6,500 Indian millionaires expected to move abroad in 2023

The expected outflow this year is lower than the actual outflow in 2022.

The Henley Private Wealth Migration Report 2023 envisages that India is expected to witness an outflow of approximately 6,500 high-net-worth individuals (HNWIs) this year. The report, published on June 13, 2023, by Henley & Partners, an investment migration consultancy based in London, ranks India as the second-highest country in terms of HNWI outflow, with China leading the list.

According to the findings, the expectation of the outflow of 6500 HNWIs in 2023 is lower than the actual outflow of 7,500 millionaires recorded in 2022. In comparison, China is expected to witness an outflow of 13,500 HNWIs in 2023, while the United Kingdom is projected to see 3,200 and Russia 3,000 HNWIs leaving their respective countries.

HNWIs, as defined in the report, refer to individuals who have a documented wealth of $1 million or more. The data for the report was sourced from New World Health, a global wealth intelligence firm specializing in tracking migration trends and analyzing the spending attitudes of high-net-worth individuals worldwide.

According to the report, the generation of wealth in India could be attributed to various factors, including a focused emphasis on economic progress in sectors such as infrastructure development and the rise of technological startups. The report also projects an 80 percent increase in India's high-net-worth individual (HNWI) population by 2031.

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