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MUMBAI: India is projected to witness a net outflow of 6,500 high net worth individuals (HNIs) during 2023, a figure slightly lower than last year’s net outflow of 7,500 millionaires. This places India as the second-largest country in terms of HNI outflow globally, following that of China.
During the current year, the net out flow of HNIs from China is estimated at 13,500 as against 10,800 in 2022. The UK ranks third, with an estimated net outflow of 3,200 HNIs (1,600 in the previous year). Millionaires, or HNIs, are those who have an investable wealth of $1 million or more.
The Henley Private Wealth Migration Report 2023, which covers the forecasts of net inflows and outflows of US-dollar millionaires, based on projections by global wealth intelligence firm New World Wealth, was releasedon Tuesday. According to the country-wise dashboard, currently, as against 7. 8 lakh millionaires in China, India has 3. 4 lakh.
According to this report, given India’s capacity to generate new millionaires, the outflows are not considered particularly concerning. India’s HNI population is projected to experience a remarkable 80% increase by 2031, positioning India as one of the world’s fastest-growing wealth markets during this period.
This growth of HNIs in India will mainly be fuelled by the thriving financial services, healthcare and technology sectors within the country. New World Wealth has also observed a notable trend of affluent individuals returning to India. However, exact numbers have not been provided in the report. As the standard of living continues to improve, this firm anticipates a significant influx of wealthy individuals moving back in greater numbers. Among the top three countries with the highest net outflows, only in the case of India has the net outflow shown a decline as compared to 2022.
Commenting on the report, UAE-based Sunita Singh-Dalal, partner (private wealth & family offices) at the law firm of Hourani & Partners, said, “Prohibitive tax legislation coupled with convoluted, complex rules relating to outbound remittances that are open to misinterpretation and abuse are but a few issues that have triggered the trend of investment migration from India. Dubai and Singapore remain preferred destinations for wealthy Indian families. The former, also known as the ‘5th city of India’, is particularly attractive for its government-administered global investor ‘Golden Visa’ programme, favourable tax environment, and a robust business ecosystem.”
Australia is expected to attract the highest net inflow of HNIs in 2023, with 5,200 millionaires as against 3,800 last year. While the UAE drops to second place after a record-breaking influx in 2022 (of 5,200 HNIs), it is still set to experience a significant net arrival of 4,500 new millionaires this year. Singapore ranks third with a net inflow of 3,200 HNIs, its highest on record.
During the current year, the net out flow of HNIs from China is estimated at 13,500 as against 10,800 in 2022. The UK ranks third, with an estimated net outflow of 3,200 HNIs (1,600 in the previous year). Millionaires, or HNIs, are those who have an investable wealth of $1 million or more.
The Henley Private Wealth Migration Report 2023, which covers the forecasts of net inflows and outflows of US-dollar millionaires, based on projections by global wealth intelligence firm New World Wealth, was releasedon Tuesday. According to the country-wise dashboard, currently, as against 7. 8 lakh millionaires in China, India has 3. 4 lakh.
According to this report, given India’s capacity to generate new millionaires, the outflows are not considered particularly concerning. India’s HNI population is projected to experience a remarkable 80% increase by 2031, positioning India as one of the world’s fastest-growing wealth markets during this period.
This growth of HNIs in India will mainly be fuelled by the thriving financial services, healthcare and technology sectors within the country. New World Wealth has also observed a notable trend of affluent individuals returning to India. However, exact numbers have not been provided in the report. As the standard of living continues to improve, this firm anticipates a significant influx of wealthy individuals moving back in greater numbers. Among the top three countries with the highest net outflows, only in the case of India has the net outflow shown a decline as compared to 2022.
Commenting on the report, UAE-based Sunita Singh-Dalal, partner (private wealth & family offices) at the law firm of Hourani & Partners, said, “Prohibitive tax legislation coupled with convoluted, complex rules relating to outbound remittances that are open to misinterpretation and abuse are but a few issues that have triggered the trend of investment migration from India. Dubai and Singapore remain preferred destinations for wealthy Indian families. The former, also known as the ‘5th city of India’, is particularly attractive for its government-administered global investor ‘Golden Visa’ programme, favourable tax environment, and a robust business ecosystem.”
Australia is expected to attract the highest net inflow of HNIs in 2023, with 5,200 millionaires as against 3,800 last year. While the UAE drops to second place after a record-breaking influx in 2022 (of 5,200 HNIs), it is still set to experience a significant net arrival of 4,500 new millionaires this year. Singapore ranks third with a net inflow of 3,200 HNIs, its highest on record.
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