6,500 millionaires to leave India in 2023, they will migrate to...

June 14, 2023 16:13

About 6,500 high net worth individuals (HNWIs) are expected to leave India in 2023, lower than the net outflows of 7,500 individuals the previous year, according to Henley Private Wealth Migration Dashboard 2023 - which tracks wealth and investment migration trends worldwide.

'Millionaires' or 'high-net-worth individuals' or 'HNWIs' refer to individuals with an investable USD 1 million or more wealth. According to the estimate, China is expected to top the list with 13,500 Chinese millionaires likely to exit the country as against the exodus of 10,800 people from the country in the year 2022.

While China has a total of 780,000 HNWIs, in India there are an estimated 344,600 high net worth individuals.UK, Russia and Brazil are expected to witness HNWIs outflow of 3,200, 3,000, and 1,200 respectively in the year 2023.

"Australia is expected to attract the highest net inflow of HNWIs in 2023 at 5,200, and although the UAE drops into 2nd place following its record-breaking influx in 2022, it is still expected to enjoy an impressive net arrival of 4,500 new millionaires this year. Singapore ranks 3rd with a net inflow of 3,200 HNWIs, its highest on record, followed the US with an expected net influx of 2,100 millionaires," it said.

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