HNI: Thousands of high-net-worth individuals (HNIs) are anticipated to leave India in 2023, but the country’s GDP growth is not anticipated to be significantly impacted by the exodus. Around 6,500 HNIs are anticipated to depart India this year, according to the Henley Private Wealth Migration Report 2023. The research is based on global patterns in wealth and investment mobility. HNIs, according to Henley and Partners, are those with investable wealth of at least $1 million.
India’s Outlook Improves as HNI Exodus Slows Down
Even while China has outperformed India in terms of the outflow of millionaires this year, India’s position is projected to improve from 2022, when the country’s outflow of HNIs was 7,500. As a result, it is anticipated that this year will see a decrease in the number of millionaires who leave the nation. Additionally, Andrew Amoils, Head of Research at New World Wealth, asserts that the exodus of HNIs from India does not constitute a serious threat because the nation “produces far more new millionaires than it loses to migration.” To put this in perspective, a Credit Suisse Global Report from 2022 claimed that by 2026, the number of millionaires in the country would have more than doubled. Additionally, according to a recent report by international real estate firm Knight Frank, “India is expected to see a 58.4% rise in its UHNWI population, a faster rate than in the previous five years.”
Factors Driving India’s HNI Exodus
While the number of HNIs in India is expanding quickly, the nation has also experienced a significant exodus of rich investors over the years. Experts attribute the problem to high taxes as well as other difficulties with investments. According to the survey, the majority of affluent Indian families prefer to relocate to Dubai and Singapore. The government-run Global Investor Golden Visa programme, as well as a friendly tax climate and a strong corporate ecosystem, make Dubai more alluring. The research also predicted that Australia, with over 5,000 new billionaires, would have the biggest net inflow of millionaires in 2023. Around 4,500 millionaires are anticipated to go to the UAE, while 3,200 HNIs could move to Singapore in 2023.
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