Safety and Security key concerns why millionaires migrating from India
Safety and Security are the main reasons why thousands of millionaires are migrating from India to other countries, international investment migration advisory firm Henley & Partners revealed in a report
Safety and Security are the main reasons why thousands of millionaires are migrating from India to other countries, international investment migration advisory firm Henley & Partners revealed in a report.
As per the 2023 estimate, 6,500 high-net-worth individuals (HNWIs) left India whereas in 2022 the number of Indian millionaires deciding to leave the country was 7,500.
Latest Migration Report
This year, Henley & Partners, another 4,300 millionaires have decided to pack up from India.
Globally, 1,20,000 millionaires are expected to migrate in 2024, an increase from last year’s 1,20,000.
The report shows that India is expected to rank third on the global comparison of millionaire migrations, following China and the UK.
The report further mentions that the UAE may become the largest beneficiary of the millionaires' migration and gain 6,800 millionaires in 2024, followed by the US and Singapore.
Between 2013 and 2023, Indian millionaires in the UAE increased by 85 per cent.
According to the report, India ranks tenth in the world with respect to millionaires, with 326,400 HNWIs; however, China ranks second with 862,400.
Why millionaires leaving India?
Though there are other reasons including financial concerns, Work and business opportunities and education, safety and security are the top reasons why so many millionaires are leaving India and settling in other counties, Henley & Partners said.
The investment migration advisory firm further said that the United Arab Emirates (UAE) and the United States (USA) are the most preferred destinations for the Indian millionaires to build a new home.
It is not just the ultra-wealthy, but also the middle and working classes who are moving abroad. In response to a question in Rajya Sabha, External Affairs Minister S Jaishankar stated that over 16 lakh Indians gave up their citizenship since 2011, including 225,000 in 2022 and 1,63,370 in 2021.
Owing to the deteriorating law and order situation in India ever since the Bharitya Janata Party (BJP) formed a government headed by Narendra Modi in 2014, safety and security are the concerns not only for the rich but also the commoners.
Select Language To Read in Urdu, Hindi, Marathi or Arabic.
Post Comments