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Bucking the global trend, <keyword id="22129560" type="General" weightage="20" keywordseo="millionaire-migration" source="keywords">millionaire migration</keyword> out of India is showing signs of slowing down. While a projected 4,300 <keyword id="764292" type="General" weightage="20" keywordseo="High-net-worth-individuals" source="Orion">high net-worth individuals</keyword> (HNIs) are still expected to leave in 2024, this number is a significant decrease compared to previous years. But what's driving this exodus in the first place, and why might it be softening? 'Millionaires' or 'high-net-worth individuals' refer to people with an investable USD 1 million or more wealth. A new <a href="https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2024/top-10-country-outflows">report</a> by <keyword id="20158865" type="General" weightage="20" keywordseo="Henley-Partners" source="keywords" meta.keywordsubtype="org" meta.entityname="Henley &amp; Partners" meta.hostid="261" meta.entityid="Henley &amp; Partners">Henley &amp; Partners</keyword> paints a picture of a world where these millionaires are increasingly on the move. Political instability and economic jitters are prompting millionaires and billionaires to seek greener pastures. This trend, the report suggests, could significantly reshape how global wealth is distributed in the coming years. According to reports, India is home to roughly 3,26,400 millionaires and around 4,300 of them are expected to migrate out of their homelands this year. This puts India among the top three countries with the most millionaires leaving, including China and the United Kingdom. The reason for this split seems to be a desire for a better lifestyle. As Hannah White, director of the Institute for Government, points out in the report, <keyword id="741164" type="General" weightage="100" keywordseo="indian-millionaires" source="Orion">Indian millionaires</keyword> are looking for an improved quality of life when they leave the subcontinent. Moreover, lenient tax regulations in some countries could also a pull for some millionaires who aim to preserve and grow their wealth faster. As is the case with millionaires in other countries, Indians seem to be preferring the United Arab Emirates. The UAE has a zero income tax policy for individuals, and it levies just a 5 per cent value-added Tax on the purchase of goods and services, making it a top destination for millionaires with a projected inflow of a staggering 6,700 HNIs in 2024. Other popular choices include Australia, Singapore, the US, and Switzerland. These countries offer a combination of factors that are increasingly important to the wealthy: political stability, low taxes, excellent education systems, and a higher quality of life. <cmsannotation type="cmsannotation" annotationid="India is not a lost cause" comment="subhead" text="India is not a lost cause">India is not a lost cause </cmsannotation>Tracking these HNI migration patterns, the report highlights two subtle differences between India and other countries. One, unlike their counterparts elsewhere, departing Indian millionaires often maintain economic ties with their homeland. We can’t help but wonder if this has something to do with our sentimentality or if it's just a practical decision. Second, the number of HNIs migrating out of the country is actually decreasing in comparison to previous years! India, which has historically seen higher numbers of wealth exodus, is expected to experience a decline in HNWI migration compared to the 5,100 in 2023, which was again lower than the net outflows of 7,500 individuals in 2022. As per experts, when lots of rich folks start moving around a lot, it might suggest the economy is on its way to taking a nosedive. And this is probably why the projected decline in millionaire migration out of India could be a positive sign. While the country is still losing wealthy individuals, the slowdown suggests a potential improvement in the factors that were driving them away in the first place. Traditionally, factors like low taxes, economic opportunities, and political stability were the biggest draws for migrating millionaires. However, the new report suggests that priorities are evolving. Quality of life, educational opportunities for children, and resilience to climate change are now equally important considerations. Additionally, the ability to protect wealth for future generations is a growing concern. Whether this trend of millionaire migration continues to devolve in India mostly hinges on the government’s ability to address these concerns.

Over 4,000 millionaires could still leave India in 2024 — but the drain is getting slower year-on-year

A country with the largest diaspora population in the world, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> saw 18 million of its people living abroad in 2020, according to a UN report. This vast <keyword id="22421554" type="General" weightage="20" keywordseo="migration-trend" source="keywords">migration trend</keyword> has seen a recent, notable surge in the number of Indians renouncing their citizenship, particularly from states like Delhi, Punjab, and Gujarat. This phenomenon raises questions about the underlying causes driving these decisions. According to recent parliamentary data, Delhi tops the list with 60,414 renunciations between 2014 and 2022, followed by Punjab with 28,117, and Gujarat with 22,300. This pattern has only intensified post-COVID, with Gujarat experiencing a dramatic rise in <keyword id="22367793" type="General" weightage="20" keywordseo="passport-surrenders" source="keywords">passport surrenders</keyword>. In 2022, 241 individuals from Gujarat gave up their passports; by 2023, this number had doubled to 485. By early May 2024, the figure had already reached 244, indicating a continuing upward trend. <h2>Economic and educational aspirations</h2>A significant factor driving this trend is the pursuit of higher education and better career opportunities abroad. Many young Indians, particularly from Gujarat, seek advanced degrees in countries like the United States, the United Kingdom, Canada, and Australia. Once settled, the attractive job prospects and higher standards of living make returning to India less appealing. <div type="Article" hostid="261" msid="111508786" title="India’s unemployment rates have climbed by almost 4% in five years to reach 9.2% in June 2024" mstype="2" mssubtype="0"></div>According to the latest Education Ministry data, over 7.7 lakh Indian students went abroad to study in 2022 — a six-year high. Many of these students prefer to remain abroad, finding it challenging to secure comparable opportunities back home. <h2><keyword id="20035864" type="General" weightage="20" keywordseo="business-opportunities" source="keywords">Business opportunities</keyword></h2>For many Gujaratis and Delhiites, the decision to renounce their citizenship is also influenced by lifestyle factors. Urban congestion, inadequate green spaces, and the desire for better infrastructure drive many to seek a better <keyword id="20093247" type="General" weightage="20" keywordseo="quality-of-life" source="keywords">quality of life</keyword> overseas. Investor visa consultant Lalit Advani highlights a growing trend among businessmen relocating for these reasons. The latest Henley Private Wealth Migration Report has supported this migration trend of the wealthy, predicting that 4,300 millionaires are set to leave India this year alone. While the number is smaller than usual (5,100 millionaires departed in 2023), India remains one of the top countries for high-net-worth individual departures globally. <div type="Article" hostid="261" msid="111157988" title="Over 4,000 millionaires could still leave India in 2024 — but the drain is getting slower year-on-year" mstype="2" mssubtype="0"></div>The cumbersome process of securing business visas, such as the EB5 visa for the US, further complicates matters. Ritesh Desai, a passport consultant, notes the long wait times and financial requirements as significant deterrents. As a result, those with the means often opt to expedite their migration by renouncing their Indian citizenship and acquiring foreign nationality. Further, under the Passports Act 1967, Indians who acquire foreign nationality must surrender their Indian passports. Early surrenders are penalty-free, but delays beyond three years can result in fines ranging from Rs 10,000 to 50,000. This legal requirement, coupled with the desire to avoid penalties, also contributes to the rising number of renunciations. <h2>Quality of life and broader socio-economic factors</h2>But the reasons behind this trend also extend beyond individual aspirations. The hopes of <keyword id="20762514" type="General" weightage="20" keywordseo="economic-well-being" source="keywords">economic well-being</keyword>, safety, better healthcare, and educational opportunities are significant motivators for Indians who move abroad and let go of their original citizenship. The Global Wealth Migration Review also highlights concerns such as safety for women and children, lifestyle factors like climate and pollution, and financial issues including taxes as key reasons for emigration. <div type="Article" hostid="261" msid="111287293" title="CAQM sets target of 4.5 crore plantation to improve green cover in Delhi-NCR" mstype="2" mssubtype="0"></div>Additionally, India's passport ranking on the Passport Index 2023 has seen a significant decline, standing at 144th with a mobility score of 70. This low ranking means limited visa-free travel options, making foreign passports more attractive. As India continues to grapple with these socio-economic factors, the trend of seeking better opportunities abroad is likely to persist, reshaping the demographic and economic landscape of the country.

Why are so many Indians renouncing their citizenship from Delhi, Punjab, and Gujarat?

<ul><li>In 2022, so far 8,000 high-networth individuals (HNI) have moved out of India. </li><li>The Indian HNI population is expected to rise by 80% by 2031, making it one of the world's fastest-growing wealth markets. </li><li>The number of billionaires in India too has been rising steadily in the last few years, as per a report by Hurun and IIFL released in September. </li></ul>After a pandemic break, the trend of millionaires moving out of their home countries, looking for greener pastures is back, says the latest report by Henley &amp; Partners, a migration consultancy. In 2022, so far 8,000 high-networth individuals (HNI) have migrated out of India. The country also ranks third in terms of HNI movements, coming only after Russia at 15,000 and China at 10,000. HNIs are individuals who have a wealth of $1 million or more. After India, Hong Kong and Ukraine lost the most millionaires at 3,000 and 2,800 respectively. However, the UK too lost 1,500 millionaires during the year, ranking seventh on the list. UAE, Australia and Singapore are the countries where millionaires chose to migrate to – at 4,000, 3,500 and 2,800 respectively. India’s making more than it’s losing Unlike in the case of other countries, the report indicates that India has less to worry about its millionaire movements. Moreso, the 8,000 people who migrated represent only 2% of India’s HNIs, whose number is at 357,000. India is also making more millionaires than it’s losing. The report expects the Indian HNI population to rise by 80% by 2031, which will make it one of the world's fastest-growing wealth markets during this period. "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," it said. According to a report by <a href="https://www.businessinsider.in/india/news/india-projected-to-become-worlds-third-largest-economy-overtaking-japan-and-germany-sp/articleshow/95715786.cms">Standard &amp; Poor’s</a>, Indian households will become the greatest spenders among G20 economies, as India itself will overtake Japan and Germany to become the world’s third largest economy. Billionaires believe in India Top <keyword id="390386" type="General" weightage="20" keywordseo="indian-billionaires" source="Orion">Indian billionaires</keyword> too have been predicting that India will rise to the top in a China Plus One regime – which has immense potential to aid global manufacturing, while making a massive green transition. As per the world’s third richest man, Gautam Adani, <a href="https://www.businessinsider.in/finance/news/india-on-course-to-become-worlds-second-largest-economy-by-2050-says-gautam-adani/articleshow/95622223.cms">India will add $1 trillion to its ec</a>onomy every 12-18 months within the next decade. On the other hand, India’s second richest man, <a href="https://timesofindia.indiatimes.com/business/india-business/muke">Mukesh Ambani too believes</a> that the Indian economy will grow 13-fold to $40 trillion by 2047. The number of billionaires in India too has been rising steadily in the last few years, as per a report by Hurun and IIFL released in September. Hurun India finds 1,103 individuals with ₹1,000 crore wealth, up by 96, an increase of 62% over the last five years. As per the IIFL Wealth Hurun India Rich List 2022, 735 entrepreneurs or 67% are self-made, up from 659 last year, and up from 54% five years ago. Also, 79% or 117 of new faces for the year are self-made – indication of emerging new opportunities. UPI has been a phenomenal success and considering 80 million Indians made their first digital transaction after 2020 and 190 million are still unbanked — it’s still a breeding ground for new wealth creation, the IIFL Hurun report said. “I expect the government’s Open Network for Digital Commerce (ONDC) initiative to be a moonshot for accelerated wealth creation for entrepreneurs from retail, logistics, and tech stack that are built on/ for ONDC. EV is another ecosystem that has the potential to contribute new entrants to IIFL Wealth Hurun India Rich List,” said Anas Rahman Junaid, MD and chief researcher of Hurun India. (With inputs from ANI) SEE ALSO <a href="https://www.businessinsider.in/business/startups/article/unicorns-are-pass-cockroaches-are-the-new-favourites-of-venture-capitalists/articleshow/95734214.cms">Unicorns are passé, cockroaches are the new favourites of venture capitalists</a> <a href="https://www.businessinsider.in/business/corporates/article/tatas-mega-aviation-merger-is-poised-for-flight-but-the-skies-are-not-clear-yet/articleshow/95526116.cms">Tata's mega aviation merger is poised for flight, but the skies are not clear yet</a>

India ranks 3rd in millionaire outmigration in 2022, but it’s still churning out more millionaires than it is losing: Henley & Partners

With levels of poverty, inflation and hunger notwithstanding, <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> ranks third in the world's first-ever global study on the rise of centi-millionaires -- individuals with assets of more than Rs 830 crore ($100 million), a new report has revealed. Out of the world's 25,490 centi-millionaires, India has 1,132, beating countries like the UK, Russia and Switzerland, in a swift growing and powerful class of super-rich tech titans, financiers, multinational CEOs, and heirs. By 2032, India will overtake <keyword id="1334" type="General" weightage="50" keywordseo="china" source="Orion">China</keyword> (number 2) as the fastest growing market for centi-millionaires, with an anticipated 80 per cent growth rate in individuals worth over $100 million, the report released by international investment migration advisory firm Henley &amp; Partners stated. "At around 57 per cent, the growth of centi-millionaires in Asia will be twice that of Europe and the US over the next decade. Concentrated primarily in China and India, the centi-millionaires in these countries are set to eclipse their European and American peers," said <keyword id="3996835" type="General" weightage="80" keywordseo="misha-glenny" source="Orion">Misha Glenny</keyword>, a financial journalist and author. Of the world's 25,490 centi-millionaires, the US, which ranks at number 1, is home to 38 per cent (9,730) of global centi-millionaires, despite constituting only 4 per cent of the world's total population. It is closely followed by big emerging markets of China and India in second and third place, with 2,021 and 1,132 centi-millionaires, respectively. The UK is in fourth place (with 968 centi-millionaires) followed closely by Germany in fifth place (with 966). Switzerland (808), Japan (765), Canada (541), Australia (463), and finally Russia (435) make up the rest of the top 10 countries for centi-millionaires. The report states that in the late 1990s, $30 million was considered the definition of 'super wealthy', but asset prices have risen significantly since then, making $100 million the new benchmark. It further says that the number of centi-millionaires has doubled over the past 20 years, and "their capital accumulation has been dramatically accelerated by the economically and socially disruptive effects of technology and the recent Covid pandemic". While a growing number of younger entrepreneurs who founded successful tech companies are newcomers to the club, Baby Boomers -- people born from 1946 to 1964 -- still tend to dominate the centi-millionaire circle despite many now cashing in their stock options and selling their businesses. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/indian-students-going-abroad-to-face-a-triple-whammy-of-inflation-forex-and-interest-rates/articleshow/94974003.cms">Indian students going abroad to face a triple whammy of inflation, forex and interest rates</a> <a href="https://www.businessinsider.in/finance/news/moderating-fpi-outflows-suggest-qt-cycle-could-be-peaking-says-report/articleshow/94977381.cms">Moderating FPI outflows suggest QT cycle could be peaking says report</a> <a href="https://www.businessinsider.in/science/news/side-by-side-images-of-the-pillars-of-creation-show-webbs-power-it-captured-the-famous-stellar-nursery-overflowing-with-stars-which-hubble-couldnt-make-out-/articleshow/94973655.cms">Side-by-side images of the 'Pillars of Creation' show Webb's power. It captured the famous stellar nursery overflowing with stars, which Hubble couldn't make out</a>

India ranks third in rise of centi-millionaires – those with ₹830 cr: Report

Shri <keyword id="6912912" type="AGENCY" weightage="20" keywordseo="THANEDAR">Thanedar</keyword>, an Indian-origin millionaire businessman who ran for Governor two years ago, has been elected to the House of Representatives in Michigan with 93 per cent votes. Thanedar, 65, also a scientist, raised a record-breaking USD 438,620, primarily from his own wealth, in the state House primary against six other opponents of the Democratic Party. The former gubernatorial hopeful cashed in on his high name familiarity after he moved from Ann Arbor to Detroit after losing the 2018 primary. His campaign two years ago featured a heavy dose of "Shri for We" television ads. He won from the 3rd District of Michigan with 93 per cent of the total votes. Thanedar had spent almost USD 10 million of his own fortune to finish third behind Governor Gretchen Whitmer and Abdul El Sayed in the 2018 gubernatorial primary, but he won the most votes in Detroit. Originally from Karnataka's Belgaum, he earned a bachelor's degree in chemistry at 18 and master's degree from University of Bombay. Later, he migrated to the US in 1979 to pursue higher studies from University of Akron and later University of Michigan. Thanedar told the media in a recent interview that he began campaigning last fall prior to the pandemic and has spent time during the outbreak passing out masks, hand sanitiser and door knockers. He said that he wants to tackle a long list of challenges plaguing his district, including blight, water shutoffs, foreclosures, crime and unemployment. "I'm seeing people have no hope. Conditions are really bad and nothing has changed in years. People are disenfranchised. I've slept and ate on the floor, with no running water," Thanedar said, referring to his upbringing in India. "I understand the pain of poverty," he said.

Thanedar, an Indian-origin millionaire businessman, gets elected to Michigan state legislature in US

High net worth individuals in India are looking for safer and easier means to diversify their wealth. With uncertainty around healthcare, particularly due to the pandemic, and the stronger tax rules recently imposed, many affluent Indians are moving abroad to provide a better life for their families and a more stable outlook for their financial investments. According to <a href="http://www.csglobalpartners.com">CS Global Partners</a>, a London-headquartered citizenship advisory firm, there has been a sharp increase in the Indian upper class looking to citizenship by investment programmes. India is home to 6,884 ultra-high-net-worth individuals and 113 billionaires. Since the pandemic hit, a further forty joined the billionaire’s club taking the number to 153 people. However, a report by the Global Wealth Migration Review found that nearly 5,000 millionaires moved abroad in 2020 alone. This is indicative of the mass exodus that is being seen in India, accelerated by Covid-19 and the deadly second wave currently hitting the country. Prashant Ajmera, Indian lawyer and author of Millionaires on the Move, noted how the government is trying to assist wealthy Indians to invest overseas. <div type="ExtQuote" text="In the last few years, the Government of India has introduced and implemented several policies allowing and encouraging Indians to invest abroad. Indian HNWIs can certainly benefit from these policy changes and many top level HNWIs (individuals with more than one million dollars in assets in financial markets) have already started investing outside India." auname="Prashant Ajmera, Indian lawyer and Author"></div> However, since last month Indian citizens are now being taxed on their worldwide income. Under the changed law, Indians living overseas earning Rs 15 lakh and above on fixed deposits, dividends and rent from India, will have to pay tax on what they earn outside of India if that global income is not taxed in any other country. This has resulted in a further push for upper class Indians to diversify their wealth more effectively. Citizenship by investment programmes have long been used as an effective and quick means to obtain citizenship in another country. The Caribbean, in particular, has always been a popular choice for the Indian market with the programmes of <a href="https://www.ciu.gov.kn">St. Kitts and Nevis</a> as well as <a href="https://cbiu.gov.dm/">Dominica</a> providing alternative safe havens. The stability of the US dollar is also key to ensuring a reliable investment. <div type="ExtQuote" text="Obtaining citizenship in St Kitts and Nevis or Dominica opens doors for visa-free travel, which has always been a big drawcard. But now with the pandemic, it is a lifeline. With concerns about health, leadership and limiting options for diversifying wealth, we are seeing a growing Indian market looking to invest in one of the Caribbean islands to provide themselves and their families with a better life." auname="Paul Singh, Director at CS Global Partners"></div> Easier access to the rest of world, particularly to the UK and US, enables greater business opportunities. Whether as a businessperson who wants to stay competitive on a global scale and the means to travel quickly, or as an entrepreneur who wants to work remotely but stay connected while living in an idyllic environment. Citizenship in the Caribbean can open the doors needed in an increasingly restricted world. It is vital to invest in a reputable and trusted programme. Due diligence is at the forefront of this to ensure that only reputable investors are allowed into the country. The <a href="https://csglobalpartners.com/citizenship-investment/dominica/">Dominica CBI programme</a> has been ranked as the world's best citizenship programme for four consecutive years by the Financial Times' Professional Wealth Management magazine. Established nearly three decades ago, the programme is one of the most established and has remained committed to transparency and administering a robust 4-tiered due diligence process. <div type="image" title="Dominica Jungle Bay" msid="82680647" hostid="261"></div> One of the routes to gain citizenship is by investing in real-estate. In Dominica, there are numerous 5-star eco resorts one can invest in including; <a href="https://secretbay.dm/">Secret Bay</a>, <a href="https://junglebaydominica.com/">Jungle Bay</a>, <a href="https://tranquilitybeachdominica.com">Tranquillity Beach Resort</a> and the newly developed <a href="https://www.grandeansdevelopers.com/">Grande Anse</a>. In St Kitts and Nevis, their <a href="https://csglobalpartners.com/citizenship-investment/st-kitts-nevis/">CBI programme</a> was one of the first to launch in 1984 and due to its longevity within the investment migration realm has become the industry’s ‘Platinum Standard’. Their citizenship allows for visa-free travel to UK and Europe and opens up a host of business and educational opportunities. With a strong focus on education, the Caribbean boasts many well-regarded medical schools for tertiary education. Offering high quality medical education and advanced clinical training they have high acceptance rates and often slightly reduced tuition fees. The University of Medicine and Health Sciences in St. Kitts and Nevis is a private medical school where students can complete a Doctor of Medicine degree. Affiliated with over 20 teaching hospitals in the USA, graduates are also afforded the opportunity to do elective rotations at one of hundreds of hospitals across the US. Citizenship can also be passed down to future generations. Investors with larger families can now take advantage of a temporary rebate which grants citizenship to a family of up to four for $150,000 instead of $195,000 – accounting for a $45,000 discount. “The Indian community in the Caribbean is growing and more affluent Indians are looking to invest, for numerous reasons. For business and wealth diversification or to provide a better quality of life for their families. Covid-19 has been a huge driving factor and with the devastating impact of this second wave, it will drive more Indians to consider moving abroad. They don’t want to feel the repercussions that a further wave will do to the country economically and from a health perspective. Understandably they want to protect themselves and their families and citizenship by investment allows for that, and at a speed that is unparalleled to the usual 3-5 years waiting time for citizenship,” says Singh. <div type="ExtQuote" text="The Indian community in the Caribbean is growing and more affluent Indians are looking to invest, for numerous reasons. For business and wealth diversification or to provide a better quality of life for their families. Covid-19 has been a huge driving factor and with the devastating impact of this second wave, it will drive more Indians to consider moving abroad. They don’t want to feel the repercussions that a further wave will do to the country economically and from a health perspective. Understandably they want to protect themselves and their families and citizenship by investment allows for that, and at a speed that is unparalleled to the usual 3-5 years waiting time for citizenship." auname="Paul Singh, Director at CS Global Partners"></div> For more information, please contact CS Global Partners on pr@csglobalpartners.com or via WhatsApp on +447867942505.

Wealthy Indians look to stable Caribbean investment programmes for wealth diversification

If you need a rather prolific indicator of <keyword id="143" type="CITY" weightage="80" keywordseo="Bollywood">Bollywood</keyword>’s success on Hollywood-dominated land, just look at the golden shores of the US. <keyword id="24705" type="ENTERTAINMENT" weightage="40" keywordseo="Dhoom-3">Dhoom 3</keyword>, the sequel of the earlier films with the same name, has reasons to rejoice its success. The film may be scoffed at for the content and for packing way too much masala, but it is still celebrating a roaring success offshore. 
 
The film set the North American box office record for a non-English and a Bollywood film, taking in $3.3 million from 236 theatres. The movie, which has been shot on large-screen format, also benefited from IMAX surcharge and went on to wear the crown of being the first Bollywood flick to grab such a huge number of screens across the US. 
 
In fact, Dhoom 3 broke the record set by Chennai Express, which had grossed $2.2 million across the American theatres. Earlier this year, another Bollywood film Yeh Jawaani Hai Deewani managed to break into the US top 10, showing in 162 theatres across the country. 
 
Such feats by Bollywood films, with the industry celebrating 100 years of its existence, continue to create records in a non-Hindi-speaking territory. 
 Almost all the top-line actors/celebrities of Indian cinema have tried to make foray into Hollywood and enjoy a great rapport with the Red Carpet events abroad. Big names like <keyword id="6357912" type="PERSON" weightage="40" keywordseo="amitabh-bachchan">Amitabh Bachchan</keyword>, <keyword id="6366471" type="PERSON" weightage="40" keywordseo="Aishwarya-Rai">Aishwarya Rai</keyword>, <keyword id="6358615" type="PERSON" weightage="40" keywordseo="Shilpa-Shetty">Shilpa Shetty</keyword>, <keyword id="598" type="PERSON" weightage="40" keywordseo="Deepika-Padukone">Deepika Padukone</keyword>, Shah Rukh Khan, <keyword id="6355846" type="PERSON" weightage="40" keywordseo="Madhuri-Dixit">Madhuri Dixit</keyword> and <keyword id="6354580" type="PERSON" weightage="40" keywordseo="Sridevi">Sridevi</keyword> have a sizeable fan base in the US and it is not surprising that next year’s International <keyword id="131934" type="ORGANIZATION" weightage="60" keywordseo="Indian-Film-Academy">Indian Film Academy</keyword> (<keyword id="19317" type="ORGANIZATION" weightage="40" keywordseo="IIFA">IIFA</keyword>) event is going to be held in Tampa Bay, Florida. 
 While IIFA is a global platform which celebrates and presents the Indian cinema beyond its geographical boundaries, the fact that it is going to be held in the US is highly significant. It signals the ‘arrival’ of Indian cinema to the land of high-quality cinema. According to IIFA and <keyword id="1994787" type="UNKNOWN" weightage="40" keywordseo="Wizcraft-director">Wizcraft director</keyword> Andre Timms, the decision to hold the IIFA event in Florida during April 24-26, 2014, was taken following the ‘unprecedented demand’ for the event to be held in the US. “Florida was chosen, following the need for the largest stage to host various larger-than-life sub-events as part of the main event,” Timms had reportedly said. 
 
Slowly but surely, Hollywood seems to be realising that Bollywood is something more than <keyword id="32892" type="PERSON" weightage="40" keywordseo="Slumdog-Millionaire">Slumdog Millionaire</keyword> or the usual song-and-dance routines, although they continue to be the strength and the USP of Bollywood productions. 
 It’s the stuff that can make fairy tales look rather insipid. When the then Miss New York <keyword id="1994786" type="UNKNOWN" weightage="60" keywordseo="Nina-Davaluri">Nina Davaluri</keyword> danced to popular Bollywood song ‘Dhoom Taana’ from the film Om Shanti Om for her talent show round, experts had probably underestimated the reach of Bollywood and wondered if this choice could affect her chances of winning the coveted crown. In fact, no one had placed bets on her victory. It is now history that she won the Miss America crown. 
 
And what a victory it was! 
 
In retrospect, a Bollywood song on the Hollywood-adoring land found its share of takers. It wasn't the divider; in fact, it must have been the unifying agent. The thickly Hindi-flavoured Bollywood had crossed the shores and reached the global audience, much like Butter Chicken Masala and the spicy Indian curry. 
 
Is it, therefore, surprising that the world looks at Bollywood as India’s biggest export? It is the largest film industry in the world and the biggest employment churner in India. Bollywood and its local counterparts within the country produce more than 1,000 films annually across 20 languages, predominantly for a film-watching population of half a billion who are well under 25 years of age. 
 
What more can you say about a film industry that has existed for over 100 years, and has produced numerous stars and superb cinematic moments for the fans to cherish? Hollywood was not even in the concept stage when the theatre-inspired Bollywood was experimenting with entertaining people in many languages. 
 
Bollywood came into existence in 1899 with the production of a short film and Hollywood took its first gasp of breath a good 11 years later in 1910. Now, crunch some numbers. While Hollywood produces 500 films per year, Bollywood does more than 1,000 films even during a lean year. Hollywood movies are watched by more than 2.6 billion people worldwide with English being the language of communication. But Bollywood, even with its severe language limitation (the medium is Hindi, a language spoken by the majority in India), enjoys a viewer base of 3 billion. 
 
After Indians started to migrate in the early 80s, the late 90s saw a spate of movies with the NRI life as their key theme. And the old plots were resurrected, with flavours to suit those who had left home to earn more of the foreign soil like seen in ‘DDLJ’. Needless to say, these movies packed lots of emotions – that of being away from homeland, the feeling of alienation and the search for identity. Bollywood had matured with time. 
 
Hollywood continues its triumph in many areas but what Bollywood has made possible is quite another thing. A multilanguage-based film industry, sniggered at for being the song-and-dance trade, managed to turn that very aspect into its strength. 
 
But you have to consider another thing as well. Although Pakistan and India don’t see eye to eye in many areas, Bollywood gets the singers from Pakistan to sing some quintessential numbers. And many of those songs have become super hits in both countries. Movies build the bridge between the two nations, if nothing else. 
 But Pakistan is not the only country where you will find Bollywood fans. Bollywood finds its audiences in West Africa, Dubai, Prague, the US and the UK. And not all of them are Hindi-speaking people. There are Berliners who have learnt Hindi to be able to follow those films; there are Russians who have watched Bollywood’s dream merchant <keyword id="6358412" type="PERSON" weightage="40" keywordseo="Raj-Kapoor">Raj Kapoor</keyword>’s classics and shed tears when he passed away and there are the Japanese and the Chinese, too. 
 
Interestingly, Bollywood and Hollywood had signed a pact back in 2010 in order to leverage their industry experience and diversity, and use the same for the benefit of global audiences. Termed as the ‘historic co-operation pact,’ it will also see two of the world’s biggest movie industries come together for content protection and distribution. 
 
Now, in a situation where Bollywood and Hollywood have come together, the world will sure be one big cinema hall! And entertainment? Unlimited, of course. Treat yourself!

Rest
A While, Hollywood; Bollywood’s Gyrating Here!

<ul><li>India’s private <keyword id="6383453" type="UNKNOWN" weightage="20" keywordseo="wealth">wealth</keyword> grew by 25% in FY17.</li><li>India is home to 131 billionaires and more than 20,700 millionaires. </li><li>India’s private wealth predicted to grow by of 200%.</li></ul>Won’t it be hard to believe if we tell you that Indians are getting richer and richer? It is true. India was the best performer in the global wealth market in 2017. A report by the New World Health, Indian private wealth grew by <a href="https://www.livemint.com/Money/0k6mJNHvCEZLvXSo7vg5TK/India-6th-wealthiest-country-in-the-world-with-total-wealth.html">25%</a> from $6,584 billion in 2016 to $8,230 billion in 2017. Total wealth of a country refers to the private wealth -- assets, cash, equities -- less any liabilities, held by citizens. As of 18 May 2018, India is home to 131 billionaires, third in the world after USA and China, and to 20,700 millionaires, making the country rank seventh in the world millionaire count. Over the past decade, the Indian wealth has increased by more than $5,000 billion. Indians are making money and assets like never before. 
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 If the 2018 Global Wealth Migration Review by the AfrAsia Bank is to be believed, total wealth of India will triple by 2027. India’s total wealth is <a href="https://qz.com/1280353/indias-private-wealth-could-triple-by-2027-says-afrasia-banks-global-wealth-migration-review/">projected to grow by 200%</a> from $ 8.23 trillion in FY17 to $24.7 trillion in 2027 if the current trend continues, said the review. The estimated growth rate in India is far superior to any other country in the world. A report in Quartz India said that the global wealth is expected to rise by 50% over the next decade, amounting to $321 trillion by 2027. The steady rise in entrepreneurship, the presence of a very large English-speaking population, and the substantial growth in the traditional industries like IT, real estate, healthcare will be the driving factors to India's massive growth in terms of wealth, pushing the country into the league of the world’s fastest-growing wealth markets. According to AfrAsia, six out of 10 global <keyword id="6538837" type="UNKNOWN" weightage="20" keywordseo="WEALTH-GROWTH">wealth growth</keyword> driving cities are in India. The cities are Pune, Hyderabad, Bangalore, Mumbai, Delhi and Kolkata. <div type="image" title="Capture1" tempid="164752" msid="64220382" hostid="261"></div>

 The predictions are in agreement with the countries performance in the last decade, as the Indian wealth grew by 25% in FY17.

By 2027, India’s total wealth is projected to grow by 200% to $24.7 trillion

<ul class="summary-list"><li>New York hedge-fund CEO <a href="https://therealdeal.com/miami/2021/01/18/billionaire-hedge-funder-dan-loeb-buys-waterfront-miami-beach-estate-sources/">Daniel Loeb just spent $20 million</a> on a seven-bedroom waterfront home in <keyword id="15657" type="CITY" weightage="60" keywordseo="Miami-beach">Miami Beach</keyword>, per The Real Deal.</li><li>Loeb is the billionaire founder and CEO of New York-based hedge fund <keyword id="989660" type="ORGANIZATION" weightage="60" keywordseo="Third-Point">Third Point</keyword>, which manages <a href="https://www.businessinsider.com/exclusive-hedge-fund-third-point-urges-intel-to-explore-deal-options-2020-12">$15 billion in assets.</a></li><li>South Florida has seen an influx of celebrities, executives, and <a href="https://www.businessinsider.com/wall-street-move-florida-goldman-sachs-elliott-real-estate-2020-12">financial firms like Elliott Management</a> moving there during the pandemic.</li></ul>New York hedge-fund executive <a href="https://therealdeal.com/miami/2021/01/18/billionaire-hedge-funder-dan-loeb-buys-waterfront-miami-beach-estate-sources/">Dan Loeb has picked up a Miami Beach mansion</a> for $20 million, Katherine Kallergis reported for The Real Deal. Loeb, the founder and CEO of New York-based hedge fund Third Point, is worth about <a href="https://www.forbes.com/profile/daniel-loeb/?sh=32ab8f4a7c2d">$3 billion</a>, according to Forbes.His new waterfront home has seven bedrooms and nearly 14,000 square feet of living space, according to the <a href="https://homes.jillszeder.com/idx/details/listing/d016/A10872932/6440-N-Bay-Rd-Miami-Beach-FL-33141">listing</a>. It features a home theater, a rooftop deck, a private boat dock, and separate guest quarters. Loeb bought the house from developer Peter Fine, per the Real Deal.<div type="image" title="dan loeb" height="941" width="1255" msid="80377681" hostid="261"></div>The waterfront home sits on North Bay Road, a coveted residential area that millionaires and celebrities. Luxury real-estate agent Nelson Gonzalez, who calls it "<a href="https://www.businessinsider.com/north-bay-road-miami-beach-real-estate-mansion-photos-2019-5">the Park Avenue of Miami Beach</a>," told Insider in 2019 that he's sold homes on the road to the likes of Cher and Billy Joel. Last summer, <a href="https://therealdeal.com/miami/2020/12/09/karlie-kloss-joshua-kushner-revealed-as-buyers-of-miami-beach-mansion/">Karlie Kloss and Joshua Kushner paid $23.5 million</a> for a home on North Bay Road. At the end of December, supermodel Cindy Crawford and husband Rande Gerber <a href="https://therealdeal.com/miami/2021/01/05/cindy-crawford-rande-gerbe-paid-10m-for-waterfront-miami-beach-teardown/">paid $10 million for a teardown.</a>Jills Zeder Group, who brokered the deal, declined to comment or share any photos of the property.A spokesperson for Loeb's company, Third Point, also declined to comment.<h2>Everyone is moving to Florida</h2>South Florida has seen a flurry of real-estate activity during the pandemic, as politicians, celebrities, executives, and financial firms move to the Sunshine State.Former President Trump and his wife Melania are <a href="https://www.businessinsider.com/trump-move-mar-a-lago-after-white-house-bloomberg-2021-1">reportedly moving to his Mar-a-Lago Club</a> now that his term has ended. In December, <a href="https://www.insider.com/ivanka-trump-jared-kushner-miami-real-estate-2020-12">Ivanka Trump and Jared Kushner bought a $32 million lot</a> on Indian Creek, the private island known as <keyword id="15641" type="COMPANY" weightage="60" keywordseo="Miami">Miami</keyword>'s "Billionaire Bunker." That same week, it was reported that Kushner's brother, <a href="https://therealdeal.com/miami/2020/12/09/karlie-kloss-joshua-kushner-revealed-as-buyers-of-miami-beach-mansion/">Joshua Kushner, had bought a home in Miami Beach</a> with wife Karlie Kloss earlier in the year. In January, <a href="https://www.businessinsider.com/tom-brady-gisele-bundchen-miami-billionaire-bunker-house-2020-12">Tom Brady and Gisele Bündchen joined Trump and Kushner</a> as homeowners on Indian Creek, paying $17 million for a home they plan on demolishing.Loeb's reported purchase, which is about a 15-minute drive from Indian Creek, is the latest sign of an apparent <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword> migration from New York to Florida. As Insider recently reported, recent moves by finance industry giants indicate that a big chunk of <a href="https://www.businessinsider.com/wall-street-move-florida-goldman-sachs-elliott-real-estate-2020-12">Wall Street could be moving to Florida.</a>Manhattan-based hedge fund <a href="https://www.businessinsider.com/miami-florida-office-space-demand-leasing-microsoft-citadel-elliott-management-2021-1">Elliott Management plans to move its headquarters</a> from Manhattan to West Palm Beach, Bloomberg and the Financial Times reported in October. And last month it was reported that <a href="https://www.businessinsider.com/goldman-sachs-reportedly-considers-moving-asset-management-to-florida-2020-12">Goldman Sachs was considering shifting its asset management</a> operations to Florida. Blackstone, the world's largest private equity firm, <a href="https://www.businessinsider.com/wall-street-move-florida-goldman-sachs-elliott-real-estate-2020-12">also plans to open an office</a> near Miami. In December, an unnamed <a href="https://www.wsj.com/articles/a-33-million-cash-penthouse-sale-gives-miamis-condo-market-a-jolt-11608060824?mod=article_inline">private equity executive from New York dropped $33 million</a> on a Miami Beach penthouse, and <a href="https://therealdeal.com/miami/2020/12/11/former-goldman-sachs-exec-buys-waterfront-miami-home-for-11m/">a former Goldman Sachs executive</a> paid $11 million for a Miami Beach home.

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