India is likely to see a significant outflow of millionaires, also known as high-net-worth individuals (HNWIs), in 2023. According to the Henley Private Wealth Migration Report 2023, India ranks second globally in terms of the number of HNWIs leaving the country.
In the list, China takes the top spot, while the United Kingdom (UK) got the third position.
The Henley Private Wealth Migration Report 2023 estimates that India will lose approximately 6,500 millionaires in 2023. However, the number is lower than the net HNWI outflows recorded in 2022, which stood at 7,500.
List of countries with highest millionaire outflows
The following countries are expected to see the highest number of net millionaires outflows in 2023:
- China
- India
- United Kingdom (UK)
- Russia
- Brazil
- Hong Kong
- South Korea
- Mexico
- South Africa
- Japan
- Vietnam
- Nigeria
- Indonesia
- Argentina
- Egypt
- Saudi Arabia
- Colombia
- Chile
- Kenya
- Ghana
Where do millionaires want to relocate?
Australia emerges as the top choice for most millionaires seeking relocation. In 2023, Australia is projected to attract the highest number of net HNWI inflows, with an estimated influx of 5,200 millionaires.
The United Arab Emirates (UAE) and Singapore follow closely as the second and third preferred destinations, with expected net HNWI inflows of 4,500 and 3,200 respectively.
The following countries are likely to experience the highest number of net HNWI inflows in 2023:
- Australia
- United Arab Emirates (UAE)
- Singapore
- United States of America (USA)
- Switzerland
- Canada
- Greece
- France
- Portugal
- New Zealand
- Italy
- Israel
- Germany
- Spain
- Monaco
- Netherlands
- Malta
- Mauritius
- Luxembourg
- Morocco
Why do Indian millionaires choose UAE as their top option?
Though the United Arab Emirates (UAE) saw a slight decrease in net HNWI inflows from 5,200 in 2022 to 4,500 in 2023, it still remains the most preferred choice among Indian millionaires who want to relocate to other countries.
The primary reasons why Indian HNWIs opt for the UAE as their preferred destination are the ‘Golden Visa’ program which is a long-term residency and various other benefits to wealthy individuals including a favorable tax regime, robust business ecosystem, safe and secure environment, cosmopolitan lifestyle, etc.
