Indian millionaires eye Dubai and Singapore as preferred destinations: Report
New Delhi, June 14: India is expected to experience a significant outflow of high-net-worth individuals (HNWIs), with a projected loss of 6,500 millionaires in 2023, according to the Henley Private Wealth Migration Report 2023. This report tracks global trends in wealth and investment migration.
China takes the top spot, predicted to lose 13,500 HNWIs. Although India secures second place in terms of outflow numbers, the situation is considered relatively optimistic compared to last year's loss of 7,500 millionaires. Andrew Amoils, Head of Research at New World Wealth, emphasises that India continues to produce more new millionaires than it loses through migration.
Millionaires or HNWIs are individuals with investable wealth exceeding $1 million, as defined by Henley and Partners. Dr Juerg Steffen, CEO of Henley & Partners, notes a steady increase in millionaire migration over the past decade, with an estimated 122,000 and 128,000 millionaires expected to migrate globally in 2023 and 2024, respectively.
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Several factors contribute to the migration from India. Sunita Singh-Dalal, Partner at Hourani, highlights prohibitive tax legislation, complex rules regarding outbound remittances, and their potential for misinterpretation and abuse as key triggers for investment migration.
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Dubai and Singapore remain popular destinations for affluent Indian families. Dubai's government-administered "Golden Visa" programme, favourable tax environment, thriving business ecosystem, and safe atmosphere make it an attractive choice. Australia is predicted to experience the highest net inflow of millionaires in 2023, with 5,200 individuals choosing the country.
The UAE expects 4,500 new millionaires, Singapore 3,200, and the US 2,100. Switzerland, Canada, Greece, France, Portugal, and New Zealand also make the top ten list for net HNWI inflows.
- With inputs from agencies
