BUSINESS

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BUSINESS

Over 6,500 millionaires may leave India

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Millionaires exiting India

India is set to have the second-highest outflow of millionaires in 2023, with at least 6,500 high-net-worth individuals leaving the country.

2

Decline in outflow

India's net outflow of HNWIs is behind China, but there is a slight improvement compared to last year. Last year, 7,500 millionaires left India.

3

Reasons

India's richest are leaving the country due to high taxes and complex rules on outbound remittances. Dubai and Singapore are the most-favored destinations.

4

Rising millionaires

India's HNWIs are expected to increase by 80% by 2030, so the net outflow need not be a concern. Affluent Indians are also returning to the country.

5

Australia overtakes UAE

Australia is predicted to become the top destination for HNWIs in 2023, surpassing the UAE, with an expected inflow of 5,200 millionaires.