8000 Millionaires Left India & Migrated To Other Countries In Last 11 Months: But Why?

As many as 8000 millionaires from India relocated to other countries in a single year, 2022. 

With this, India has ranked third on the list of countries to lose the highest number of millionaires in 2022.

India Loses 8000 Millionaires In 2022

Russia and China are the other two countries to lose the most number of millionaires in 2022. While Russia has lost 15000 millionaires, China has lost 10,000. 

The numbers have been reported in a study by global migration consultancy Henley and Partners.

3,000 and 2,800 millionaires were lost in Hong Kong and Ukraine, respectively. In 2022, the UAE, Australia, and Singapore each lost 4,000 millionaires, while the UK lost 1,500 as well.

According to the survey, the country of India generates considerably more new billionaires each year than it loses to migration, therefore the outflow was not especially worrying. The 8,000 people who relocated make up for just 2 percent of India’s 357,000 high-net-worth individuals, or HNIs.

80% Increase in Number Of High Net Worth Individuals in India Predicted

According to Henley and Partners, there is a tendency for wealthy Indians to return to the nation, and wealthy individuals are anticipated to do so in greater numbers as the country’s quality of living rises.

Henley & Partners predicted an 80% increase in the number of high-net-worth individuals in India by 2031. As a result, the nation will have one of the fastest increases in wealth throughout this time.

The major setback for China, according to the Henley and Partners report, was the rejection of Huawei 5G by a number of important markets, including Australia, the UK, and the USA.

The migration of millionaires decreased in 2020 as a result of the COVID-19 epidemic, despite having been on the rise during the previous ten years. For the years 2020 and 2021, there are no country-specific statistics available because the epidemic made it impossible to trace mobility due to lockdowns and travel restrictions.

The countries with the biggest inflow of millionaires this year were the US, Canada, Portugal, Singapore, the United Arab Emirates, Israel, Greece, Australia, New Zealand, and Switzerland.