Millionaire Exodus From India: This year 6500 ultra rich can leave India, why do rich people leave their country?

New study by Henley Private Wealth Migration Report (2023) claims that 6500 ultra rich may leave India this year. The more technical term for these ultra rich is High Net-Worth Individuals (HNWIs) and refers to people so wealthy that they have investable assets of US$1 million or more. In rupee terms, that limit means Rs 8.2 crore or more. However, this number is less than the figure of seven and a half thousand high net-worth individuals leaving last year. In 2023, India is the second largest country after China in terms of potential net outflow i.e. people leaving their homeland and settling in other countries.

How many rich can leave their country from which country

In the report of Henley, which monitors wealth and investment migration around the world, it was told that China is ahead of most people leaving their country and turning towards other countries, where 13,500 rich are expected to migrate this year. Britain is at the third place in this list, from where 3200 millionaires can leave the country this year. On the other hand, 3 thousand high net worth individuals from Russia are expected to go to other countries and it is at number four in this list.

What are the top priorities of the rich?

Political stability, low taxation, and personal freedom have always been key metrics for millionaires when it comes to deciding where to live. However, the preferences of the affluent are impacting intangible but equally important elements such as the prospects of their children, their quality of life, and the legacy they leave behind. Rich people around the world are liking places like Dubai and Singapore the most. The rich prefer to move to countries where tax laws are flexible.