust business ecosystem, and a secure and peaceful environment.

Australia is anticipated to be the top choice for migration in 2023, with an estimated 5,000 millionaires planning to move there. Approximately 4,500 individuals are expected to migrate to Dubai, while Singapore ranks third with around 3,200 people. Moreover, it is projected that 2,100 millionaires may choose to relocate to the United States. Other countries on the migration list include Switzerland, Canada, Greece, France, Portugal, and New Zealand.

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