Henley Private Wealth Migration Report 2023, which tracks wealth and investment migration trends worldwide, stated that India is expected to witness an exodus of 6,500 millionaires in 2023.
In terms of millionaires leaving the country this year, China has come in top place. It is expected to lose 13,500 high-net-worth individuals (HNWIs) and India, which has clinched second place, will follow. Nevertheless, India's standing is set to improve from previous year, when its outflow of millionaires was 7,500, despite having the second-highest exit numbers in the survey. Andrew Amoils, Head of Research at New World Wealth points out, "these outflows are not particularly concerning as India produces far more new millionaires than it loses to migration."
According to Henley and Partners, millionaires or HNWIs are people with investable wealth of $1 million or more. The latest report states that Henley and Partners has recorded the highest number of enquiries for investment migration schemes in the first quarter of this year with significant demands coming from Indians and Americans. In terms of millionaires leaving the country this year, China has come in top place. It is expected to lose 13,500 HNWIs, and India, which has clinched second place, will follow. Nevertheless, India's standing is set to improve from previous year, when its outflow of millionaires was 7,500, despite having the second-highest exit numbers in the survey.
Dubai and Singapore remain preferred destinations for wealthy Indian families. The former, also known as the "5th City of India", is particularly attractive for its government-administered global investor "Golden Visa" programme, favorable tax environment, robust business ecosystem, and safe, peaceful environment.