6,500 High-Net-Worth individuals expected to leave India in 2023

India is expected to experience a decline in the net outflow of HNWIs compared to the previous year.

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According to a recent report by Henley & Partners, a London-based investment migration consultancy, Australia is poised to become the top destination for high-net-worth individuals (HNWIs) in 2023, with an anticipated net inflow of 5,200 individuals. Meanwhile, India is expected to experience a decline in the net outflow of HNWIs compared to the previous year.

The Henley and Partners report highlights Australia’s favourable investment climate and opportunities that have positioned it as an attractive choice for wealthy individuals seeking new ventures. The projected net inflow of 5,200 high-net-worth individuals (HNWIs) in 2023 underscores the country’s appeal as a destination for wealth creation and growth.

In contrast, while still ranking as the second-largest contributor to high-net-worth individuals (HNWIs) outflow globally, India is expected to witness a decrease in the net outflow of HNWIs in 2023. The report suggests that the number of HNWIs leaving India is predicted to drop from 7,500 in 2022 to 6,500 in 2023. This trend indicates that India’s efforts to foster wealth creation within its borders are showing promising results.

The decline in net exits from India is viewed as a positive development, as the country continues to generate a substantial number of new millionaires, outweighing the losses incurred through migration. However, challenges such as prohibitive tax legislation and complex rules concerning outbound remittances persist, prompting some wealthy individuals to seek opportunities outside India.

With Australia at the forefront and India making strides in stemming the outflow of HNWIs, the landscape of global millionaire migration is evolving. These trends highlight the importance of analyzing the factors influencing these movements and adapting policies and investment strategies accordingly.

It is worth noting that other countries also feature prominently in the report. China, which has been experiencing significant HNWI outflows, is expected to see a net outflow of 13,500 individuals in 2023, surpassing its 2022 figure of 10,800. The United Kingdom, Russia, and Brazil also make up the top five countries with net outflows of HNWIs, although Russia and Brazil have shown improvements in their outflow numbers.

On the other hand, aside from Australia, the United Arab Emirates (UAE) and Singapore are anticipated to witness substantial net inflows of high-net-worth individuals (HNWIs) in 2023. Following its record-breaking influx in 2022, the UAE is expected to continue enjoying a noteworthy net arrival of affluent individuals. Singapore, too, is projected to experience its highest net inflow on record, with 3,200 HNWIs expected to settle in the country.

Henley and Partners report says as the global landscape of HNWI migration evolves, governments and stakeholders must closely monitor these trends and adapt their policies to attract and retain high-net-worth individuals.

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