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13,500 Chinese, 6,500 Indians might settle abroad this year, says study

As many as 6,500 high net worth Indians might leave the country for good in 2023, a figure second only to China, the Henley Private Wealth Migration Report 2023 has stated. The number will be 13.33% lower than the 7,500 citizens who left India last year.

In the report, high net worth individuals have been described as those who have investable wealth of a minimum of 10 lakh dollars.

India will, however, be a poor second to China which is supposed to lose as many as 13,500 citizens to other countries. In 2022, 10,800 Chinese left their country and settled abroad.

In this list, the UK comes third behind India. Last year, 1,600 British citizens went abroad to settle down and the number is expected to double to 3,200 this year.

The report, which is a projection by global wealth intelligence firm New World Wealth, said that China has more than double the number of millionaires in India – 7.8 lakh against 3.4 lakh.

Among the countries that are expected to give high net worth individuals a new home, Australia ranks at the top. In 2022, 3,800 persons went to settle down in that country. This year it is expected to rise by almost 37% and reach 5,200.

In this respect, United Arab Emirates which witnessed 5,200 individuals settling down in 2022, might move to the second position, and might end up attracting 4,500 people this year.

With expected arrival of 3,200 wealthy individuals, Singapore might be the third most attractive destination in 2023.

Significantly, the number of millionaires in India is expanding fast. It is expected to rise by as much as 80% by 2030, which makes India one of the highest in the world. Compared to this rate of generation of millionaires, the number of high net worth individuals going to settle abroad is not really high. The growth of high net worth individuals in the country has been mainly attributed to the rise of technology, healthcare and financial services in the country.

“Prohibitive tax legislations 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,” Sunita Singh Dalal who is partner (private wealth and family offices) of law firm Hourani & Partners told The Times of India.