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“Why are rich people leaving India? “
Why are rich people leaving India?
This news is not new; however, the Henley Private Wealth Migration Report (2023) reveals that India is expected to witness a new outflow of 5,600 HNWIs (High Net Worth Individuals) in 2023. In 2022, India saw 7,500 HNWIs leaving the country. This report clearly positions India at the second position in terms of losing HNWIs, with 7,500 such individuals.”
Who are HNWIs (High Net Worth Individuals)?
HNWI refers to individuals with investable wealth of at least USD 1 million or more, which is approximately 8 crore INR.
Where are they going?
These are the top 7 countries where HNWIs are interested in immigrating. Of course, the options are not limited to just Canada or the US, as shown in the report!”
| Australia | 5,200-2023 3,800-2022 |
| UAE | 4,500-2023 5,200-2022 |
| Singapore | 3,200-2023 2,900-2022 |
| USA | 2,100-2023 1,500-2022 |
| Switzerland | 1,800-2023 2,200-2022 |
| Canada | 1,600-2023 1,200-2022 |
| Greece | 1,200-2023 1,000-2022 |
Why are they leaving?
There could be many factors; just to name a few:
1)Quality of Life and Education2)Tax Optimization3)Political Stability 4)Investor-Friendly Policies etc..
Also as per Hindustan Times report In 2022, a total of 2,25,620 persons had given up their Indian citizenship, highest in the last 12 years.
Conclusion
Despite the significant outflow of wealth and individuals giving up on Indian citizenship, India still remains in the list of the top 10 richest countries in the world. However, the question remains: What is the real reason behind rich people leaving India? Please leave your thoughts on the comment section.
