India To Lose 6,500 Millionaires This Year. They Are Heading To...

[prasad1]

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Video | India To Lose 6,500 Millionaires This Year. They Are Heading To...

India is expected to witness an exodus of millionaires and may lose 6,500 high-net-worth individuals (HNWIs) in 2023, according to the Henley Private Wealth Migration Report 2023, which tracks wealth and investment migration trends worldwide.

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Why the migration from India?
According to Sunita Singh-Dalal, Partner, Private Wealth & Family Offices at Hourani, “prohibitive tax legislation coupled with convoluted, complex rules relating to outbound remittances that are open to misinterpretation and abuse, are but a few issues that have triggered the trend of investment migration from India”.
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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.

Where are the millionaires moving?
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" program, favorable tax environment, robust business ecosystem, and safe, peaceful environment.

The report has predicted that Australia will witness the highest net inflow of millionaires in 2023 at 5,200. The UAE, which had a record-breaking influx of HNWIs in 2022, will welcome 4,500 new millionaires this year. Singapore's net inflow of HNWIs is expected to be 3,200 in 2023 while the US will add 2,100 people to its millionaire club. Other countries on the Top 10 list for net HNWI inflows are Switzerland, Canada, Greece, France, Portugal, and New Zealand.

 

[sravna]

As long as there is no outflow of values we are not unduly worried.

 

[prasad1]

As long as there is no outflow of values we are not unduly worried.

Values never filled the hunger of the poor. Values were created by rich kings to suppress the poor from revolting against the kings. If the rich leave India with the wealth, the Indian poor will suffer. No amount of hollow values will fill bellies.

 

[sravna]

Values never filled the hunger of the poor. Values were created by rich kings to suppress the poor from revolting against the kings. If the rich leave India with the wealth, the Indian poor will suffer. No amount of hollow values will fill bellies.

Between hunger and values the latter is a lot more difficult to solve but is immensely more significant. Of all the developed nations economically, how many are developed in values? Who are the politicians trying to kid?