India may lose 6,500 millionaires this year, most prefer Dubai, Singapore: Study

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According to a report, India is set to lose as many as 6,500 high-net worth individuals (HNWIs) this year, second only to neighbour China (13,500), with the United Kingdom (3,200) placed third on the list.

The Burj Khalifa in Dubai. According to the report, most HNIs from India are relocating to Dubai and Singapore (Pic: Shutterstock)
The Burj Khalifa in Dubai. According to the report, most HNIs from India are relocating to Dubai and Singapore (Pic: Shutterstock)

This is according to the 2023 edition of Henley’s annual Private Wealth Migration Report. The 2022 edition projected the departure of 7,500 HNWIs from India that year.

Who are ‘high net-worth individuals’?

The report describes them as people with an investable wealth of $1 million (approx. 8.2 core) or more.

Why are Indian millionaires relocating?

The study attributed this to ‘prohibitive tax legislation coupled with convoluted, complex rules relating to outbound remittances that are open to misinterpretation and abuse.’

Also, affluent families, in general, are ‘extremely mobile,’ and ‘their transnational movements can provide an early warning signal in terms of a country’s economic outlook and future country trends,’ noted Juerg Steffen, CEO, Henley and Partners.

Where are they relocating?

As per the study, Dubai and Singapore are the most preferred destinations. Dubai, in particular, is attractive due to factors such as the UAE government-administered ‘Golden Visa’ programme, favourable tax environment, robust business ecosystem, and safe, peaceful environment.

The outflow from India, however, is ‘not particularly concerning’ as the country produces ‘far more millionaires than it loses to migration,’ said Andrew Amolis, Head of Research, New World Wealth.

Which countries will lose the highest number of millionaires in 2023?

The top 3 are followed by Russia (3,000 HNWIs expected to leave) and Brazil (1,200). Hong Kong (1,000), South Korea (800), Mexico (700), South Africa (500) and Japan (300) round off the top 10.

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Where will most of them relocate?

Australia (5,200 arrivals expected) tops the list ahead of the UAE (4,500), Singapore (3,200), the USA (2,100) and Switzerland (1,800). Canada (1,600), Greece (1,200), France (1,000), Portugal (800) and New Zealand complete the top 10.

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