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8000 millionaires migrated from India this year: Report

New Delhi: A report published by a global consultant has revealed that more than 8000 millionaires migrated from India this year. Report released by Henley and Partners revealed this.

As per the report, India stands in the third position in the migration of high-net-worth individuals. Russia, China are in the first and second position. Russia, China, and India lost 15,000, 10,000, and 8,000  millionaires respectively. High-net-worth individuals are defined as having wealth of $1 million or more

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‘There is also a trend of affluent individuals returning to India and once the standard of living in the country improves, we expect wealthy people to move back in increasing numbers,’ said the report. It also claimed that India is producing  far more new millionaires than it loses to migration. The  high-net-worth individual population in India will rise by 80% by 2031. This will make India it one of the world’s fastest-growing wealth markets during this period, claims the report.

Hong Kong SAR, Ukraine, Brazil, Mexico, the UK , Saudi Arabia, and Indonesia are some of the other countries which saw a net outflow of millionaires in 2022. As per the report, UAE, Israel, the US, Portugal, Canada, Singapore, Australia, New Zealand, Greece, and Switzerland witnessed the most inflow of millionaires. Notably, nearly 80,000 millionaires have moved to Australia over the past two decades. In 2022, 3,500 individuals landed in Australia.  The report also claimed that a large numbers of millionaires are also expected to move to ‘the 3 Ms’: Malta, Mauritius, and Monaco.

The UAE is expected to attract the largest net inflow of high-net-worth individuals in 2022. Approximately 4,000 millionaires are expected to move to the UAE this year. Most of this millionaires are from  Russia, India, Africa, and the Middle East.

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