India is poised to witness a significant exodus of high-net-worth individuals (HNWIs) in 2023, as per the Henley Private Wealth Migration Report 2023.
The report ranks India second globally in terms of the number of millionaires leaving the country, with China securing the top position and the United Kingdom coming in third.
The estimated outflow of millionaires from India in 2023 is approximately 6,500, a decrease from the previous year's net HNWI outflows of 7,500.
The report reveals that China, India, the United Kingdom, Russia, and Brazil are among the countries experiencing the highest net outflows of millionaires in 2023.
On the other hand, Australia, the United Arab Emirates (UAE), and Singapore emerge as the top destinations for millionaire inflows.
These countries offer attractive opportunities, including favorable tax policies, a robust business environment, and a high quality of life.
Indian millionaires choose the UAE as their preferred destination due to the 'Golden Visa' program, which grants long-term residency, as well as its favorable tax regime, secure environment, cosmopolitan lifestyle, and business opportunities.
Although there has been a slight decline in net HNWI inflows to the UAE in 2023 compared to the previous year, it remains the top choice for Indian HNWIs.
In summary, India is witnessing a significant movement of millionaires to other countries, with China ranking first in terms of HNWI outflows.
Australia is projected to attract the highest number of millionaire inflows, while the UAE continues to be the preferred choice for Indian millionaires seeking relocation.
The reasons behind this migration include attractive residency programs, favorable tax regimes, and promising business environments in the destination countries.