India’s richest are moving to UAE, Australia and Singapore — but there’s nothing to worry

• Nearly 8,000 of the country’s richest migrated out of the country this year, according to Henley & Partners.
• Russia recorded the highest outflow with 15,000, followed by China and India.
• The number of US dollar millionaires and billionaires in India will grow by 80% over the next 10 years.

There will be a big boom in the number of millionaires and billionaires from India over the next decade, a recent report by advisory firm Henley & Partners revealed. However, India is having a hard time keeping them in their home country.

According to Henley Private Wealth Migration Dashboard, 8,000 of the India’s richest migrated out of the country this year. A similar outflow was witnessed across several countries in Asia, Europe and South America.

Russia recorded the highest outflow with 15,000, followed by China with 10,000.

India comes third in terms of richest outflow. These outflows are not particularly concerning as India produces far more new millionaires than it loses to migration each year, Andrew Amoils, head of research at New World Wealth, said.

According to Statista, India was home to nearly 700,000 dollar-millionaires at the end of 2020.

Most of these richest people from India and other countries seem to be moving to UAE which saw the highest inflow at 4,000. This was followed by Australia with 3,500. The figure was represented in the net inflows and outflows of US dollar millionaires sections, which showcases the difference between the number of high networth individuals who relocated to and from a country.

The London-based investment migration consultancy firm, in its report released on Monday, noted that the number of US dollar millionaires and billionaires in India will grow by 80% over the next 10 years. In comparison, the number will just increase by 20% in the US and 10% in European nations like France, Germany, Italy and the UK.

“There is also a trend of affluent individuals returning to India and once the standard of living in the country improves, we expect wealthy people to move back in increasing numbers. General wealth projections for India are very strong. We expect the HNWI population to rise by 80% by 2031, which will make India one of the world’s fastest growing wealth markets during this period,” Amoils said in a statement.

He further noted that this increase in wealth in India would be fueled by strong growth in the local financial services, healthcare, and technology sectors.

SEE ALSO
Nearly four lakh fliers are thronging airports every day and Indigo is flying half of them
Maruti Suzuki will gain the most from economic recovery and also regain lost market share, say brokerages
1 in 2 micro loans are being rejected since April, thanks to RBI's new microfinance framework