The number of Indian rich residing in other countries is increasing continuously. A report estimates that this year in 2022, about 8 thousand super rich people can leave India and settle in other countries. This trend is increasing due to India’s desire for passports from economically sound countries along with stringent tax rules and reporting requirements, according to this report by Henley Global Citizen.
At the same time, new entrepreneurs emerging in the world of technology are increasingly moving to other countries to access global business and investment opportunities. Henley Global tracks private wealth and investment migration trends globally.
Better education and health facilities are also the reason
Apart from this, the growing demand for a higher standard of living including better educational and health facilities for the family is also a big factor. This demand has increased more during the Corona period. Bijal Ajinki, partner at Khaitan & Co., said, “Introducing increasingly stringent tax residency rules (introduced in 2020 and 2021), no relief in personal taxation rates for HNWIs, as well as the desire for visa-free travel is due to this. Huh.”
The report also said that in the coming years, the number of US dollar millionaires and billionaires in the country will increase as compared to European countries. Talking about the next 10 years, it was said that India will grow by 80 percent, while the US will grow only by 20% and France, Germany, Italy and the UK will grow by 10%.
However, this year there has been a difference of 8 thousand in the number of US dollar millionaires who migrated from India to other countries and settled here. According to the report, the number of super rich people living in India is less than the number of people leaving here. However, the report also states that the number of millionaires is increasing every year in India, so there is no need to worry much about it.
At the same time, the report also expressed hope that after India’s standard of living gets better, the return of rich people to India will increase. Andrew Amoils, Head of Research at New World Wealth, said, “We expect the HNWI population to increase by 80% by 2031, making India one of the fastest growing wealth markets in the world. will make This will be accelerated by strong growth, particularly in the local financial services, health care and technology sectors.”
Most Indians are migrating here
For Indians, European countries, Dubai and Singapore are the most prominent options. Singapore is the most preferred choice for technology entrepreneurs, while Dubai is being considered as a better option for setting up a family office due to strong legal system and availability of world class financial advisors. At the same time, there are also a large number of people turning to Europe and especially to the Mediterranean countries like Portugal, Malta and Greece.