Mass exodus: Thousands of millionaires set to flee India in 2023

NT Correspondent

New Delhi: In a startling revelation, the Henley Private Wealth Migration Report predicts that approximately 6,500 high-net-worth individuals are poised to leave India in 2023. This figure reflects a 13% decline from the previous year's estimate of 7,500 individuals who departed the country, further underscoring a worrisome trend.

According to Henley and Partners, an esteemed investment consultancy firm, individuals with investable assets amounting to $1 million (or Rs 8.22 crore) are classified as high-net-worth individuals. In terms of the exodus of affluent individuals, India ranks second only to China, which is projected to witness the departure of 13,500 individuals of considerable wealth.

The United Kingdom (3,200), Russia (3,000), and Brazil (1,200) closely follow suit. The report attributes this migration phenomenon to a combination of burdensome tax regulations and intricate rules governing outbound remittances, which are susceptible to misinterpretation and exploitation. These factors have compelled wealthy investors to seek alternative avenues for their funds. The preferred destinations for affluent Indian families continue to be Dubai and Singapore, as stated in the report.

Andrew Amoils, the head of research at New World Wealth, a prominent global wealth intelligence firm, suggests that while the outflow of high-net-worth individuals from India is not particularly alarming, the country still generates a substantial number of new millionaires that offset the loss through migration.