6,500 millionaires set to leave India in 2023, says report; where are they headed?
Based on the Henley Private Wealth Migration Report 2023, which analyses global wealth and investment migration trends, India is anticipated to experience a significant outflow of millionaires, potentially resulting in a loss of 6,500 high-net-worth individuals (HNWIs) in 2023.
The report reveals that China tops the list this year with an estimated loss of 13,500 HNWIs, while India secures the second position.
It is worth noting, however, that India’s ranking is expected to improve compared to the previous year, when the outflow of millionaires reached 7,500.
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Andrew Amoils, Head of Research at New World Wealth, told NDTV that these outflows should not be overly concerning as India continues to produce a larger number of new millionaires compared to those lost through migration.
Henley and Partners define millionaires or HNWIs as individuals possessing investable wealth amounting to $1 million or more.
Dr. Juerg Steffen, CEO of Henley & Partners, indicates that millionaire migration has steadily increased over the past decade. It is projected that approximately 122,000 millionaires will migrate globally in 2023, followed by an estimated 128,000 in 2024.
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The United Kingdom (UK) takes the third spot with a projected outflow of 3,200 HNWIs, while Russia secures the fourth position with an expected outflow of 3,000 HNWIs (compared to 8,500 in 2022, primarily influenced by the country’s invasion of Ukraine).
Where are these rich folk heading?
In 2023, Australia is expected to witness the highest net inflow of high-net-worth individuals (HNWIs) globally, with an estimated 5,200 millionaires projected to relocate there.
The United Arab Emirates, while dropping to second place after experiencing a record-breaking influx in 2022, is still anticipated to welcome a significant net arrival of 4,500 new millionaires this year.
Singapore secures the third rank with its highest-ever net inflow of 3,200 HNWIs, followed by the United States with an expected net influx of 2,100 HNWIs.
Switzerland holds the fifth position with a projected net inflow of 1,800 HNWIs, while Canada occupies the sixth spot with an estimated net influx of 1,600 HNWIs.
