Record 6500 Dollar Millionaires Quit India In 2023: Worst Migration Of High Net Worth Citizens After China


Radhika Kajarekar

Radhika Kajarekar

Dec 22, 2023


The recently published Henley Private Wealth Migration Report for 2023 predicts that India will experience a net outflow of 6,500 high-net-worth individuals (HNWIs) in the current year. 

Record 6500 Dollar Millionaires Quit India In 2023: Worst Migration Of High Net Worth Citizens After China

This follows the departure of 7,500 HNWIs from India in 2022, positioning the country as the second-worst performer in terms of losing HNWIs, with China leading with 7,500 departures.

India To Experience Outflow of 6500 High Net Worth Individuals

The term “high-net-worth individuals” (HNWIs) designates individuals with investable wealth (liquid financial assets) amounting to at least US$1 million, approximately Rs 8.2 crore. Investable wealth excludes primary residences, valuable artworks, and antique collectibles.

Global trends, as outlined in the report, indicate that the top five destinations for net inflows of HNWIs in 2023 are expected to be Australia, the United Arab Emirates (UAE), Singapore, the United States, and Switzerland. Conversely, the countries with the largest net outflows of HNWIs are projected to be China, India, the United Kingdom (UK), Russia, and Brazil.

Despite the anticipated substantial outflow of wealthy individuals, India retains its position among the top ten richest countries globally, ranked 10th within the W-10 grouping of the world’s wealthiest countries. India is home to 344,600 HNWIs, 1,078 centi-millionaires (individuals with wealth exceeding $100 million), and 123 billionaires (individuals with wealth exceeding $1 billion or Rs 8,200 crore) among its population of 1.428 billion.

What Are The Influencing Factors?

Juerg Steffen, CEO of Henley & Partners, suggests that the migration of affluent Indians is influenced by factors such as easy visa and stay policies in countries with high inflows like the UAE and Singapore. The UAE’s Golden Visa program, backed by the government, offers extended stays and favorable tax structures that attract the wealthy to leave India. These countries often serve as launchpads for further residency or citizenship applications in first-world nations.

The migration decisions of wealthy individuals are driven by concerns about potential threats to their wealth, with Switzerland, the UAE, and Singapore being perceived as secure havens. Political stability, low taxation, and personal freedom have traditionally influenced these decisions, but recent trends suggest a shift towards intangible elements, including considerations for their children’s prospects, quality of life, and the legacies they leave behind.

Juerg Steffen highlights that the outflow of wealth often signifies a decline in confidence in the country, explaining why private wealth is flowing into countries with robust regulatory environments, respect for the rule of law, and guaranteed economic freedom.


Radhika Kajarekar
Radhika Kajarekar
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