This year, India will lose 6,500 millionaires. They are moving towards...

 In terms of millionaires leaving the country this year, China has come in top place. India will lose the next 13,500 HNWIs, according to predictions.

According to the Henley Private Wealth Migration Report 2023, India is anticipated to experience a significant departure of millionaires, potentially losing 6,500 high-net-worth individuals (HNWIs) in 2023. This report tracks global trends in wealth and investment migration. China ranks first in terms of the number of millionaires leaving the country this year, with an estimated loss of 13,500 HNWIs. India secures the second position in this ranking. However, despite being second in terms of millionaire outflows, India's situation is expected to improve compared to the previous year when 7,500 millionaires left the country. Andrew Amoils, the Head of Research at New World Wealth, highlights that these outflows should not be overly concerning since India generates a larger number of new millionaires than it loses to migration.

According to Henley and Partners, millionaires or high-net-worth individuals (HNWIs) are individuals with investable wealth of $1 million or more.

Dr. Juerg Steffen, CEO of Henley & Partners, explains that millionaire migration has been steadily increasing over the past decade, with an estimated 122,000 and 128,000 millionaires expected to migrate globally in 2023 and 2024, respectively.

Why are millionaires migrating from India? Sunita Singh-Dalal, Partner, Private Wealth & Family Offices at Hourani, suggests that prohibitive tax laws, along with complicated regulations related to outbound remittances that are prone to misinterpretation and misuse, are among the factors triggering the trend of investment migration from India.

The latest report reveals that Henley and Partners received the highest number of inquiries for investment migration programs in the first quarter of this year, with significant interest from both Indians and Americans.

Where are these millionaires relocating? The report predicts that Australia will experience the highest net inflow of millionaires in 2023, with an estimated gain of 5,200 individuals. The UAE, which saw a substantial increase in the number of HNWIs in 2022, is expected to welcome 4,500 new millionaires this year. Singapore is projected to have a net inflow of 3,200 HNWIs in 2023, while the US is expected to add 2,100 individuals to its millionaire community. Other countries in the top 10 list for net HNWI inflows include Switzerland, Canada, Greece, France, Portugal, and New Zealand.